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Highlights

Variable rate of 1.10%

AER1 / Gross1 P.A, interest paid quarterly.

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Summary box

Please read the following Summary box before applying for this account

Account name: Headstart account

BalanceGross1 (%)AER1 (%)
£1 and over1.101.10

The gross interest rate payable is 1% above the Bank of England base rate, which is currently 0.10%. Interest is calculated on a daily basis and is paid on the last working day in March, June, September and December.

Yes, the gross interest rate payable is linked to the Bank of England base rate. The rates will be changed on the first business day following any Bank of England base rate change. We will only give you advance warning of any rate change if we change rate from paying 1% above Bank of England base rate. If this happened and the rate you receive will be lower, we will provide at least 2 months’ notice as described in your Terms Link opens in a new window.

Initial deposit at account openingBalance after 12 months
£1,000£1,011.00

This is only an example and does not take into account your individual circumstances.

The example assumes that:

  • no further deposits or withdrawals are made;
  • any interest earned stays in the account; and
  • there is no change to interest rates and tiers.
  • This is an account for children aged from 0 to 16.
  • An adult must open and operate the Account on behalf of the child; The account can be opened in Store.
  • The minimum amount to open and maintain the account is £1.
  • The account will be opened in the child’s name and all the money in the account belongs to the child.

Yes. To make a withdrawal from the account you must give us 30 days’ advance notice. And this has to be done in Store.

Withdrawals without 30 days’ advance notice are not allowed except in the event of the death of the child in whose name the account is opened in.

Interest will be paid gross.

Save with confidence

As we are covered by the Financial Services Compensation Scheme, savings with Virgin Money are covered up to £85,000 per person.

View the FSCS guarantee

Important documents

Before applying please make sure that you have read the following. Retain copies for future reference.

When you turn 17

You will no longer be eligible for this account when you turn 17 years old. Find out what will happen to the account then.

More on maturity Link opens in a new window

Apply in Store

If you're interested in this account, visit your local Store to apply for this account

Identification requirements

As part of becoming a new customer we need to confirm who you are and where you live.

A parent, grandparent, guardian or other responsible adult should bring:

  • ID document.
  • Proof of address.
  • Child's ID document, such as current passport, birth certificate or adoption certificate.
  • We may also need a document to confirm the child's address if they do not live with you.

Helpful information about proof of ID documents Link opens in a new window

Other documents are also acceptable for both the adult and the child. If you do not have any of these documents, please ask in branch for further details.


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Have savings got you stumped?

View our most frequently asked questions about our Headstart account.

Headstart account FAQs

1 AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate is the interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account.