Virgin Money

Account name

Charity Deposit Account Issue 9

What is the interest rate?

What is the interest rate?
Issue Monthly interest
% Gross2
Monthly interest
% AER1
9 0.15 0.15

Monthly interest is paid on the last day of each month, 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 give you at least two months' notice 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?

What would the estimated balance be after 12 months based on a £1,000
Issue Projected balance
Charity Deposit Account Issue 9 £1,001.50

This projection is provided for illustrative purposes only and does not take into account the circumstances on each individual account. 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 monthly interest.

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 charity per issue.
  • Minimum to open £1.
  • Minimum additional deposit £1.
  • Minimum operating balance £1.
  • Maximum deposit limit £500,000.
  • If a deposit results in the 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 charity 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.
    • Cheque.
    • BACS/CHAPS.
    • Arranging an electronic transfer.
    • Transfer from an existing Virgin Money account, subject to the terms and conditions of that account.

Can I withdraw money?

  • Minimum withdrawal amount is £1 (or less if closing).
  • Money invested in this account can be access whenever it is needed.
  • We require a minimum of two signatory signatures to withdraw money from the account. Simply send your written instructions to Savings Operations, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne, 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

  • This account is a payment account.
  • 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, for closed accounts, in the tax year the account is closed.
  • Please note, the tax treatment depends on the particular circumstances of each business and may change in the future.
  • You will receive a Welcome Pack in the post with details of your account number, balance and information on how to start using your account. Each month there is a transaction on the account (other than an interest payment), we will send a paper statement in the post, at least once. An annual statement will be sent in February and on closure of your account.

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, Gosforth, Newcastle Upon Tyne, NE3 4PL or email customerrelations@virginmoney.com

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 leaflet PDF 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 Gosforth 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.

** Not all of our Stores can offer a full banking service. Any facility which is not available at your local Store, excluding cash deposits and general cash transactions, can be processed at Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL. Please refer to your local Store for further details.

1. AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to the capital balance each year.

2. Gross P.A. is the rate of interest paid without the deduction of tax.