Fred the Red Young Saver

Annual interest is paid on 31 July 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 two months' 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 in Store.
• The named child on a Fred the Red Young Saver must be under 16 years of age. A suitable adult must be named on the account as a trustee and must be a UK resident.
• Only one account can be opened per customer per issue.
• Minimum to open £1.
• Minimum additional deposit £1.
• Minimum operating balance £1.
• Maximum deposit limit £25,000.
• 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.
  • BACS/CHAPS.
  • Arranging an 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).
• You can have access to your money whenever you need it. To request a withdrawal 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.

• This account is a payment account.
• 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. 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 will depend on the individual circumstances of each customer and may change in the future.
• Virgin Money Store accounts will receive a Passbook. You must remember to present your passbook and suitable personal identification each time you make a withdrawal in a Store. Your passbook will be updated to show details of your transactions and the interest added to your account. We will also send you a letter each month there are any payments on your account (other than an interest payment) if regulations and guidance from our regulator require us to do so and unless otherwise agreed with you.
• Trustees will automatically be entered into United Rewards prize draws, which give the chance to win Man Utd prizes. There will be Monthly Prize Draws, as well as twice-yearly Mega Prize Draws. Every calendar month, so long as your Fred the Red Young Saver is open within the qualifying period, you automatically earn ten entries for our Monthly Prize Draw and ten entries into the Mega Prize Draw. United Rewards terms and conditions can be viewed at virginmoney.com/unitedrewards

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.