Defined Access E‑Saver

If four or more withdrawals are made per calendar year, interest will be paid as outlined above until the second last working day of the year when the number of withdrawals will reset to zero and the higher interest rate will resume.

Annual interest is paid on 11 March and will be available the next working day. Monthly interest is paid on the 10th day of the month, and will be available the next working day.

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 14 days' notice before the rate reduces. Please refer to section 10 within the Savings terms and conditions.

This projection is provided for illustrative purposes only and does not take into account your individual circumstances. 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 annual interest rate.

• This account can be opened online by UK residents aged 16 or over.
• Only one account can be opened per customer per issue.
• Minimum to open £1.
• For your initial deposit you are able to pay money in with your debit card. Any money paid in will receive interest immediately but cannot be withdrawn for six working days.
• Minimum additional deposit £1.
• Minimum operating balance £1.
• Maximum deposit limit £250,000. For all accounts the maximum deposit limit also applies to joint accounts.
• If a deposit results in your 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 customer 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.
  • Electronic transfer.
  • Transfer from an existing Virgin Money account, subject to the terms and conditions of that account.

• Minimum withdrawal amount is £1 (or less if closing).
• Four or more withdrawals per calendar year will result in a reduction to the interest rate payable.
• You can have access to your money whenever you need it. Simply log into your account and arrange to take money in the following ways:
  • Transfer to another Virgin Money account, subject to the terms and conditions of that account.
  • By electronic transfer: payments up to £100,000 will be sent by Faster Payments. Payments that are more than £100,000 will be sent by CHAPS free of charge.

• This account is a non-payment account.
• Please note, the tax treatment will depend on the individual circumstances of each customer and may change in the future.
• We pay interest without deducting income tax, unless HMRC/the law requires otherwise. However, depending on your personal circumstances, you may be liable to pay income tax on the interest you have earned. Please visit www.gov.uk/apply-tax-free-interest-on-savings for further information. We do not issue Certificates of interest paid and tax deducted automatically. If you ask us for a certificate, we'll be happy to send you one.
• Each month that there is a transaction on your account (other than an interest payment), we may email you at least once to let you know a statement is available to view online. You can view your transactions online at any time. Your online transactions will help you to keep track of the number of withdrawals you have made. If you make four or more withdrawals per calendar year you will receive a notification that your interest rate has changed, and your new interest rate will be displayed online.

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.

It is not possible for a Power of Attorney account to be operated online. To apply as a Power of Attorney please download an application formPDF opens in a new window, complete and return to the address provided on the form. Your account will then be opened and operated by post via Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL.