Charity Deposit Account

A flexible account helping charities save

Variable rate of

0.50% AER1

0.50% Gross2 P.A.

If you're a charity registered with the Charities Commission for England and Wales or the Office of Scottish Charity Register, then this savings account could be for you.

The highlights

Flexible

Deposit and withdraw your money, anytime you like.

Limited issue

This is a limited issue, so don't miss out.

Saving from £1

Open your account and start saving today with only £1.

Lounge Access

Exclusive access with free refreshments and wifi.

UK Call Centres

All of our call centres are based in the UK.

Virgin Group discounts

Virgin Group offers that could help you save money.

Account Name

Charity Deposit Account Issue 6

What is the interest rate?

Issue Half yearly interest
% Gross2
Half yearly interest
% AER1
6 0.50 0.50

Interest is paid half yearly on 31 May and 30 November and will be available the next working day.

Can Virgin Money Change the interest rate?

Rates are variable. This means we may increase or decrease interest rates at any time. When we decrease interest rates we will tell you no more than 14 days before the rate reduces. Please refer to section 10 within the Charity terms and conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Issue Projected balance
Charity Deposit Account Issue 6 £1,005.01

This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This is based on no withdrawals or further deposits being made and interest being added to the account. The projected balance is based on the half yearly interest rate.

How do I open and manage my account?

  • This account can be opened by post by a minimum of two trustees (and no more than three trustees) who must be UK residents over 18 years of age.
  • Only one account can be opened per customer per issue.
  • Minimum to open £1.
  • Minimum additional deposit £1.
  • Maximum deposit limit £500,000.
  • If a deposit results in your account going over the maximum deposit limit we will return the additional money to you. This does not include any interest you have asked to be added direct to your account.
  • Each customer can save up to a total of £2 million with Virgin Money, across all accounts held.
  • Deposits and instructions can be made by:
    • Cash – Store** only.
    • Arranging an electronic transfer.
    • Cheque.
    • BACS/CHAPS.
    • Transfer from an existing Virgin Money account, subject to the terms and conditions of that account.

Can I withdraw money?

  • You can have access to your money whenever you need it.
  • Minimum withdrawal amount £1 (or less if closing).
  • We require a minimum of two signatory signatures to withdraw money from the account. Simply send your instructions to Savings Operations, Virgin Money, Jubilee House, NE3 4PL or you can take money out in the following ways:
    • Cash – Store** only.
    • Cheque – simply complete a Transaction Slip and a cheque will be sent promptly to your correspondence address.
    • Electronic transfer.
    • CHAPS.
    • Transfer to another Virgin Money account, subject to the terms and conditions of that account.

Additional Information

  • The automatic deduction of tax on savings interest ceased with effect from 6 April 2016.
  • We pay interest without deducting income tax, unless HMRC/the law requires otherwise. We do not issue Certificates of interest paid and tax deducted automatically. However, once you have requested and received a Certificate of interest paid and tax deducted we will provide further certificates in April each subsequent year that the account remains open and, forclosed accounts, in the tax year the account is closed.
  • You will receive a Passbook with this account. Once the account is open, we will issue a passbook with your account number and opening balance. This must be presented for every transaction. You can visit any Virgin Money Store and we will update your passbook to show details of your transactions and any interest added to your account.
  • Please note, the tax treatment and rate of interest payable depend on the individual circumstances of each customer and may change in the future.

Complaints and cancellations

We hope we can resolve any issues you may have in the first instance, but if you have a complaint, please let us know as soon as possible so that we can look into it for you. You can write the details of your complaint to the Customer Relations Team, Virgin Money plc, Gosforth, Newcastle Upon Tyne, NE3 4PL or email customerrelations@virginmoney.comEmail opens in a new window

If we cannot resolve the complaint to your satisfaction you have the right to refer your complaint to the Financial Ombudsman Service, which provides independent adjudication of complaints. A copy of our Internal Complaint Procedures leafletPDF opens in a new window(PDF, 164KB) is available on request.

If you are not happy with your choice of account within 14 days of opening it, we will help you switch accounts.

If you wish to take advantage of this 14 day cancellation period please contact our Main Office at:

Savings Operations,
Virgin Money,
Jubilee House,
NE3 4PL

Or visit your local Virgin Money Store to cancel your account. If you do cancel your account the full amount of your investment, together with any interest earned in accordance with your account details will be returned to you.

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Savings calculator

Interest calculator

Use our handy calculator to work out the estimated interest you could earn on this account.

visit the calculator

Save with confidence

As we are covered by the Financial Services Compensation Scheme, savings with Virgin Money are covered up to £85,000 per person.

View the FSCS guarantee

Things you may need to hand

  • Your bank or building society number if you want your interest paid to another account
  • The details of other applicants, if you are opening an account with other people

To apply for a postal account

Send your completed application form to:

Virgin Money plc
E-Savings
NEA 3780
Newcastle upon Tyne
NE3 4ZE

Download application form

If you don't have access to a printer, we can send you a form in the post.
Request an application form

Please use 'Print and post' for a Power of Attorney account.

Frequently asked questions

How do I pay money into this account?

You can add funds to your account from £1 up to £500,000 by:

  • Transferring money from another Virgin Money account by sending a completed transaction slip(PDF, 116KB) to our Main Office or visiting your local Store** (withdrawal restrictions relating to your existing Virgin Money account may apply).
  • Sending a cheque with a transaction slip(PDF, 116KB) to our Main Office – please make the cheque payable to Virgin Money and quote your account number on the reverse "Virgin Money plc for the account of [insert Charity Name]" and crossed "A/c Payee only".
  • Visiting your local Store** to make a cash or cheque deposit
  • Transferring money electronically from your existing account by BACS, CHAPS, FPS or Standing Order once you have been advised of your new account number.

Please note: You will need to present your passbook when making further transactions on your account.

For FPS, BACS and Standing Order transfers
Sort code 08-61-15
Account number 00000515
Reference Your Savings account number
For CHAPS transfers
Sort code 08-02-65
Account number 50048407
Reference Your account number and your name
For CHAPS transfers from banks outside the UK
Sort code 40-02-50
Account number 61333372
Reference Customers Virgin Money Account Number and Name
BIC No.
NRNBGB22XXX
IBAN No.
GB07MIDL40025061333372

How do I take money out?

  • Minimum withdrawal amount of £1 (or less if closing).
  • You can take out up to £2,000 cash and up to £500,000 by cheque in a day from any Virgin Money Store** that deals in cash transactions.
  • You will be required to provide personal identification when making withdrawals via a Store and you must remember to present your passbook each time you make a withdrawal.
  • Withdrawals can also be made via our Main Office. Simply send your signed, written instructions with your passbook and a cheque will be sent promptly to your registered address.
  • Withdrawals must be for the benefit of the charity and you may be asked the reason for the withdrawal.
  • CHAPS transfers can also be arranged for which a charge will be made, please refer to charges for details. If we receive your authority and full instructions before 4pm on a business day, we will send the payment by CHAPS transfer the same day. The minimum you can withdraw by CHAPS is £250 up to the balance in your account. CHAPS transfers can only be processed by our Main Office and your passbook will also be required for this type of transaction.
  • Electronic transfer – if possible, we will send your payment by FPS, meaning that we will debit your account the same day or on any future date for which you authorised the payment. The payment should reach your nominated account within a few hours but no later than the end of the next business day.

Will I incur any charges with this account?

There are charges for some standard services that we make available to you. These are detailed below:

Service Charge
CHAPS Minimum withdrawal £250 £30 per transfer
Copy cheque £5 per cheque
Copy statement £10 per statement

We may also make a reasonable charge for any non-standard services which we make available to you on a discretionary basis. If you request such a service, we will tell you the amount of our charges before we act on your instructions.

When is the interest paid, and where is it paid to?

  • Charity Deposit Account pays a variable rate of interest.
  • Interest is paid half yearly on 31 May and 30 November and available the next business day.
  • Interest is also paid gross, without the deduction of tax.
  • It can be transferred to another bank or building society account which is in the same name as the Charity or simply accumulated to your account balance.
  • If the balance in your account falls below £1, the minimum amount set, our basic savings rate of 0.10% Gross2 P.A applies.