Virgin Money

Account name

Regular Saver Issue 18

What is the interest rate?

What is the interest rate?
Issue Annual interest
% Gross2
Annual interest
% AER1
Maturity date
18 3.00 3.00 01 September 2020

Annual interest is paid on 31 October and will be available the next working day.

Can Virgin Money Change the interest rate?

Rates are fixed until the maturity date. This means we cannot change the rate until after the fixed rate period.

What would the estimated balance be after 13 months based on a £3,250 deposit?

What would the estimated balance be after 13 months based on a £3,250
Issue Fixed term Projected balance at the end of the fixed term
Regular Saver Issue 18 01 September 2020 £3,306.88

This projection is provided for illustrative purposes only and does not take into account your individual circumstances. It is based on a maximum £250 monthly deposit over 13 months, with no withdrawals being made and interest being added to the account.

How do I open and manage my account?

  • This account can be opened in Store by UK residents aged 16 or over.
  • Only one account can be opened per customer per issue.
  • Minimum initial and additional deposit £1.
  • Maximum calendar monthly deposit limit £250.
  • Minimum operating balance £1.
  • Maximum deposit limit £3,250 a year. For all accounts the maximum deposit limit also applies to joint accounts.
  • If a monthly deposit results in your account going over the maximum £250 per calendar month 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.

Can I withdraw money?

  • Minimum withdrawal amount is £1 (or less if closing). If you withdraw money from your Regular Saver in a calendar month you cannot pay money back in to your account beyond the £250 per calendar month deposit limit.
  • 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.
  • After the fixed rate period your account will become a variable rate account. However, we will write to you before the end of the fixed rate period to let you know the options available to you, as well as advising you of the interest rate currently payable on the variable rate account.

Additional Information

  • This account is a payment account.
  • The automatic deduction of tax on savings interest ceased with effect from 6 April 2016.
  • Interest payments will not be counted towards the maximum £250 monthly calendar deposit limit.
  • 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 and rate of interest payable 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.

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 opening it, we will help you switch accounts.

If you wish to take advantage of this 14 day cancellation period please contact our Main 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.

** 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.

2. Gross P.A. is the rate of interest paid without the deduction of tax. Please note that the automatic deduction of tax on savings interest for non-ISAs ceased with effect from 6 April 2016.