Highlights
- Top up or access your savings instantly whenever you like.
- Save from £1 up to £2 million with monthly interest – as your business grows, so can your savings.
- Benefit from no fees or charges.
Is this account right for you?
Just remember
- This is a standalone online account and is serviced using Online Service.
- This account doesn't link with your Business Current Account, Business Internet Banking or our mobile app.
Summary box
Please read this information before applying for this account
Account name: Business Access Savings Account
| Issue | Monthly interest % Gross2 | Monthly interest % AER1 |
|---|---|---|
| 35 | 3.49 | 3.55 |
Monthly interest is paid on the 10th of each month, and will be available the next business 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 condition 10 within the Business Savings terms and conditions for details.
| Issue | Projected balance |
|---|---|
| Business Access Savings Account Issue 35 | £1,035.46 |
This projection is provided for illustrative purposes only and does not take into account your particular 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 monthly interest rate.
Opening your account:
- You can apply for a Business Access Savings Account if:
- Your business is registered in the UK;
- All associated persons (beneficial owners, people with significant control of the business, directors, partners, senior management and account signatories), are resident in the UK and over 18;
- You are either a sole trader or your business is a partnership, limited liability partnership, private limited company or a public limited company;
- Your business is classed as a micro, small or medium enterprise (SME).
- You can apply for an account by completing the online application at virginmoney.com/business.
- Minimum deposit to open is £1.
- Minimum additional deposit £1.
- Minimum operating balance £1.
- You can have a maximum of two account signatories who can operate this account online for the business. Details of how these two people can manage the account online are set out on our website and in the Business Savings Account Guide.
Depositing money:
- Maximum deposit limit £2,000,000.
- If a deposit results in your account going over the maximum deposit limit we will return the additional money to you. If you have interest added to your account the amount of interest will count towards your deposit limit. Once you reach your maximum deposit limit interest will continue to be added to the account but you will no longer be able to add funds.
- Each business group can save up to a maximum of £2,000,000 with Virgin Money, across all business savings accounts.
- You can add to your account at any time by:
- Arranging an electronic transfer (BACS, CHAPS, Faster Payment Service) from your bank or building society account. Details can be found at virginmoney.com or in your welcome letter.
- Transfer from an existing Virgin Money Business Savings Account, subject to the terms and conditions of that account.
- If you would like to talk to us about your business account you can call us on 0345 606 7687.
- Your account signatories can access your Business Access Savings Account online and can withdraw funds in the following way:
- Electronic transfer to your nominated business account only.
- Minimum withdrawal amount £1 (or less if closing).
- A maximum of two account signatories can be on the account. We require only one of the account signatories to authorise a withdrawal or closure online.
- This account is a payment account.
- We pay interest without deducting income tax, unless HMRC/the law requires otherwise. 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.
- You will receive a Welcome Pack in the post with details of your account number and information on how to start using your account.
- Please note, the tax treatment depends on the particular circumstances of each business and may change in the future.
- Your account signatories will be able to view your Business Access Savings Account statement by logging into their account. These online statements will show the balance, details of any transactions and interest added to your account.
- Each month that there is a transaction on your account (other than an interest payment), we may email you at least once to let you know a statement is available to view online. You can view your transactions online at any time.
Save with confidence
Your deposits with Virgin Money are covered up to £85,000 per business.
View the FSCS guarantee
Apply now
To get started, please select your business type:
Sole trader
Before you apply, make sure you have read the following. Retain copies for future reference.
It'll take you less than 15 minutes to apply.
Apply online as a sole trader for a Business Access Savings AccountPartnership
Before you apply, make sure you have read the following. Retain copies for future reference.
It'll take you less than 15 minutes to apply.
Apply online as a partnership for a Business Access Savings AccountLimited liability partnership
Before you apply, make sure you have read the following. Retain copies for future reference.
It'll take you less than 15 minutes to apply.
Apply online as a limited liability partnership for a Business Access Savings AccountLimited company
Before you apply, make sure you have read the following. Retain copies for future reference.
It'll take you less than 15 minutes to apply.
Apply online as a limited company for a Business Access Savings AccountFrequently asked questions
Our business savings accounts have been created for small and medium sized UK-based businesses that have:
- Fewer than 250 employees.
- A total balance sheet of less than £36.5m or a turnover of less than £42.5m.
- All owners, directors, senior management and account signatories over 18 years old.
They're not designed for:
- UK pension schemes
- UK public authorities
- Charities, church bodies and places of worship
- Trusts and foundations
- Clubs and societies
They're also not for businesses that:
- Operate within sanctioned countries - Iran, Syria, North Korea or Crimea (Ukrainian territory).
- Have an ownership structure of more than three tiers.
- Have bearer shares within their ownership structure.
- Are looking to use the account for money held or received for a client (often known as Client Accounts).
- Are a Relevant Financial Institution under ring-fencing rules.
- Are a shell bank, unlicensed bank, consumer credit agency or Scottish Limited Partnership.
- Undertake money services business as a primary or secondary business activity.
- Facilitate human trafficking.
- Are known or suspected of money laundering or tax evasion.
There aren't any account fees or charges.
The minimum deposit to open this account is £1. The account will pay an interest rate of 0.10% Gross P.A.2 until the minimum amount has been paid in. The maximum deposit limit is £2,000,000.
As soon as your account is open and ready for your first deposit, we'll write to you with your account number and the sort codes you need to use to make deposits. You can also find these under 'Pay Money In' when you sign in to your account. As you're making an electronic transfer from your bank, you'll need to quote the following details:
Faster Payments / BACS (Bankers Automated Clearing Service)
- Sort code – 08-60-64
- Account number – your online account number
CHAPS Transfer (Clearing House Automated Payment System)
- Sort code – 08-02-65
- Account number – your online account number
- Reference – the business name
The Faster Payments Service aims to transfer money in near real time, but restrictions may apply.
BACS transfers should reach your account within three business days.
CHAPS transfers should reach your online account the same day (please note, your bank may charge for this service).
We class SMEs as having fewer than 250 employees, and either a total balance sheet not exceeding £36.5 million or turnover not exceeding £42.5 million, based on your most recent annual accounts.
Which account has your name on it?
This isn't the only business savings account we can offer you. To help you decide if it's the one for your business, see how it stacks up against the others.
Compare business savings accounts[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.
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