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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

Following the Bank of England base rate changes on the 11th and 19th March, we are lowering the interest rate on some of our variable rate savings accounts. We love to give our savers good value and are confident these new rates do exactly that in the current market.

  • Payment accounts will get two months’ notice of their rate reduction, with a reminder sent 14 days before the rate goes down.
  • Non-payment accounts will receive 14 days’ notice of their rate reduction.
  • Non-payment accounts with a notice period will receive at least 14 days’ notice plus their notice period, with a reminder sent 14 days before their rate goes down.

If your rate is reducing, your letter or email will show your new rate and the date it kicks in.

No - your savings rate is fixed for all of the term. This is usually one, two, three or five years.

If you have one of the following savings accounts with us, your rate will reduce by 0.65% gross on 20 April 2020:

  • Branch Tracker
  • Base Rate Tracker
  • Base Rate Tracker ISA

If you’re a tracker account customer, we’ve already written to you to confirm your new rate.

This is an unprecedented situation, with two Bank of England base rate changes very close together. Because of this, we’re lowering the interest rate on a number of our variable rate savings accounts. This change reflects both base rate reductions at the same time. The amount the rate is reduced by differs between accounts so that we continue to offer good value in the market. We’ve also made sure that all affected accounts are paying more than base rate. If your rate is changing, we’ll let you know the new one and the date it starts.

Due to the Bank of England changing rates twice in quick succession, we’ve taken both changes into account when deciding on the new rates. The letter you’re getting now covers both rate reductions. We don’t have any plans to reduce rates again at the moment.

As always, we’ll continue to look at the market to make sure your savings account offers good value. And we’ll always tell you about any more changes with the right amount of notice.

Yes – we’re contacting every customer that is affected by this rate change. Store and postal customers will be sent a letter and online customers will get an email.

  • Payment accounts will receive two months’ notice of their rate reduction, with a reminder sent 14 days before the rate goes down.
  • Non-payment accounts will receive 14 days’ notice of their rate reduction.
  • Non-payment accounts with a notice period will receive at least 14 days’ notice plus their notice period, with a reminder sent 14 days before their rate goes down.

Our savings range is reviewed on an account-by-account basis - interest rates may move by different amounts and at different times. This is to make sure they offer good value in the savings market.

We’re writing to customers whose interest rates are going down. For a small number of our accounts, the interest rates are still being looked at. We’ll write to those customers once any decisions are made, giving the right amount of notice.

We’ll continue to honour all Base Rate Guarantees. If we change your rate, we’ll write to you as soon as possible to let you know what your new one is.

Following the changes to the Bank of England base rate, we continue to watch the market. We’ll adjust the interest rates on our new products if needs be.

We haven’t made a decision about the interest rates on some of our savings accounts yet. If we decide to change the rates on these accounts, we’ll let customers know as per their terms and conditions.

We’re sorry when anyone is unhappy. But it’s worth knowing that, as an existing customer, you can open any account that’s available to a new Virgin Money customer. So, if there’s an account you feel is more suitable, you’re free to open one of those.

During this particularly busy period, please view our savings range online and choose the best online account to suit your needs. You can apply for this yourself and ask us to move your money after. This can be done by signed letter for branch and postal accounts or secure message for online accounts.

Alternatively, you can withdraw funds from your account or close it.

If you would prefer to speak to someone in your local Store, please check Store opening times before making your journey. We may have reduced opening hours because of the current coronavirus situation.

There are two types of notice account - those where you must serve the notice period before accessing funds and those that let you withdraw funds straightaway. Please note the latter is subject to a loss of interest to cover the notice period.

If you want to serve notice to withdraw from your account or close it, just let us know when you send your withdrawal or closure instruction. You can do this with a signed letter for branch or postal accounts or by secure message for online accounts.

If your account allows it and you would like an immediate withdrawal or closure subject to penalty, just tell us you accept the interest penalty when you send your request.

Before you contact us

During these difficult times, we're getting more calls than usual. Our priority is to protect our services for customers that need us the most. If your call or Store visit isn’t urgent, please keep the way clear so we can help them first.

Our Stores and phone lines are still open. However, as more of our colleagues become personally affected by the coronavirus situation, we’ve made some changes to our opening hours for our Stores and contact centres.

If you’re going out, please make sure you follow Government guidelines

Current account questions and answers

Following the Bank of England base rate changes on the 11th and 19th March, some current account products will be subject to a rate change. We love to offer good value for our customers and we’re confident these new rates do exactly that in the current market.

In line with your account terms, if we reduce the rate on your Essential Current Account, Virgin Money Current Account or its linked savings account, you’ll get two months’ notice of the rate reduction. For the linked savings account, we’ll also send you a reminder no more than 14 days before it starts.

If your rate is changing, your letter or email will show your new one and the date it kicks in.

This is an unprecedented situation, with two base rate changes very close together. Because of this, we’re reducing the interest rate on a number of our variable rate products. This change reflects both base rate reductions at the same time. The amount the rate is going down by differs between accounts so that we continue to offer good value in the market. We’ve also made sure that all affected accounts are paying more than the base rate. If your rate is changing, we’ll let you know the new one and the date it starts.

Due to the Bank of England changing rates twice in quick succession, we’ve taken both changes into account when deciding on new rates. The letter you’re getting now covers both rate reductions. We don’t have any plans to reduce rates again at the moment.

As always, we’ll continue to look at the market to make sure your account offers good value. And we’ll tell you about any more changes with the right amount of notice.

This is an unprecedented situation where the Bank of England has reduced the base rate twice in quick succession because of coronavirus. We’ve reviewed all our accounts on an individual basis so that they still offer good value while the base rate is at an all-time low. We’ve also made sure that all affected accounts pay more than base rate.

You should make sure this account is still the right one for you. Any decrease in rates will be with two months’ notice, so you’ve got plenty of time to think about what you want to do. Your options are:

  • Open a new current account. You can compare our current accounts here
  • Close your account at any time without charge

    If you want to move to another bank, you can do so with the Current Account Switch Service. It’s a secure and easy way to move in just seven days.

Lots more information on your current account product can be found here:

Before you contact us

During these difficult times, we're getting more calls than usual. Our priority is to protect our services for customers that need us the most. If your call or Store visit isn’t urgent, please keep the way clear so we can help them first.

Our Stores and phone lines are still open. However, as more of our colleagues become personally affected by the coronavirus situation, we’ve made some changes to our opening hours for our Stores and contact centres.

If you are venturing out, please ensure you follow Government guidelines