Savings questions and answers
Opening an account
If you opened your online account between Friday and Monday, your account will be fully open online by Tuesday.
However you can pay into your account straight away with the Sort Code and Account Number we give you at the end of the application.
If you are opening your new account online, in most cases we can verify your identity without the need of seeing any identification. However in a small number of cases we may need to see some identification documents. If this is the case, we will tell you that you need to provide additional identification.
If you open your account in one of our Stores, please see the identification documents that you will need to bring with you (PDF, 128KB) PDF opens in a new window Link opens in a new window
Our accounts are available to permanent UK residents only. Crown employees serving overseas and those married to, or in civil partnership with a crown employee serving overseas are also able to invest in a Cash ISA.
You can only open an ISA in your name however some of our other savings accounts can accommodate joint account holders:
When completing the online application, all joint customers must be present. Each customer will be required to register or sign in, and when doing so they should select the ‘joint’ option. View our online accounts.
Accounts already open
If you already have an account with us and would like to add someone else to make it a joint account, the person who wishes to be added should:
- Register online with us Link opens in a new window
- Once signed in, send us a message with the Customer ID of the other party and their existing account number.
The person who holds the account should:
- Sign in and send us a message with the new person’s Customer ID and confirm you would like them to be added to your account.
Once we have received messages from both customers, we will contact you both back to confirm further information, before making the account a joint account. We’ll let you know once the change has been made.
If you’d like to open a savings account in one of our Stores, please give them a call before you visit so you can book an appointment. You can find the contact details for all of our Stores.
You'll also need to bring some ID down with you to open the account. Here's a list of the documents that you'll need (PDF, 40KB) PDF opens in a new window Link opens in a new window.
We’re covered by the Financial Services Compensation Scheme (FSCS). The scheme protects eligible deposits up to a total of £85,000 if a UK bank or financial institution is unable to meet its financial obligations.
This limit is applied to the total of any deposits you have with: Clydesdale Bank, Yorkshire Bank, B and Virgin Money. Any total deposits you hold above the limit between these brands are unlikely to be covered.
For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call us on 0345 600 1568*, ask at your local Virgin Money Store, refer to the FSCS website: www.fscs.org.uk link opens in a new window or call the FSCS on 0800 678 1100 or 0207 741 4100. Please note only compensation related queries should be directed to the FSCS.
For more questions and answers on the FSCS, please visit our Financial Services Compensation Scheme page.
Make sure your Virgin Money Cash ISA is open and able to receive deposits (for Fixed Rate Cash ISAs we must receive all money including transfers in within 30 days of your account opening date).
You can transfer an existing Cash ISA and a Stocks & Shares ISA into a Virgin Money Cash ISA.
If you're looking to transfer your existing ISA to a Cash ISA with us, please complete the four steps on our ISA Transfer Service page
Once you’ve followed these steps you can sit back and relax – our ISA team will take it from here. From receiving your request we’ll contact your current provider within 5 business days, and they will send us your ISA and a transfer history form within 5 business days. Following this, within 3 business days we'll deposit the funds into your new Virgin Money Cash ISA. Interest will be earned from the date of the cheque, from the date the funds were sent to us, or day 16 of the process if earlier. For Stocks and Shares ISAs the process may take longer.
Just pop it in the post to: Virgin Money, ISA Transfers, Operations, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL and we'll get the ball rolling for you.
Yes, you can transfer as many ISAs as you like in to one ISA with us. Simply open an account with us, and once you’ve received your account number complete the four steps on our ISA Transfer Service page
You will need to make sure your ISA is still eligible for additional deposits by checking your Terms and Conditions and Key Product Information.
Absolutely, we accept both full and partial ISA transfers. Once you've opened your account with us, simply complete the four steps on our ISA Transfer Service page and pop how much you want to transfer over on the form. Some providers don’t allow partial transfers, therefore please check with your existing provider if this is something they can do.
The important point to remember is that you can’t partially transfer any money you have deposited in the current tax year – you need to move your full subscription over in the transfer.
Yes, you can transfer your ISA to us. The important thing to remember is that you can only subscribe to one Cash ISA, one Stocks and Shares ISA, one Lifetime ISA and one Innovative Finance ISA per tax year. But you are free to move all previous years’ subscriptions into accounts with different providers.
If you are transferring a Flexible ISA within the current tax year and you have made a withdrawal, to make the most of your full allowance you need to replace the withdrawal amount with your current provider before you transfer to us.
If you'd like to move all of the money from your existing Virgin Money ISA to a new one with us, you can do this when completing your online application. Simply select the option to transfer in from another account and select the account you want to change over from the drop down list.
If you'd like to transfer part of the money from your existing ISA, apply for the new account and send us a secure message letting us know how much you'd like to move over (simply click on "messages" once you have signed in).
Thinking of leaving us? Why not have a look at our ISA product range to see if there is something to suit your needs before you go.
Please also check your ‘Key product information’ sheet for your product before you transfer your ISA to another bank or building society. You can check the withdrawal restrictions for your account in our existing account information section of the website.
Once you’re happy, just contact your new provider, who will ask you to fill in an ISA Transfer Authority form. Once you have completed the form and returned it back to them, they will send the information onto us and we’ll start the transfer process. When we receive the form, we will endeavour to complete the ISA transfer within 5 business days, or if your account requires notice, complete it within 5 business days of your notice date.
An ISA break in subscription happens when you don’t make a deposit into your ISA for a whole tax year. To make another deposit, you will need to complete an ISA declaration.
If you have an online account, you can do this once you’re signed in to your account.
Yes, you can hold ISAs with different providers. The important thing to remember is that you can only subscribe to one Cash ISA, one Stocks and Shares ISA, one Lifetime ISA and one Innovative Finance ISA per tax year, so if you’ve already made a deposit in the current tax year you'll need to transfer your existing ISA across to us before you can continue to deposit.
The maximum you can deposit in the first calendar month is £1,200. Your first calendar month is classed as the month that you make your first deposit, for example, if you transfer money into your Help to Buy ISA on 15th August, you will have until the end of that month to top your account up to £1,200.
After that, the maximum is £200 per calendar month.
Unfortunately not, we can only guarantee to accept your deposits for the first 30 days after you open the Fixed Rate Cash ISA.
You’re able to add money to your Fixed Rate Cash ISA for the first 30 days after you open it. That includes money for this tax year’s subscriptions and any Cash or Stocks and Shares ISA transfers you want to move across from another provider.
The current ISA subscription limit is £20,000.
You can split that across one Cash ISA, one Stocks & Shares ISA, one Innovative Finance ISA and one Lifetime ISA. For example, you can invest:
£10,000 in to a Cash ISA and £10,000 in to a Stocks and Shares ISA; or
£16,000 in to a Cash ISA and £4,000 in to a Lifetime ISA; or
£5,000 into a Cash ISA, £13,000 in to a Stocks & Shares ISA and £2,000 in to a Lifetime ISA
In any tax year you can only subscribe to one Cash ISA, one Stocks & Shares ISA, one Innovative Finance ISA plus one Lifetime ISA (maximum £4,000) up to the combined annual subscription limit.
At Virgin Money we offer a range of Cash ISAs and Stocks and Shares ISAs for you to choose from, however we don’t currently offer Innovative Finance ISAs or Lifetime ISAs.
Some of the Cash ISAs we offer are fully flexible, and this means you can withdraw money from your ISA and put it back in without it counting towards your annual allowance. The money must be paid into the account in the same tax year as the withdrawal or you will lose the ability to replace it.
The flexible ISAs which we now offer are:
- Easy Access Cash ISAs
- Reward Easy Access Cash ISAs
Please note that the flexibility feature does not apply to accounts with restrictions, for example:
- Fixed Rate Cash ISAs
- Defined Access Cash ISAs
- Double Take Cash ISAs
- Notice ISAs
- Help to Buy: ISAs
- APS ISAs (for Additional Permitted Subscriptions)
On 6 April 2016, the Government introduced ISA flexibility, which means many ISAs allow you to withdraw money from your ISA and replace withdrawn funds within the current tax year without affecting your ISA limit. These are called flexible ISAs.
Before 6 April 2016, if you withdrew any money from your ISA you couldn’t then top it back up again without it counting towards the annual allowance. However, many ISAs now allow you to withdraw money from your ISA and replace withdrawn funds within the current tax year without affecting your ISA limit of £20,000.
This flexibility is great news, because it lets you manage your tax-free savings in the way that suits you best.
If you have an Easy Access or Limited Access Cash ISA, you can deposit when you like. If your account is a Fixed Rate Cash ISA, you have 30 days from the day you open the account to both add money and send your ISA transfer form to us. Any deposits received after 30 days, may be returned to you.
Help to Buy ISAs
You'll be eligible to open a Help to Buy: ISA and claim the Government bonus when buying your first home, if you:
- Are a first time buyer, looking to buy a property in the UK
- Are a UK resident aged 16 or over with a valid National Insurance Number
- Have never received payment of a bonus under the Help to Buy: ISA Scheme Rules
- Will hold only one Help to Buy: ISA, and won’t pay into that Help to Buy: ISA more than the monthly allowance, as set out in the Scheme Rules
- Won't pay into another Cash ISA in the same tax year as you pay into this Help to Buy: ISA
- Agree to be bound by the Scheme Rules, which may be amended and/or restated at any time. To view these rules and eligibility criteria in full, visit helptobuy.gov.uk/isa Opens in a new window
Customers must meet the eligibility criteria and accept the Scheme Rules in order to claim the Government bonus. The Scheme Rules are summarised below and can be viewed in full at helptobuy.gov.uk/isaOpens in a new window.
- The maximum you can deposit in the first calendar month is £1,200. Your first calendar month is classed as the month that you make your first deposit, for example, if you transfer money in to your Help to Buy: ISA on 15th August, you will have until the end of that month to top your account up to £1,200. After that, the maximum is £200 per month.
- You have 12 months from the date you close your Help to Buy: ISA to complete your house purchase using the bonus. If your house purchase falls through within this period, we can reinstate your Help to Buy: ISA.
- HM Treasury reserve the right to terminate the Help to Buy: ISA Scheme. In this event they'll provide written notice to all ISA managers, who will in turn notify their Help to Buy: ISA customers. HM Treasury will give a date when no further bonus can be claimed. This will be at least 12 months after their notice of termination.
If you can save more than the £200 monthly Help to Buy: ISA allowance – or if you already have money saved – you could open our Saving to Buy account for your extra savings, or one of our other accounts. Our savings range can be found here.
The limit for deposits into the Help to Buy: ISA after the first month is £200. If you miss a month, the limit does not carry over to the next month, so you will still have the deposit limit of £200.
You can close your ISA by withdrawing all of the funds to your nominated account online. If there is a balance of at least £1,600 in there, a closing letter will automatically be produced and should be with you within 5-7 days.
Your solicitor will then use this statement to claim the bonus on your behalf, which can go towards the purchase of the property. They must be registered as an eligible conveyancer with the Help to Buy: ISA Scheme.
The bonus will be paid to the conveyancer/solicitor. They will add these funds to pay towards your property purchase. It should not be used when exchanging contracts, to pay for solicitor fees, estate agent charges or any other indirect costs associated with buying a home.
You can transfer from an existing Help to Buy: ISA with another provider. You will need to fill in a Help to Buy Transfer Authority Form and send it to us at Virgin Money plc, Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL.
You can download the form from here Opens in a new window.
We do not accept Cash ISA transfers from another provider to be transferred to our Help to Buy: ISA. However, you can transfer an existing Virgin Money ISA into the account, as long as it doesn’t exceed the deposit limit.
The easiest way to deposit is by Faster Payments with the sort-code 08-60-64 and your 8 digit account number. You can also deposit via CHAPS using sort-code 08-02-65 and your 8 digit account number.
Alternatively, you can deposit by cheque, cash or transfer from an existing Virgin Money account (subject to the terms and conditions of the account). Please note that cash can only be deposited via our Stores. You are also able to transfer in an existing Help to Buy: ISA from another provider, however this must be transferred in full.
You can set up a standing order from another Virgin Money account to your Help to Buy: ISA by sending us a secure message online.
You can set up a standing order with your bank by giving them your Virgin Money sort code 08-60-64 and account number, along with the date you would like the funds to be sent. Remember to allow time for the funds to reach your account, to ensure you don’t miss out on your monthly deposit.
The Help to Buy: ISA is accessed and managed online, using your own customer ID. You can make withdrawals from there; just remember that the funds you withdraw to your nominated account will lose ISA status.
You are unable to replace any funds withdrawn in the same month if it will exceed the monthly £200 deposit limit.
Your closing balance needs to be £1,600 or over to be eligible for the Government bonus. If the balance is less than this when the account is closed, the statement needed to claim the bonus will not be produced.
If you are both eligible for a Help to Buy: ISA, you can each open this account in your sole name (this account cannot be opened in joint names). If one person isn’t eligible, this won’t stop the other person from having their own Help to Buy: ISA and claiming the bonus.
The minimum bonus paid is £400 and the maximum is £3,000. You will need to have at least £1,600 in your account to receive a closing letter and be able to claim your bonus.
You can withdraw money from your Help to Buy: ISA online, however, funds will lose their tax-free status. Any funds you want to pay back in will be subject to your monthly deposit limit.
You don’t have to make a deposit each month to keep the ISA open.
Managing your account
We accept Faster Payments in to all of our savings accounts – simply check with the bank the payment is being made from before you arrange the transfer to see what their Faster Payment transfer limit is.
Online accounts (8 digit account numbers)
You can send a Faster Payment across to your account by using the sort code of 08-60-64 and your 8 digit account number.
Postal accounts (12 digit account numbers with a letter in the middle)
You can send a Faster Payment across to your account by using the sort code of 08-61-15, our account number of 00000515 and then your 12 digit account number as the reference.
Online accounts (8 digit account numbers):
You can send a CHAPS payment to your account by using the sort-code of 08-02-65 and your 8 digit account number.
Postal accounts (12 digit account numbers with a letter in the middle):
You can send a CHAPS payment to your account by using the sort-code of 08-02-65, account number 50048407 and then your 12 digit account number as the reference.
Just make the cheque payable to yourself, pop your account number on the back and post it to us at Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.
There are some changes being made to the way we and other banks process cheques from October 2017. You can find out more below.
What is changing and when?
Instead of exchanging physical cheques, banks will exchange digital images of cheques, meaning the whole process will speed up. The changes are expected to be fully implemented across all UK banks later in 2019.
What does this mean for me?
When writing a cheque to someone, the money may come out of your account a lot quicker than it does today. Therefore it is important to ensure that the funds are available in your account on the day the cheque is written. Similarly, when paying a cheque into your account from someone else, the funds may be available in your account a lot quicker. The exact number of days taken to clear a cheque will vary from bank to bank. The quickest will be two days, with the longest being six days.
How will I know if a cheque has cleared?
You’ll be able to get confirmation as to whether your cheque has cleared in the same way as you do today, by using our online service, checking at a cashpoint or by calling us on the best number below;
- Current Accounts – 0345 600 6103
- Savings Account (postal & store) – 0345 600 7301
- Savings Accounts (online) – 0345 608 1604
- Mortgage Accounts – 0345 602 8301
Want to find out more?
You can find out more about the changes here PDF opens in a new window
You can pay cash into your account by visiting one of our stores, please check that cash handling is a service available in your local store. Find your nearest store
If you open your account online, you may be able to pay money in with your debit card. This service is currently only available at account opening. Any money paid in by debit card will receive interest immediately, but cannot be withdrawn for 6 business days.
If your password has been entered incorrectly three times you will automatically be locked out of the system. If this happens, you will be asked three security questions and as long as you correctly answer them all, a one-time password will automatically be sent out to you by email.
If you’re not sure of your password, you can still request for a new one to be sent out automatically. Just enter your Customer ID to sign in and click on the ‘Forgotten Password?’ option on the right hand side of the page.
You can view your interest and tax information online at any time. Simply sign in to your account Link opens in a new window, click on the product that you’re looking to view and select ‘Interest/Tax’ from the ‘Account Options’ menu.
We will debit your account on the same day the request is received or on any future date for which you have authorised the payment. The payment should reach your nominated account within a few hours but no later than the end of the next business day.
On 6 April 2016 the Government introduced the Personal Savings Allowance. The Personal Savings Allowance is great news for savers as it means that basic rate tax payers won’t pay tax on the first £1,000 of interest they earn. The allowance is £500 for higher rate tax payers, and additional rate taxpayers won’t receive an allowance.
Previously tax has been charged at 20% for basic rate taxpayers. So for every £80 previously received in interest, most savers will now receive £100.
From the 2016/2017 tax year all banks and building societies automatically stopped deducting tax on the interest earned from your savings.
The interest rate on your account will show as 0.10% until your deposit clears into your account. That will usually happen overnight on the day that you transfer the money to us, so if you check again the next day, your correct interest rate should show. Payments by cheque will take longer and will show once cleared.
Your Customer ID will be on the welcome letter and the email that you received when you first opened your online account.
It's a 7 character reference with a mix of letters and numbers.
If you can't remember or find your Customer ID please request new one.
Things to think about before you go…
- Thinking of leaving us? Why not have a look at our Savings range to see if there is something to suit your needs before you go.
- Please also check your ‘Key Product Information’ sheet for your product before you make a withdrawal or close your account. You can check the withdrawal restrictions for your account in our existing account information section of the website.
- If you have a non-flexible ISA, any funds that you withdraw from your Cash ISA will lose their ISA tax free status. If you’re looking to keep your money in an ISA wrapper, your funds need to be withdrawn through an ISA Transfer. Please contact your new ISA provider to start the process.
For more information on flexible ISAs, please see our “Is my ISA flexible?” question on this page.
If you’re still looking to make a withdrawal, here’s a quick guide to help:
Postal and Store accounts (12 digit account numbers with a letter in the middle)
You can send us your written request to following address, or pop it in to your nearest store.
Newcastle upon Tyne
If you have a passbook based account, don’t forget to send this in with your request.
Online accounts (8 digit account numbers)
Sign in to your account, view the account that you’d like to make a withdrawal from, click on the ‘Account options’ menu on the right hand side of the page and select ‘Take money out’.
You can find the interest rate for any of your Savings accounts here.
If you have an online account, you can also sign in to check your interest rate – it’ll be at the top of your online statement once you click on ‘View account’.
If you receive statements through the post for your account, your interest rate is shown on the top of each statement.
Remember, we will always let you know if your rate is going to reduce by contacting you either by email or by post. Please make sure you keep your details up to date so we can contact you. If you’re looking to update your details, please see the ‘How do I change my details?’ question below.
Postal or Store accounts (12 digit account numbers with a letter in the middle)
If you’re looking to amend your name, address or the interest instructions on your account, please send a completed Account amendment form to our main office address, or pop it in to your nearest store.
Newcastle upon Tyne
If you’re changing your name, please also send us a certified copy of the relevant supporting documents: marriage certificate, decree nisi, decree absolute (additional identification may be needed), deed poll, birth certificate. Please ensure you notify us at least two business days before you would like us to make the change.
Online accounts (8 digit account numbers)
If you have an online account, you’re able to change your details once you’re signed in to your profile.
To change your address or contact details by clicking on the ‘Profile’ icon at the top of the screen once you’re signed in.
If you need to amend your name or date of birth, please send us a secure message through the ‘Messages’ facility, which is also available at the top of the page. We will also require documentation to support any changes that you’re looking to make (e.g. marriage certificate, deed poll) before we can update our records. Any paperwork can be sent to the above address.
If you’ve received a Certificate of tax deducted or Certificate of interest and tax deducted for your account before, we’ll automatically send you one for every tax year that follows. The new certificate will be sent to you in April each year.
If you have a postal or Store account (12 digit account numbers with a letter in the middle), please give us a call or send us a written request and we’ll send a certificate out to you.
If you have an online account with us, you can order a Certificate of interest and tax deducted once you’re signed in to your online profile.
Once you’ve signed in, choose the account that you need a certificate for by clicking on ‘View account’. From there, click on ‘Account options’ on the right hand side, ‘Interest and tax’ and then ‘View interest and tax’. You’ll then be able to order a certificate for both the current tax year and the previous tax year.
You certainly can. Once you’ve signed into your online profile, click on the account that you’d like to update. From there, select the ‘Account options’ menu on the right hand side of the screen, and then ‘Amend nominated bank details’.
Once your new bank details have been accepted, you’ll get a confirmation message on screen.
Each month that there is a transaction on your account, we may email you to let you know a statement is available to view online.
You can view your transactions online at any time by logging into your account.
To view your balance and transactions, sign in to your online profile and click ‘View account’. From there, you’ll be able to view your transactions, as well as downloading or printing them to keep for your records.
If you have Power of Attorney on an online account, you will receive a statement within a month of a transaction; if no transactions are made we will send you a statement every 6 months or on closure of the account. If your account is a Fixed Rate product we will send you a statement following maturity.
The withdrawal count is reset to zero from 1 January of each year, at this point your account will also revert back to the higher rate.
We understand that when you’ve lost someone close to you the practical tasks can be overwhelming. Our Bereavement GuidePDF opens in a new windowprovides useful information on how we can support you during this difficult time.
Maturing online accounts
We will send you an email no more than 14 days before the maturity date to remind you to submit your instructions.
When you sign in to your online profile after receiving the email, you will see a note above your account letting you know your account is approaching maturity. If you click on 'View account', you will see the alternative products we offer, and you will be able to tell us what you would like to do with your account when it matures.
If you don’t submit your instructions ahead of maturity, your account will automatically become an Access product.
Your Customer ID will be on the welcome letter and the email that you received when you first opened your online account.
It’s a 7 character reference with a mix of letters and numbers.
No, unfortunately you can only choose one ISA product offered to you at maturity.
Yes you can. You are able to review and change your instructions before 6pm on the day prior to the maturity of your account. Simply sign in, and then click to ‘view’ your maturing account, which will allow you to review and amend the instructions that you previously submitted.
If you are looking to reinvest part of your balance in to one of the Fixed Rate products that you have been offered and withdraw the remaining funds, choose the E-Saver product available, alongside the product that you would like to reinvest in to. Please note that if you have a maturing ISA, you can only select one of the ISA products that you are offered.
As you are transferring your maturing account in to more than one product, you will be asked how you would like the funds to be split. You will be asked to enter a value in to one of the 'Amount £' fields and the other will become greyed out, with the 'Remaining balance' selected automatically. Please remember, any funds withdrawn from a Cash ISA will lose their ISA tax-free status.
Once your account matures, you can then sign back in to your online profile and arrange to transfer the money in your E-Saver to your nominated bank.
If you are reinvesting in to one of our Easy Access E-Saver or Easy Access E-ISA products, you can reinvest your full balance in to that product and then sign back in to your account after the maturity date to withdraw some of your funds to your nominated bank.
If you would like to simply close the account and have the money sent to your nominated bank account, you will have to wait until the maturity date when the funds become accessible.
On the date of maturity you will be able to transfer the money by clicking on ‘Take Money Out’ then ‘Transfer to Nominated Account’. Please remember, any funds withdrawn from a Cash ISA will lose their ISA tax-free status.
Your interest will be automatically added to your account when it matures. If you are looking to reinvest your money in to another Fixed Rate product but withdraw the interest you have earned, you will need to choose the E-Saver product offered to you, alongside the Fixed Rate product you would like to reinvest in to.
As you are transferring your maturing account in to more than one product, you will be asked how you would like your funds to be split. Enter the amount of money that you would like to reinvest in your new Fixed Rate account in to the ‘Amount £’ field next to the product – we will then send the ‘Remaining balance’, including your interest, in to the E-Saver account on maturity.
Once your account matures, you can then sign back in to your online profile and arrange to transfer the money in your E-Saver to your nominated bank. Please remember, any funds withdrawn from a Cash ISA will lose their ISA tax-free status.
If you would like to transfer your ISA to another ISA you already have with us, simply send us a message on the ‘Messages’ tab and tell us which existing ISA you would like to transfer the money in to, on maturity.
Yes. Once you are signed in to your online profile select the ‘My Accounts’ page, you will see an option to ‘Open a savings account’. Choose the account you would like from the dropdown menu and run through the application process. At the end, you will get a new 8 digit account number.
If you have a maturing ISA and have opened a new ISA, the next step is to send us a secure message to arrange for your ISA to be moved across to your new account on maturity. Click on ‘Messages’ at the top of the screen to let us know what you would like to do, making sure you clearly state the account you would like to transfer from and to.
If you are transferring from a maturing eBond, or have opened a new non-ISA product, simply sign back in to your account immediately after maturity, select ‘Virgin Money Transfer’ from the ‘Account options’ on the right hand side of the screen and arrange for your money to be moved across. Please remember, any funds withdrawn from a Cash ISA will lose their ISA tax-free status.
I want to transfer my full balance
Please contact your new provider and request an ISA Transfer Form. Simply complete and return the form to your new provider and they will complete the transfer on your behalf.
I want to reinvest part of my balance in a Virgin Money ISA and transfer part of my funds to another ISA provider
Please log in to your online account and select the Virgin Money ISA you would like to reinvest your funds into (your full maturing balance will be reinvested at maturity, and your account number will not change). You will also need to contact your new ISA provider to initiate your maturity partial transfer, which they will complete on your behalf.
Please note, if you choose to reinvest in a Fixed Rate Cash E-ISA, you will need to send us a secure message via the ‘message’ tab to let us know what’s happening. This will ensure you don’t incur a charge for transferring part of your balance from a Fixed Rate product to another ISA provider following your reinvestment at maturity.
Yes. If you have chosen to reinvest in to one of our Fixed Rate Cash ISA products, you’re able to transfer another ISA in to your new account within 30 days of the date your account matured. Just send us your completed ISA Transfer Authority Form and we will arrange this on your behalf.
If you have opted to reinvest in to one of our Easy Access ISA products, you can transfer another ISA in to your account at any time.
Maturing postal and store accounts
No more than 14 days before maturity we will send you a maturity pack through the post. This will detail all of your reinvestment options and the products available to you in relation to your account maturity, as well as all of your withdrawal options.
Once you have decided what you would like to do you just have to complete the form, pop it in the pre-paid envelope provided and send that back to us, we then do the rest.
You can reinvest the capital balance of your account and have any interest accrued sent to you. To do this you need to complete section two of the option form, indicating the balance you would like to reinvest. You then need to complete the ‘making a withdrawal’ section of the form indicating how you would like the balance sent to you.
Yes. You can split your money between the products offered to you by completing section two of the maturity options form. You just need to indicate how much you like to put into each product and then return the form to us using the pre-paid envelope provided.
Yes. You can split your money between the products offered to you by completing section two of the maturity options form. You just need to indicate how much you like to put into each product and then return the form to us using the pre-paid envelope provided. Please note that we will reinvest your maturing account into one of the products that you have selected, but we will send you an application form to sign and return for any additional ISA(s) you require. A signed ISA declaration is an HMRC requirement when opening a new ISA.
You can add more money to your new account in the following ways:
- FPS transfer – please send your funds before the final date stipulated on the reverse of your maturity option form using sort code: 08-61-15, Account number: 00000515, Reference: Your Virgin Money Account Number.
- Cheque – Please send a cheque with your Option form and make it payable to: ‘Virgin Money for the account of (insert account holder(s) name(s))’ and cross it ‘A/c Payee only’. For Fixed Rate Bonds, you will have a short window to deposit funds and we advise you do this as quickly as possible. For Fixed Rate Cash ISAs, you have 30 days from opening your account to make additional deposits.
If you are reinvesting in an Access account, you can add to your account at any time.
If you are looking to withdraw from your account you will need to send back your maturity option form detailing your preferred method of withdrawal. These instructions can’t be given by telephone.
Alternatively, you can visit your local Virgin Money Store to make a withdrawal once your account has matured, however not all of our Stores offer a full banking service. Please refer to your local Store for further details.
Providing we receive your instructions by the response date stipulated in your maturity mailing, any funds withdrawn will be debited from your account on the day of maturity (unless your account matures on a weekend or bank holiday, in which case the funds will be debited from your account on the first business day following maturity). The payment should reach your nominated account within a few hours but no later than the end of the next business day.
We don’t send acknowledgement that we have received your form, but you will receive confirmation once the account has matured.
Once we have received your instructions, we will complete your request and send you a statement within four weeks of the maturity.
Yes. All you need to do is complete a savings amendment form and follow the instructions. You can download the form herePDF opens in a new window or alternatively you can request one over the phone by calling us on 0345 600 7301*. When adding a person to an account, we must confirm the true identity of the new applicant in order to comply with industry regulations. Therefore please can you supply us with identification, one document from list A and one document from list B as detailed on our Confirmation of Identity PDF opens in a new window list.
If you receive your interest monthly, this value will not include the final 15 days interest, this will be added to your account on maturity. The projected value will differ if you make transactions or changes to your account before maturity, choose to remain in the default Access ISA, or we complete your instructions after the maturity date.
If you decide to remain in the Access ISA, you will receive less than the projected value, as interest will not be added at maturity. Instead, we will pay it at your next payment date.
If you choose a full reinvestment then the full projected value will be reinvested into the new account, this will include your final interest payment.
If you would prefer your final interest paid to you then you will need to complete section two of the maturity options form, indicating the balance you would like to reinvest and then completing the withdrawal section of the form to tell us how you would like that last month’s interest paid to you.
If you are looking to transfer your funds from your maturing account to an existing account you already hold with us then you need to complete the withdrawal section of the maturity option form. In this section you will see the option “transfer to an existing Virgin Money account”, simply provide us with the account number of the account you wish to transfer to, and return the form to us using the pre-paid envelope provided.
If there is a product we have on the market that is not detailed on your maturity options form that you would like your funds paid into, this may be possible. You will need to arrange to open the new account and get a new account number before completing the maturity option form as detailed in point 10.
If you are looking to transfer your funds from your maturing account to an online account then you will need to follow the online application process and open an account. Once you have got your online account number, you need to complete the withdrawal section of the maturity option form. In this section you will see the option “transfer to an existing Virgin Money account,” you will need to put your online account number in this section.
Your interest requirement will stay exactly the same when you reinvest your account on maturity, which means that both your interest frequency and interest destination will carry over into the new product.
You can change your interest frequency and/or destination if you wish. All you need to do is submit signed confirmation of your revised interest requirement when you return your maturity option form.
If you are looking to reinvest into a Reward Saver product, you can do this within the same calendar month as your product matures.
If your chosen product is one of the options offered on your maturity option form, you can reinvest into that product within 7 days of maturity providing we receive your form, you can also visit a store or contact us by phone on the number provided in your maturity pack.
If you have not provided your instructions within seven calendar days, you may need to choose an alternative product from our current range of products here.