How is my interest calculated?
- Interest is calculated daily on the cleared balance of your account, using the gross* interest rate(s) set.
- Depending on the type of savings account you have, interest can be paid Monthly, Quarterly or Annually.
- See your Key Product Information or Summary Box for details, or contact us. You can also talk to us in branch.
- Interest is paid gross*
Remember, you can always check the interest rate for your account anytime, (even when the product is no longer on sale) by visiting the existing customer section of our website.
- *Gross is the rate of interest earned before income tax is deducted. Automatic deduction of tax on interest stopped on 6 April 2016. However, depending on your particular circumstances, you may be liable to pay tax on the interest you have earned. Please contact HMRC for further information or visit www.gov.uk/government/organisations/hm-revenue-customs Link opens in a new window
When do I earn interest on a deposit?
If you pay cash into your account, your account will earn interest from the day of receipt. Deposits via CHAPS (Clearing House Automated Payment System), BACS (Bankers Automated Clearing Services) and FPS (Faster Payments Service) will also earn interest from the business day of receipt.
You will earn interest from the day of the payment if you transfer funds from another Virgin Money account.
If you pay a cheque into your Virgin Money account before 4pm on a working day, and all is ok with the cheque, you will receive interest the next working day (a working day excludes Saturdays, Sundays and Bank Holidays).