Account name: Business Fixed Rate Savings Account Issue 8
- What is the interest rate?
Issue Annual interest
Maturity date 8 1.75 1.75 1.74 1.75 20 November 2020
Annual interest is paid on the 5th August and will be available the next business day. Monthly interest is paid on the 7th day of the month, and will be available the next business 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 24 months based on a £1,000 deposit?
Issue Fixed term Projected balance at the end of the fixed term Business Fixed Rate Savings Account Issue 8 2 Year £1,035.31
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 annual interest rate.
- How do I open and manage my account?
Opening your account:
- You can apply for a Business Fixed Rate 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 £1,000.
- Until this minimum amount has been deposited, the account will pay an interest rate of 0.10% Gross P.A.
- 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.
- This is a strictly limited issue and can be withdrawn at any time. Once withdrawn there is a very limited window to make any deposits and any deposits received after this time will be returned to you. We will not contact you to let you know when the Business Fixed Rate Savings Account is withdrawn.
- Maximum deposit limit £1,000,000.
- 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 £1,000,000 with Virgin Money, across all business savings accounts.
- You can add to your account 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. Please refer to the Business Savings Account Guide for more information about how to do this.
- If you would like to talk to us about your business account you can call us on 0345 606 7687.
- You can apply for a Business Fixed Rate Savings Account if:
- Can I withdraw money?
- Early closure or withdrawals are not permitted until after the fixed rate period as detailed.
- After the fixed rate period your account will become a variable rate account. However, we will email 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 non-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 and rate of interest payable depend on the particular circumstances of each business and may change in the future.
- Your account signatories will be able to view your Business Fixed Rate 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.
- Complaints and Cancellations
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 to the Customer Relations Team, Virgin Money plc, Gosforth, Newcastle upon Tyne NE3 4PL or email email@example.comEmail opens in a new window. If we are not able to put things right to your satisfaction, you have the right to refer your complaint to the Financial Ombudsman Service for independent adjudication. If you would like a copy of our Internal Complaint Procedures leafletPDF opens in a new window(PDF, 164KB), this is available on request.
You are unable to cancel this account once it has been opened.
It's simple to apply. To get started, just select your business type
Save with confidence
As we are covered by the Financial Services Compensation Scheme, savings with Virgin Money are covered up to £85,000 per business. Most businesses are covered by the scheme.
Frequently asked questions
- How do I know if I am a small or medium enterprise? What is the measure?
The UK defines SMEs as less than 250 employees, and either a total balance sheet not exceeding £36.5 million or turnover not exceeding £42.5 million according to your most recent annual accounts.
- Can I have more than one account as I have various businesses?
You can have more than one account. However each business group can save up to a maximum of £1 million across all of the group’s business savings accounts. Each of your accounts will be subject to the interest rates at the time you apply
- What can I expect when my account is opened?
We’ll aim to open your account as soon as we can after we receive your application. We’ll be in touch to let you know when your account is open and ready for you to make your first deposit.
- How do I make my first deposit and further deposits?
Once you receive your welcome pack it will contain your account number and the sort codes you need to use to make deposits. These are also shown when you log into your account under the section “Pay Money In”. As you are making an electronic transfer from your bank or building society, you will 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 - 50048407
- Reference - Your Online Account Number and your name
- The Faster Payments Service aims to process transfers in near real time. However, restrictions may apply. For more details of the Faster Payments Service, see the Help Section online.
- BACS transfers should reach your account within three business days after they are sent.
- CHAPS transfers should reach your online account the same day they are sent (please note your bank may charge for this service).
- How do I change my business or company details?
Online banking will allow you to manage your transactions online but some changes will be managed by our dedicated business account team at Head Office such as changes to your nominated bank account, key account holders and/or signatories.
Why choose Virgin Money?
Access to Virgin Lounges: perfect for meetings in the city
UK call centres
Our UK based team are here to help your business seven days a week.
Virgin Group discounts
Access to Virgin group offers that could help you save money