Is this account right for you?
Great if you
- Are a parent, guardian or other responsible adult who wants to open an account for a child under the age of 17.
- Are happy operating the account in trust on behalf of a child. Remember the account will be in the child’s name and all the money in the account belongs to the child.
- Like to have a say in how the money leaves their account.
- The child will no longer be eligible for this account when they turn 17 years old. Find out what will happen to the account then – more on maturity.
- You will not have access to internet, mobile or telephone banking.
- The interest rate could change.
Please read the following Summary box before applying for this account
Account name: Headstart account
|Balance||Gross1 (%)||AER1 (%)|
|£1 and over||1.25||1.26|
The gross interest rate payable is 1% above the Bank of England base rate, which is currently 0.25%. 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 opening||Balance after 12 months|
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
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
Have savings got you stumped?
View our most frequently asked questions about our Headstart account.Headstart account FAQs
We don't like to brag but it's good for you to know that other people have given us a thumbs up too. You don't just have to take our word for it. Here are a few awards we've won.
High Street Savings Provider of the Year (Moneyfacts Consumer Awards 2018 & 2019)
Best Cash ISA Provider (Moneyfacts Awards 2018 & 2019)
Best Multi-Channel Savings Provider (Savings Champion Awards 2019)