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Bank of England base rate changes

To find out more about this change to the base rate and how it may affect your savings or current account, please take a look at the questions and answers below.

Savings questions and answers

We are currently reviewing our savings rates and we will let impacted account holders know about any changes as soon as possible.

We will always provide the relevant notice to customers who hold an account that is receiving a rate reduction (see also ‘Will you write to me to confirm me new interest rate?’)

No, your savings rate is fixed throughout the term, which is typically 1, 2, 3 or 5 years.

If you hold a Base Rate Tracker account, then your rate will decrease in line with your account terms.

Following the Bank of England base rate change, we are currently reviewing our savings rates and we will let you know about any changes as soon as possible. We will always provide the relevant notice to customers who hold an account that is receiving a rate reduction, dependant on the type of account they hold as follows:

If you have a payment account, we’ll tell you two months beforehand. We will also send you a reminder of the reduction no more than 14 days before the rate reduces. You can close or transfer your account anytime, without charge.

If you have a non-payment account without a notice period, we’ll tell you at least 14 days beforehand. You can close or transfer your account within 30 days of us letting you know without charge (even if you have already made your maximum allowed withdrawals in the case of ‘limited access’ accounts).

If you have a non-payment account with a notice period, we’ll tell you at least 14 days beforehand on top of your account’s notice period. We will also send you a reminder of the reduction no more than 14 days before the rate reduces. Some of these accounts let you close them or take money out without giving your full notice period. If you do, you will lose the interest equivalent to the notice period on the amount you are taking out. If we have already paid that interest, we’ll take that amount from your balance. Please see your KPIS for details.

If your rate is changing we will let you know what your new rate is and the date it is effective from.

We will continue to honour all Base Rates Guarantees and if we change your rate we will write to you as soon as possible to you to let you know what your new rate is.

Following the change to the Bank of England Base Rate we continue to watch the market and will adjust the interest rates offered on our new products if necessary.

Current account questions and answers

We are currently reviewing our Current Account and savings rates and we will let impacted account holders know about any changes as soon as possible.

If we were to change the rate on your Virgin Money Current Account or linked savings account, we would write to you to confirm your new rate and the date it is effective from. We would give you at least 2 months’ written notice of a rate decrease. In the case of the linked savings account, we will also send you a reminder of the reduction no more than 14 days before the rate reduces.

We are currently reviewing our Current Account rates and we will let impacted account holders know about any changes as soon as possible.

If we were to change the rate on your account, we would write to you to confirm your new rate and the date it is effective from. We would give you at least 2 months’ written notice of a rate decrease.

We are currently reviewing our Current Account rates and we will let impacted account holders know about any changes as soon as possible.

If we were to change the rate on your account, we would write to you to confirm your new rate and the date it is effective from. We would give you at least 2 months’ written notice of a rate decrease.