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1.00% AERGo to footnote 1 (1.00% grossGo to footnote 1 per annum variable) on your savings account, interest paid quarterly, up to 30 June 2020. Please note, the interest rate will be 0.50% AERGo to footnote 1 (0.50% gross Go to footnote 1 per annum variable) on your savings from 1 July 2020.
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Like any other current account, ours is subject to status and eligibility
 AER Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account. ↩
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Account name: Virgin Money Instant Savings
What is the interest rate?
|Balance||Gross Rate (%)||AER (%)|
|On all balances up to 30 June 2020||1.00%||1.00%|
|On all balances from 1 July 2020||0.50%||0.50%|
Interest is calculated on a daily basis and paid on the last day of each calendar quarter.
Can Virgin Money change the interest rate?
Yes, if we decrease your rate we will provide at least 2 months notice as described in Section 12 of the Terms. We may increase your rate without giving you notice.
What would the estimated balance be after 12 months based on a £1,000 deposit?
|Initial deposit at account opening||Balance after 12 months|
|£1,000.00 - up to 30 June 2020||£1,010.00|
|£1,000.00 - from 1 July 2020||£1,005.00|
This is only an example and does not take into account your individual circumstances.
The example assumes that:
How do I open and manage my account?
You can only open a Virgin Money Instant Savings Account if you have a Virgin Money Current Account with us in the same name(s). The Virgin Money Instant Savings Account will stay open, as long as the Virgin Money Current Account is maintained as described in the Terms.
There are no minimum or maximum balance restrictions or need to pay in on a regular basis. The Virgin Money Current Account is available for anyone from the age of 16.
If you want to apply online, you'll need to be at least 18. Subject to status.
Can I withdraw money?
You may only withdraw funds by transfer to your Virgin Money Current Account or any other account that we allow you to make a transfer into using internet/ telephone banking, the Virgin Money Mobile Banking app or in store.
Interest will be paid gross.
Gross rate interest is the interest payable without taking account of any tax payable.
AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.
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