You're getting a Virgin Money Makeover
As you know we're giving your existing Online Fixed Rate Bond a Virgin Money makeover and it will soon become a Virgin Money Online Fixed Rate Bond.
You’ll have started to see our logo on things like statements and emails, and we’ll say hello from Virgin Money whenever you call.
What’s happening when?
On 30th July 2021, your existing Yorskhire Bank Online Fixed Rate Bond will become a Virgin Money Online Fixed Rate Bond and we’re making some changes to your Terms too.
What are the main changes?
- Updated Terms - From 30 July 2021, we’re changing your Online Fixed Rate Bond Terms so that when the rate you are currently on comes to an end, your account will switch to a Virgin Money Instant Savings account (instead of transferring to another Online Fixed Rate Bond). The Instant Savings account gives you more freedom to add or withdraw money, and move or close your account.Unlike your Online Fixed Rate Bond, the interest rate on the Instant Savings account is variable (this means it can go up or down). You can also ask us for a debit card with your new account. We’ll send you a reminder and provide more info about the Instant Savings account, including the Terms and interest rate available, around a month before your current fixed rate ends.
Frequently asked questions
What happens when my Online fixed Rate Bond comes to an end?
When your Online Fixed Rate Bond matures, unless you tell us otherwise, your account will automatically transfer to a new Instant Savings Account.
Our Instant Savings Account gives you flexibility. You’ll get instant access to your money whenever you need it, combined with interest on your savings. You can add, withdraw money or close your account at any time. You’ll also be able to manage your account using the new Virgin Money mobile app, online, over the phone or in Store.
Where can I find the Terms for the Virgin Money Online Fixed Rate Bond?
You can view your new Terms here.
What are the changes to the Virgin Money Online Fixed Rate Bond Terms?
The table below detail the specific changes being made to your Online Fixed Rate Bond Terms and Conditions and the reason why.
| Previous wording | New wording |
|---|---|
| 4 Maturity 4.1 Unless you tell us otherwise, on the Maturity Date, your Maturity Amount will be invested into an online fixed rate bond closest in length to your Fixed Rate Bond (or an equivalent replacement account should this account no longer be available). 4.2 We will contact you approximately 35 days before the Maturity Date to advise you of your options for dealing with the Maturity Amount. Terms and Conditions for the Online Fixed Rate Bond (or its replacement) will be issued to you at this time. 4.3 After the Maturity Amount has been reinvested in a new online fixed rate bond, you will have 14 days starting from the Business Day after the Maturity Date to withdraw funds from or to close the new online fixed rate bond. If you wish to withdraw funds from or cancel your new online fixed rate bond during the 14 day period, please contact Direct Banking. |
4 Maturity 4.1 Unless you tell us otherwise, on the Maturity Date, your Maturity Amount will be automatically transferred into the Instant Savings Account. 4.2 We will contact you approximately 35 days before the Maturity Date to advise you of your options for dealing with the Maturity Amount. Terms and Conditions for the Instant Savings Account will be issued to you at this time. You should also check our website to find out more information on our full range of alternative savings products we’ve got available. 4.3 After the Maturity Amount has been transferred into a new Instant Savings Account, you will be able to add or withdraw money or close your account at any time. |
What if I want to withdraw money from my Virgin Money Online Fixed Rate Bond?
Withdrawals are not permitted during the life of the term except in the event of the death of the account holder.
Can I still use Internet Banking?
Yes, you can continue to view your account on internet banking and you’ll be able to use Virgin Money internet banking now too.
Why not login to internet banking on virginmoney.com now?
I use the mobile app. Can I continue to use it?
Yes, you can still use your existing app. But you might want to switch. Our new Virgin Money mobile app is available now. Just make sure you have the most up to date version of the Yorkshire Bank app, then download the Virgin Money mobile app. We’ll take it from there - just follow the instructions. To warn you up front, you’ll need your passcode.
Don't want a Virgin Money Instant Savings account?
Check out our website around the time your account comes to an end to learn more about our other accounts which are available, subject to status and eligibility. You can also close your account at maturity as your Terms explain.
You can find impartial information and guidance on money matters on the “MoneyHelper” website.
Yorkshire Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.