How can I pay money into my account?
You can pay money into your account by:
Cash
- Visiting a Virgin Money Store Link opens in a new window and paying in your cash (note: 17 of our Stores do not accept cash).
- Visiting a Post Office® and paying in your cash – £5,000 max for large branches and £1,000 at concessions.
Cheque
- Visiting a Virgin Money Store Link opens in a new window and paying in your cheque(s).
- Posting your cheque(s) to our registered main office:
Current Accounts
Virgin Money plc
Jubilee House
Gosforth
Newcastle Upon Tyne
NE3 4PL
Please make cheques payable to 'Virgin Money for the account of (insert account holder(s) name(s))’. Please also write your account number on the back of the cheque(s).
Electronic payments
If you are sending money from another 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 eight digit account number
Faster Payments are usually processed within a few hours, but can take up to one business day.
BACS transfers should reach your account within three business days after they are sent.
Please note, if you have a chequebook with your account, the sort code on your chequebook is different to the one on your debit card and you should not use it for other payments on your account. If you need to provide a sort code (e.g. to set up a Direct Debit or for someone to pay money into your account), please quote the one on your debit card – this is the same as the one at the top of your statement.
CHAPS transfer
Sort code: 08-02-65
Account number: Quote your 8 digit account number
Reference: Your Name
CHAPS transfers should reach your account the same day they are sent.
Other ways to pay money into your account
- Bank Giro Credit.
- Sending money from another account with us (subject to the terms and conditions of that account).
How can I withdraw money from my account?
You have instant access to your money with your Virgin Money Debit Card.
- Make a cash withdrawal in pounds in the UK of up to £500 at a cash machine* or over the counter at over 11,000 Post Office branches nationwide.
- Take out an additional £100 cashback at the till at participating retailers.
- Please note that if you have a joint account, the £500 daily cash limit and the £100 cashback limit are shared between both account holders.
- You can use your card to buy travellers’ cheques or foreign currency up to the balance in your account.
* Charges will apply outside of the UK.
For further details on using your debit card, please see the leaflet below.
Guide to your Virgin Money Debit Card PDF opens in a new window
(PDF, 1,171KB)
You can also take money out of your account by:
- Visiting a Virgin Money Store Link opens in a new window (not including our 17 non-cash Stores) and withdrawing cash (£2,000 limit).
- Cheque (if a chequebook is provided with your account).
- Standing order or Direct Debit.
- Sending money within the UK by Faster Payments.
- Sending money to another account you hold with us (subject to the terms and conditions of that account).
- Sending money within the UK by CHAPS (Clearing House Automated Payment System). We charge a fee for this service – please see the question ‘What are the interest rates and charges?’ for details.
Remember, the sort code on your new chequebook is different to the one on your debit card – if you need to provide a sort code (e.g. to set up a Direct Debit), please quote the one on your card.
Can I use my debit card outside of the UK?
Please tell us before you travel abroad to help avoid any issues with using your card while you are away – you can call us on 0345 600 6103* or visit your local Virgin Money Store Link opens in a new window
You can make debit card payments in a foreign currency or make a cash withdrawal in foreign currency outside the UK, wherever you see the Mastercard logo. Just remember:
- Outside the UK, we will charge you £1.50 each time you make a cash withdrawal in a foreign currency. Some cash machine operators might also charge you a fee, which they should display to you before you make the cash withdrawal.
- The exchange rate for overseas transactions is determined by the card provider on the day they receive the transaction (which isn’t always the day you made the transaction). You can check the exchange rate used by visiting www.mastercard.com/global/currencyconversion
- It is sensible to take other sources of money, not just your debit card.
- From outside the UK you can call us on +44 191 279 4604* if you need to speak with us.
*We are here from 8am to 8pm Monday to Friday, 8am to 4pm on Saturdays and 10am to 3pm on Sundays. Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Calls may be monitored and recorded.
How can I view my account balance?
Your Current Account offers many convenient ways to keep track of your balance and spending. You can find out your balance:
- Online, by signing in to view your account**
- In StoreLink opens in a new window
- At most cash machines
- At any Post Office®
- By phone. 0345 600 6103.*
* We are here from 8am to 8pm Monday to Friday, 8am to 4pm on Saturdays and 10am to 3pm on Sundays. Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Calls may be monitored and recorded.
** You can only view your account online if you are resident in the UK.
What are the charges?
Essential Current Account
We have made every aspect of the Essential Current Account as simple as possible, including our charges. Here is a list of the few things we charge for. All charges will be applied immediately.
The current charges that apply to your account are:
Service | Charge |
---|---|
Additional paper copy of your statement | £10 |
Cash withdrawal in foreign currency outside the UK | £1.50 per transaction
We do not charge if you make a debit card payment in a foreign currency. |
Standard same-day transfers (by Faster Payment) are available free of charge.
We also offer some non-standard services such as same day electronic transfer for CHAPS. We will make a reasonable charge for these services but will tell you the amount before we act on your instruction.
Fee Information Document
This document informs you about the fees for using the main services linked to the payment account. It will help you compare these fees with those of other accounts.
Fee Information Document - Essential Current Account PDF opens in a new window
(PDF, 122KB)
Virgin Money Current Account (previously opened with Northern Rock)
The charges that apply to your account are:
Service | Charge | When is the charge applied? |
---|---|---|
Arranged overdraft charge (monthly) | £10 | See 'Charging period' below |
Unarranged overdraft charge (monthly) | £20 | See 'Charging period' below |
Refusing a payment due to lack of funds | £10 per item (maximum of three per month) | See 'Charging period' below |
Monthly Maximum Charge (for the above charges) | £50 | See 'Charging period' below |
Debit card purchases in a foreign currency | No charge | |
Cash machine withdrawals in a foreign currency outside the UK | £1.50 per transaction | Straightaway |
Sending money within the UK by CHAPS | £30 per transfer | Straightaway |
Additional paper copy of your statement | £10 | Straightaway |
Cancelling a cheque | No charge | |
Copy cheques | No charge |
Monthly Cap on unarranged overdraft charges
- Each current account will set a monthly maximum charge for:
- Going overdrawn when you have not arranged an overdraft; or
- Going over/past your arranged overdraft limit (if you have one).
- This cap covers any:
- Interest and fees for going over/past your arranged overdraft limit;
- Fees for each payment your bank allows despite lack of funds; and
- Fees for each payment your bank refuses due to lack of funds.
Fee Information Document
This document informs you about the fees for using the main services linked to the payment account. It will help you compare these fees with those of other accounts.
Fee Information Document - Virgin Money Current Account PDF opens in a new window
(PDF, 121KB)
Changes to charges
If we increase any of the charges above we will write to you at least two months before the change.
Charging period
The charging period is the 28th of one month to the 27th of the next.
If you use your arranged overdraft, go into an unarranged overdraft or have any payments refused due to lack of funds we add them up and write to you on the 28th to let you know about the charges, when they will be taken from your account and how much will be taken.
We take the charges from your account on the 21st of the month. If the 21st is a weekend or UK bank holiday, the charges will be taken the next working day.
Our rates and charges leaflets
You can save or print full details of our main charges using the leaflets below:
Current Account overdraft charges and scenarios PDF opens in a new window
(PDF, 43KB)
Our lending commitments and what we ask of you
Virgin Money adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk
This means that if we provide you with an overdraft facility on your account, we have a responsibility to act fairly. The below document sets out some of our key responsibilities and what we ask of you, to ensure that the relationship works well for both of us.
Standards of Lending Practice - key responsibilities PDF opens in a new window
(PDF, 46KB)
What is the interest rate on my account?
Essential Current Account
Credit interest
(Payable on balances up to £100,000)
Gross1 variable rate | AER2 |
---|---|
0.75%3 | 0.75%3 |
We pay credit interest monthly and add this to your account on the 27th of each month.
1 Gross is the rate of interest earned before income tax is deducted. Automatic deduction of tax on interest stopped on 6 April 2016. However, you may be liable to pay income tax on the interest you have earned, depending on your personal circumstances. Please contact HMRC or your applicable tax authority outside of the UK for further information or visit www.gov.uk/government/publications/personal-savings-allowance-factsheetLink opens in a new window
2 AER stands for Annual Equivalent Rate. It shows what the interest rate would be if interest was added each year to the account balance (including any interest already earned that year).
3 Essential Current Accounts opened before 19 September 2016 will continue to pay 1.00% Gross1/AER2 (variable) interest until 28 November 2016, when this will reduce to 0.75% as above.
Virgin Money Current Account (previously opened with Northern Rock)
Please note, this account is closed to new applications.
The current interest rates that apply to your account are:
Credit interest
(Payable on balances of £1 or more)
Gross1 variable rate | AER2 |
---|---|
0.10% | 0.10% |
We pay credit interest monthly and add this to your account on the 27th of each month.
1Gross is the rate of interest earned before income tax is deducted. Automatic deduction of tax on interest stopped on 6 April 2016. However, you may be liable to pay income tax on the interest you have earned, depending on your personal circumstances. Please contact HMRC or your applicable tax authority outside of the UK for further information or visit www.gov.uk/government/publications/personal-savings-allowance-factsheetLink opens in a new window
2 AER stands for Annual Equivalent Rate. It shows what the interest rate would be if interest was added each year to the account balance (including any interest already earned that year).
Changes to rates
We will give you at least two months’ notice of any change in writing. However, where a change in interest rates is to your advantage we will make it immediately and tell you at the earliest opportunity after the change (e.g. in writing, statement message or publication in our Stores or on our website).