- You can have no notice access to your money.
- There are no limits on the amount of withdrawals, but remember four or more withdrawals per calendar year will result in a reduction in the interest rate payable until the year end.
- The minimum amount you can withdraw is £1 (or less if closing).
You can take money out in the following ways:
- cash – Virgin Money Store** only;
- cheque – you can take out up to £500,000 by cheque in a day from any Virgin Money Store**. Larger amounts by cheque can be posted to you direct from our Main Office;
- 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; or
- if you request a CHAPS withdrawal and we receive your authority and full instructions before 4pm on a business day, the money should be credited to your nominated bank or building society account the same day. Withdrawal instructions received after 4pm will not be processed until the next business day and the money should be credited to your nominated bank or building society account on that day. A charge will be made for this type of transfer, please refer to Condition 11 within your Savings Terms and Conditions for details. The minimum you can withdraw by CHAPS is £250 up to the account balance.
- transfer to another Virgin Money account, subject to the terms and conditions of that account.
To make a withdrawal by Faster Payment or CHAPS please provide us with the following details:
- Virgin Money account number
- Amount to transfer
- Name of bank or building society where funds are to be transferred
- Valid sort code
- Account number
- Reference number (where applicable)
- For a CHAPS, provide authority to debit the CHAPS transfer charge.
CHAPS and Faster Payments cannot be cancelled unless you have requested a future dated payment at a Store or by post, and the cancellation must be done at least one business day before the payment is due. Visit a Store, contact us by telephone or send written instructions to us to let us know.
In all cases the correct number of account holders must provide their signature as authority for your account to be debited.