Virgin Money

Account name

Double Take E-ISA Issue 11

What is the interest rate?

What is the interest rate?
Issue Annual interest
% Tax-free3
Annual interest
% AER1
Monthly interest
% Tax-free3
Monthly interest
% AER1
11 1.45 1.45 1.44 1.45

Annual interest is paid on 11 March, and will be available the next working day. Monthly interest is paid on the last day of the 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 14 days' notice before the rate reduces. You can request full closure or transfer of your ISA without being charged even if you have already made two withdrawals that calendar year. Please refer to section 10 within the Savings 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 deposit?
Issue Projected balance
Double Take E-ISA Issue 11 £1,014.50

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.

How do I open and manage my account?

  • 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 Any money paid in will receive interest immediately but cannot be withdrawn for six working days.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.
  • Each tax year you can pay in up to your annual tax-free allowance (subject to the terms and conditions of your account), which is £20,000 in the 2019 - 2020 tax year. This annual allowance may change in future tax years. You will find this information on our website, in our Stores and via our Contact Centre.
  • Each customer can save up to a total of £2 million with Virgin Money, across all accounts held.
  • If a deposit results in your account going over the maximum deposit limit or the annual tax free allowance we will return the excess money to you. This does not include any interest you have asked to be added direct to your account.
  • 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.
    • Transferring an existing Cash ISA or a Stocks and Shares ISA from another provider.

Can I withdraw money?

  • Minimum withdrawal amount is £1 (or less if closing).
  • Two withdrawals can be made from the account per calendar year. Once the second withdrawal has been made no further withdrawals can be made until the next calendar year. However, you are able to do a full closure or closing transfer of your ISA (to another Virgin Money ISA or another ISA provider) at any time.
  • 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:
      • Before 12 September 2019, you can choose whether to send your payment by Faster Payments or CHAPS. There is a £30 fee if you choose CHAPS.
      • From 12 September 2019, 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.

Additional Information

  • This account is a non-payment account.
  • 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. If you make two withdrawals per calendar year, you will receive a notification that you can no longer access your funds until the next calendar year, unless you request full closure or closing transfer of your ISA.
  • Please also remember the tax advantages depend on your individual circumstances and the tax treatment of ISAs may change in the future.
  • In addition to paying in up to £20,000 in the 2019 - 2020 tax year, you can also transfer previous tax years' Cash ISA and Stocks and Shares ISA subscriptions. You can only subscribe to one Cash ISA in each tax year.
  • By opening a Cash ISA you limit the amount of tax-free savings you can make in a Stocks and Shares ISA, an Innovative Finance ISA and a Lifetime ISA.

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 plc, 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 depositing your ISA subscription, we will help you close your account and you will not lose your right to invest in another Cash ISA, Stocks and Shares ISA, Innovative Finance ISA or Lifetime ISA for that tax year. If you wish to take advantage of this 14-day rule, you must send your cancellation in writing to Savings Operations, Virgin Money, Jubilee House, NE3 4PL, when you close your account we will ensure that our reports to HM Revenue & Customs reflect the correct position. If you do cancel your account, the full amount of your investment, together with any interest earned 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 our Main Office. 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.

3 The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.