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We work out how much interest to pay you at the end of each day. This is based on the money in your account. If your balance is £1,000 or less, we'll pay interest on the whole balance. If it's higher we'll pay interest on the first £1,000 of your balance.
Oct 4, 2012 · The interest rate is lower on a monthly account, but the balance on which the interest is earned rises slowly through the year, as each month's interest is added. So in the first half year you'll earn slightly less than half the full year's interest, and in the second half year slightly more than half.
The AER (or Annual Equivalent Rate) is the equivalent rate if interest was paid and compounded once a year. Gross rate. This is interest we pay without deducting income tax. We don't deduct tax from any interest we pay you. If your interest is over your Personal Savings Allowance, you'll have to pay any tax directly to HM Revenue and Customs.
May 1, 2024 · New customers need to fully switch their current account from another provider to one of Virgin Moneys three current account options along with two direct debits using the 'Current Account Switch Service' by 26 June 2024 to receive the bonus interest rate. Full details about the eligibility criteria can be found on the Virgin Money website.
Sep 30, 2022 · The largest is you will only earn interest on balances up to £1,000. Anything over this will get 0%. That works out as £20.20 in interest a year. Not a huge amount but better than what you’ll get elsewhere. The linked savings account where you can put further money pays 2.02% on the first £25,000.
As we are covered by the Financial Services Compensation Scheme, savings with Virgin Money are covered up to £85,000 per person. View the FSCS guarantee 1 AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year.
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Feb 19, 2022 · How much interest you can earn from a Virgin Money account is changing: M Plus Current Account. The interest rate will stay the same at 2.02% AER (Variable) on the first £1,000, and is currently boosted to 5.02% for a year (a 3% fixed bonus) if you switch into the account as a new customer.
