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Interest rates and fees

Glossary of Terms

From the 31st October 2018, some new regulation is coming your way for Payment Accounts. It’s all about making the information you are given on fees for key services on Instant Savings Account(s) more consistent between banks. This involves the standardisation of terms used as well as their definitions. You can also view our Glossary of Terms, which will let you know what the change is to each term or phrase.

Existing customers can find out more about their other accounts on the Virgin Money website.

Fee Information Documents for Savings Accounts

These documents inform you about the fees for using the main services linked to the payment account. It will help you to compare these fees with those of other accounts.

Instant Savings Account

Personal savings products

Rates of interest are subject to change but are correct as at 1st March 2021.

Jumpstart Savers Account
Headstart Savers Account

Personal savings products
Rates quoted applies to both Gross* & AER+ pa
Jumpstart Savers Account
£1,000 and over
0.40
£500 - £999
0.35
£250 - £499
0.35
£1 - £249
0.30
Headstart Savers Account (95 day notice account) Current Gross*
rate (%p.a)
Current
AER%+
£1 and over 1.10 1.10
The gross interest rate payable is 1% above the Bank of England base rate.

Definitions

*Gross rate. Gross rate interest is the interest payable without taking account of any tax payable. If you earn interest over your Personal Savings Allowance you will be required to pay any tax due yourself directly to HM Revenue and Customs. If you would like to read more about your Personal Savings Allowance, please visit the Government website www.gov.uk.

+AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.

++Tax Free - is the rate payable when income is exempt from Income Tax.

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