Savings

Terms and Conditions

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Contents
1. Opening your account
2. Payments into your account
3. Taking money out of your account
4. Notice periods
5. Contact
6. Keeping us informed
7. Keeping you informed
8. Operating your account
9. Interest
10. Tax
11. Charges
12. Changes to the terms and conditions, charges and
interest rates
13. Joint accounts
14. Events which may affect your account
15. Confidentiality and Data Protection
16. Closing your account
17. Our liability
18. Your liability
19. Set off
20. General
21. Complaints
Introduction
These terms and conditions, together with the key product
information sheet explain the entire rights and obligations of
you and us regarding your account. If there is an inconsistency
between these terms and conditions and anything contained in
the key product information sheet, the latter will take priority.
We will provide you with further copies of these terms and
conditions and the key product information sheet upon
request. Where a term used in these terms and conditions
has a particular meaning it is explained in the section headed
meanings.
Alternative Format
If you require this in an alternative format such as Braille,
large print, audio or require interpreter services, please call
our Disability Awareness Team on 0191 279 5300. Lines are
open 9am to 5pm business days and are charged at your
service providers prevailing rate. Alternatively our text
phone number is 0191 279 8505 or you can contact us at
disability.awareness@virginmoney.com.
Meanings
In these terms and conditions:
account means your savings account with us;
BACS means Bankers Automated Clearing Service;
Bank of England Base Rate means the Bank of England
official dealing rate (the Official Bank Rate) as set by the
Monetary Policy Committee;
store account means accounts which the key product
information sheet states may be operated via our stores. Not
all of our stores can offer a full banking service. Any facility
which is not available, excluding cash deposits and general
cash transactions, can be processed at our Main Office;
business day means Monday to Friday excluding Bank
Holidays;
CHAPS means Clearing House Automated Payment Systems;
electronic transfer means any funds transfer by CHAPS,
or FPS;
fixed rate account means an account where interest is
paid at a fixed rate for all of the term;
FPS means Faster Payments Service;
online account means an account which the key product
information sheet states may be operated via our internet
service;
internet service means the service provided by us via the
world wide web at our website virginmoney.com;
ISA means an Individual Savings Account;
key product information sheet means the specific leaflet
for each product we offer setting out specific features of
that product;
nominated account means the bank account (if any) you
nominate to receive certain payments from your account;
non-payment account means an account which is not a
payment account. This will be confirmed in the key product
information sheet. Examples of non-payment accounts are
fixed rate bonds and savings accounts with notice periods.
If your account is a non-payment account slightly different
provisions apply to notice periods for certain changes;
notice period means any minimum period of days notice
you must give for withdrawals or closure explained in the
key product information sheet;
our registered office or our Main Office means Jubilee
House, Gosforth, Newcastle upon Tyne NE3 4PL;
password means your personal password used to log into
your account details (where applicable);
payment account means an account which is described as
a payment account in the key product information sheet.
Examples of payment accounts are variable rate accounts
with no notice periods which are generally used to make
payment transactions;
2.2.1 Where your account permits, the initial and any
subsequent deposit can be made into your account by:
BACS;
cash (store accounts only. Not all of our stores can
offer a full banking service. Any facility which is not
available, excluding cash deposits and general cash
transactions, can be processed at our Main Office.);
cheque;
electronic transfer; or
transfer from another account with us (subject to any
restrictions on the terms and conditions applying to
that account).
2.3 Additional conditions applying to payments into your
account by cheque
2.3.1 We do not accept or issue post-dated cheques. If,
however, you send a post-dated cheque and it is
processed by us for any reason, we will not be liable to
you for any costs incurred in its collection.
2.3.2 If a cheque you have deposited is returned unpaid, the
amount of the cheque will be debited from your account.
You will not earn interest on this deposit and the cheque
will be returned to you and will only be re-presented
with your authority.
2.3.3 Cheques must be made payable to Virgin Money plc
for the Account of (insert Account Holder(s) name(s))
and crossed A/c Payee only. Please include your
account number where applicable on the reverse of the
cheque. By including this information it will help to
prevent fraud, especially if you are sending a cheque
through the post. You should also draw a line through
any unused spaces.
2.3.4 We will only accept and deposit cheques that are less
than six months old. If a cheque you have presented is
older than this it will not be credited to your account and
will be returned to you. If, however, we do process such
a cheque for any reason we will not be liable for any
costs incurred in its collection.
2.3.5 Banking of cheques for payment will at all times be
subject to the rules and clearing processes of any
cheque clearing system(s) we use.
2.3.6 Where you pay a cheque into your account before 3pm
on a business day, it will be processed on the day of
receipt. If, however, a cheque is received by us after 3pm
or on a non-business day, it will not be processed until
the next business day. The money will be available for
withdrawal on the fourth business day after we process
the cheque. The standard clearing cycle for clearing
banks is three business days but we are not a clearing
personalised security feature means any security feature
relating to your account that is specific to you such as a
password;
reference rate account means an account where changes
in the interest rate are based on a reference rate, for
example the Bank of England Base Rate, as set out in the
key product information sheet;
secure message service means our internet message
service on our website site which is provided only to those
customers registered to use our internet services;
you and the account holder(s) means the person(s) in
whose name(s) the account is stated to be held;
your correspondence address means the address which
we hold for the first named account holder;
we, us, or our, means Virgin Money plc and includes
our successors and assigns.
Words and expressions in the singular shall, where applicable,
include the plural and the reverse shall also apply.
Terms and Conditions
1. Opening your account
1.1 Unless the key product information sheet provides
otherwise an account cannot be opened if:
it is to be operated for business purposes or for a
club or association;
your address is care of or not within the UK;
a prospective account holder is not resident in the
UK for tax purposes;
the sums are held in trust or settlement, however,
parents or guardians may open an account to hold
sums for the benefit of each of their children (unless
the account is an ISA or an online account); or
the applicant does not meet the age requirement or
any other specific requirements for that account as
explained in the key product information sheet.
1.2 We may also decline your application to open an account.
1.3 Please note that some accounts, as described in the
relevant key product information sheet, may only be
opened and operated via our Main Office. For security
reasons, if you would like to invest 1 million or over in
your account it must be opened and operated by post
via our Main Office.
2. Payments into your account
2.1 All payments into your account must be in Sterling.
2.2 How to pay into your account
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bank. Please note you can only be certain the money is
yours by the end of the sixth business day after we
process the cheque, from which point the money cannot
be taken from you without your agreement unless you
are a knowing party to fraud. Please see condition 9.4
for further information.
2.3.7 Unless the key product information sheet provides
otherwise, where you are allowed to make a payment
into your account by cheque, you may deposit cheques
with us drawn against a bank with an address outside the
UK. Such cheques will not be credited to your account
until the cheque has been processed and the funds
actually received by us. The amount credited will be the
actual amount received by us after any conversion costs.
This process can take a number of weeks before the
funds are available for withdrawal.
2.4 Additional conditions applying to cash payments into
your account
2.4.1 Where your account permits and you pay cash into
your account at one of our stores, it will be credited
to your account and available for immediate withdrawal
on the same business day (or the next business day if
paid in after 3pm).
2.5 Additional conditions applying to payments into your
account from another account with us
2.5.1 Where you transfer money into your account from
another account with us it will be available for immediate
withdrawal on the same business day (or the next
business day if your instruction is received after 3pm).
2.6 Additional conditions applying to payments into your
account from an account with another provider
2.6.1 Where you transfer money into your account from an
account with another provider it will be credited to your
account and made available for immediate withdrawal on
the business day it is received by us.
2.7 Please note that payments in the UK are processed
using sort code and account number, and not name.
Therefore, it is essential that these details are given
correctly. Similarly if you are expecting a payment from
someone else direct to your account, it is important that
you give them the correct information. If these details
are given incorrectly it may result in the payment being
delayed, misapplied or returned to the payer.
3. Taking money out of your account
3.1 You can only take money out of your account if you have
sufficient cleared funds in it. Withdrawals are subject to
any minimum and maximum amounts set out in the key
product information sheet.
3.2 You can authorise us to make payment by giving us
instructions in writing or, for a limited number of account
types, by telephone or online. Please see your key
product information sheet for specific instructions.
3.3 Unless the key product information sheet states
otherwise you can take money out of your account by:
cash via our store network;
cheque via our store network or by sending us your
signed written instructions by post;
electronic transfer; or
transfer to another account with us (subject to the
terms and conditions of that other account).
but not by
BACS;
giving us instructions by email, facsimile or where we
are provided with only a copy of your instructions;
postal order;
standing order or direct debit instructions;
giving us an instruction to send money abroad; or
giving us instructions through a third party other than
a registered trustee (unless permitted by condition 14.3).
3.4 To make withdrawals at stores, you will need to provide
suitable identification and, where relevant, present your
passbook.
3.5 When you make a withdrawal we will, at your request,
inform you of:
(a) the maximum time it takes us to effect the
withdrawal; and
(b) a breakdown of any charges payable by you for
that withdrawal.
3.6 Additional conditions:
3.6.1 Cash withdrawals
Withdrawals will be debited on the same business day.
You will need to provide suitable identification.
Withdrawals of up to 500 in cash in any one day can
be made at our stores. At our discretion, and by prior
arrangement, larger cash withdrawals may be made
available.
3.6.2 Electronic transfers
All electronic transfers will be processed at our
Main Office.
You cannot cancel instructions to send electronic
payments once given unless you do so at least one
business day before the payment is due to be made.
We may contact you by telephone following receipt of
an instruction to send an electronic payment to
confirm security details prior to releasing the
payment. We may not release the payment to a third
party or to any nominated account until we have
obtained such confirmation from you.
If possible, we will send your payments by FPS which
means we will debit your account the same day or any
future date for which you authorised the transfer (if
relevant). The payment should reach your nominated
account within a few hours but no later than the end
of the next business day. Please see your key product
information sheet for further details.
We may not be able to send your payment if your
nominated account is not able to accept payments
sent by FPS, please see condition 3.7.
If you request a CHAPS transfer and we receive your
authority and full instructions before 1pm on a business
day, we will send your payment and debit your
account the same day or on any future date for which
you authorised the payment (if relevant). CHAPS
payments can be made from 250 up to your account
balance and should reach your nominated account by
close of business on the same business day they are
sent. Instructions received after 1pm or on a non-
business day will be processed the next business day.
CHAPS is a service that we make a charge for, please
see condition 11 for details.
3.6.3 Cheque withdrawals
Any cheque issued by post will be posted to your
correspondence address only.
Your account will be debited on the same business
day the cheque is issued.
Cheques are valid for a period of six months from the
date on the cheque. We will not issue post-dated cheques.
Where permitted cheque withdrawals for more than
500,000 can only be processed at our Main Office
on a business day.
If a cheque withdrawn from your account is
subsequently lost or stolen you must tell us as soon as
possible. You may also need to provide documentary
evidence that it has been lost by a signed statement
(an indemnity) or police crime number if stolen.
If a cheque is issued from an account and that cheque
is not used and is subsequently paid back into the
account, no interest will be paid for the period from
the date the cheque was issued to the date it was re-
credited to the account.
3.6.4 Transfer to another account with us
Where your account permits, you can authorise us to
transfer funds by giving us instructions in writing, or for a
limited number of account types, by telephone. Such
requests will be processed as cleared funds and available
in the receiving account on the same business day (or the
next business day if we receive authorisation after 3pm).
3.7 Refusal
If we refuse to carry out a payment instruction from you
(such as stopping a payment on your account) we will
notify you in writing as soon as possible giving the reasons
for our refusal (where it is lawful and appropriate to do
so) and the procedure for rectifying any factual errors
that led to the refusal. You will receive notification in any
event (where it is lawful and appropriate to do so) by the
time your payment should have reached the recipient
bank. You may also contact us to find out why we have
refused to carry out your payment instruction. Please
also see condition 8.7 for further information.
3.8 Minimum Balances
If the balance in your account falls below the minimum
set our prevailing basic savings rate will apply. Please
refer to the key product information sheet for details.
4. Notice periods
4.1 Where an account specifies a notice period for
withdrawals you must give us notice if you want to make
a withdrawal or to close the account. You may incur a
charge if you make withdrawals or close the account
without providing the notice as detailed in the key
product information sheet. Any such charge will be offset
against any accrued interest not yet paid. If there is
insufficient accrued interest any outstanding charge will
be debited to your account, either when interest is paid
or on closure, (whichever is earlier). If this causes the
account to become overdrawn we will tell you and you
will pay us the amount by which you are overdrawn.
4.2 HM Revenue & Customs (HMRC) has advised us that a
charge of the type referred to in condition 4.1 is not a
reduction of interest but loss of capital. Therefore any
portion of charge deducted from capital is not a reduction
of interest but a specific charge for early withdrawal.
4.3 The notice you give us under condition 4.1 will be valid
for up to 14 days after the notice period has expired.
After this has passed if you want to make a withdrawal or
close the account you must give us fresh notice, and the
notice period will start again. Continuous notice is not
permitted. The total amount of money you can have on
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notice at any one time must not exceed the current
balance of your account.
4.4 Please note that you must contact us again and give us
separate instructions when you wish to make the
withdrawal or close the account. Withdrawal or closure
will not be automatically processed on the basis of the
notice given under condition 4.1.
5. Contact
5.1 We will only send notices and communications to you
at your correspondence address or via email if you have
an online account. We cannot accept requests to issue
communications to an address that is not your
correspondence address.
5.2 You will be taken to have received any letters or other
personal notices 72 hours after we have sent them to you.
5.3 With the exception of nil balance accounts (please see
condition 16.2), if you do not make any transactions,
enquiries or changes to your account within any three
year period (or in the three years after maturity of a fixed
rate account), it may become inactive. You may be asked
for evidence of your identity when you attempt to use
an inactive account. If correspondence is returned to us
undelivered, we will flag your account so that no further
mail is sent to you until you contact us and we have
confirmation of your address. These measures are for
security and to protect you and your funds.
6. Keeping us informed
6.1 If your correspondence address, email address (for
online accounts) or telephone number changes, you
must tell us as soon as possible.
6.2 If the name of any account holder changes, you must
tell us the change of name and provide documentary
evidence (e.g. original or certified copy of a marriage
certificate) before we amend our records.
6.3 If the account is held in your sole name, you cannot
change the account to another sole account holder. The
account must be closed and a new account opened in
the name of the new account holder.
7. Keeping you informed
7.1 In accordance with our Savings Promise we will write to
you at least once per year with details of our variable rate
savings accounts and the interest rates that apply to them.
7.2 Your account record will either be in the form of a
passbook, certificate or regular statement as advised in
your key product information sheet. For online accounts
your account record can be viewed online.
7.3 Where the account record is a passbook, we will update
it at your request. You may do this at a store or by
sending it to our Main Office.
7.4 Your account records will show (among other information):
(a) the dates and amounts of any transactions on
your account;
(b) any charges on such transactions with a
breakdown (where appropriate);
(c) a reference enabling you to identify each
transaction made electronically and the payer or
payee as applicable.
7.5 The account records issued will show all amounts added
to or taken from your account. You must check this
record carefully. If you think there is something wrong,
you must let us know immediately so that we can correct
any mistakes.
7.6 We participate in the unclaimed assets scheme
established under the Dormant Bank and Building
Society Accounts Act 2008. This means if there has
been no activity on your account, or we have received
no contact from you regarding your account for at least
the previous 15 years, we will close your account in
accordance with condition 16.3 and transfer the balance
plus any accrued interest to the external fund. You retain
the right to reclaim your money at all times, please
contact us for further information.
8. Operating your account
8.1 Account documentation
Any passbook or other account documentation issued
to you is our property and must be returned to us upon
request. All account documentation must only be used
in accordance with these terms and conditions.
8.2 Loss of account documentation
If you are supplied with a passbook or other account
documentation, or notified of any personalised security
features relating to the account, you must use all reasonable
steps to keep them safe. If any account documentation
or details of any personalised security feature is lost or
stolen you must notify us as soon as you can. Please
refer to your key product information sheet for details.
8.3 Security
Never give your account details or other security
information to anyone unless you know who they are and
why they need them. You should never disclose your online
account passwords to anyone under any circumstances.
Take care when storing or disposing of information about
your account.
8.4 Postal Services
We aim to deal with all deposit and withdrawal
transactions within one business day, but we cannot
guarantee this.
8.5 Third Parties
We are not obliged to recognise the interest or claim of
any person other than you in respect of money held in
your account. We will not be liable in any way for not
recognising such an interest or claims except as and
when required by law.
8.6 References
We do not normally provide references about you to a
third party.
8.7 Refusal of Instructions
We will refuse to act on an instruction if for any reason
we believe (for example):
It was not given by you.
It was not clear.
The sort code is invalid for the payment method.
It might cause us to break the law (such as where
we have a reasonable suspicion that the funds are
the proceeds of crime) or a contractual duty.
Your account is being used for an illegal purpose.
9. Interest
9.1 Interest is calculated daily and adjusted automatically as
the balance in your account changes. We will calculate
interest on the cleared funds in your account at the end
of each business day.
9.2 Cash paid into your account will earn interest from the
day of receipt.
9.3 Deposits by BACS and electronic transfer will earn
interest from the day we receive them.
9.4 Cheques paid into your account (other than those drawn
on a bank with an address outside the UK) will start to
earn interest two business days after we process them.
Please note, however, that the periods for a cheque to
clear are explained in conditions 2.3.6 and 2.3.7. If a
cheque does not clear please see condition 2.3.2.
9.5 On some products we can pay interest on your account
monthly or annually as set out in the key product
information sheet. You choose how you wish interest to be
paid when you open your account. If you wish to change
the payment frequency after the account is opened, we
will close your account and open a new account for you.
9.6 The dates when interest is paid are shown in the key
product information sheet. We will calculate your interest
up to and including these dates. We will credit interest to
your account on your interest payment date or the next
business day if your interest payment date is not a
business day.
9.7 If you have asked us to transfer the interest to another
account, we will make the transfer on the business day
following the calculation. Transactions carried out after
interest payments have been calculated may require an
adjustment to the capital balance on your account to
offset any over or under payment of interest.
9.8 Where you have asked for interest to be transferred to
another account, this will only be actioned when the
interest payment is 1.00 or over. Any interest payment
less than 1.00 will be credited direct to your account.
9.9 Where you transfer money between accounts with us
we will pay interest up to the date prior to the transfer
on the account from which the funds are withdrawn and
from the date of transfer on the account to which the
money is sent.
9.10 Interest payments from another account with us into an
ISA with us are not permitted.
9.11 For joint accounts, interest can be paid part net/part
gross, so if you do not pay tax you can still claim gross
interest on your equal share.
9.12 We will provide you with details of any annual interest
paid either by updating your passbook or as part of your
next account statements depending on your specific
account. Monthly interest will show on your receiving
bank account record and we will not send you a separate
advice of interest paid.
9.13 Details of the current interest rates for all our savings
accounts can be viewed online at virginmoney.com,
by contacting one of our stores, by telephoning us
or writing to us at our Main Office.
9.14 We will provide a full explanation of how we work out
interest on request.
10. Tax
10.1 Where required by law, we will pay interest net of
income tax at the basic rate unless you are eligible for,
and have applied to us to receive, gross interest. Each
account holder must then complete a separate
registration form for each account they hold.
10.2 Tax Certificates are not issued automatically. However,
once you have requested and received a Tax Certificate
we will also provide further certificates in April each
subsequent year that the account remains open, and for
closed accounts in the tax year the account is closed.
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11. Charges
11.1 We may make charges for some standard services that
we provide to you. These charges are detailed below:
Service Charge
CHAPS transfer 35 per transfer
Special presentation of a cheque 5 per cheque
Copy cheque 5 per cheque
Copy statement 10 per statement
Bank Giro Credit payments 1 per payment
11.2 If you have sufficient funds in your account we will
deduct the amount of any charges from your account.
Alternatively, you may pay any charges by cheque. We
may refuse to provide you with any such service if you
do not have sufficient funds to cover the charge(s).
11.3 We are not obliged to provide you with any non-
standard services, however, if we do provide you with
such a service, we may make a reasonable charge for it.
We will tell you the amount of our charges before we
act on your instructions.
12. Changes to the terms and conditions, charges and
interest rates
12.1 Terms and Conditions
We may change the terms and conditions of your
account (other than those relating to changes in interest
rates and charges, which are dealt with in conditions
12.2-12.5 and 12.6-12.8 respectively below) for any
one or more of these reasons:
12.1.1 to reflect, in a reasonable way, changes in the practice
of other providers which offer savings accounts to
customers;
12.1.2 so that we are better able to attract and retain savers
and borrowers;
12.1.3 to improve efficiency (which may include reducing
costs), to take account of changes in technology and to
reflect changes that we reasonably make in the way we
look after your account or in the way we offer savings
services and facilities to our customers generally;
12.1.4 because our administrative costs and charges have
increased or reduced or we reasonably believe they are
likely to do so;
12.1.5 so that we can meet the requirements of our regulator;
12.1.6 to reflect any change in the law or decision by an
Ombudsman, code of practice or regulatory guidance
or change in the regulatory system governing us;
12.1.7 to make the terms and conditions easier to understand
and to correct errors;
12.1.8 to allow us to harmonise the terms and conditions should
we acquire the accounts of or take over or merge with
another provider;
12.1.9 if it is necessary for us to make changes to maintain our
financial stability. We will notify you in writing of these
changes at least two months before they take effect.
At the expiry of this period you will be deemed to have
accepted the changes and in the meanwhile, if your
account is a payment account, you will be free to close
your account immediately without charge.
12.2 Interest Rates
We will not vary the interest rate if you have a fixed rate
account and you are still in the period the rate is fixed.
12.3 Where your account is not a reference rate account, our
rights to vary the interest rate are as follows. We may
increase interest rates at any time. We may reduce a
variable interest rate for any one or more of these reasons:
12.3.1 because there has been a reduction in the Bank of
England Base Rate (or any rate that replaces it) or in
interest rates generally offered by other providers of
savings accounts with whom we compete;
12.3.2 because we need to reduce the interest rate charged
on our mortgages to attract and retain business from
borrowers;
12.3.3 because our administrative costs and charges have
increased or we reasonably believe they are likely to do so;
12.3.4 to allow us to harmonise the interest rates we pay should
we acquire the accounts of or take over or merge with
another provider;
12.3.5 if it is necessary for us to make changes to maintain our
financial stability.
12.4 Where your account is a reference rate account, we will
only vary the interest rate when the reference rate varies.
Please refer to the key product information sheet for details.
12.5 We will write to advise you of a change in interest rate
on your account.
(a) If the rate is reduced then we will give you notice
of the change at least equivalent to the notice
period if any on your account.
(b) Where you have no notice period we will give you
at least two months notice of the change, after the
expiry of which period you will be deemed to
have accepted the change. In the meantime you
will be free to close the account immediately
without charge.
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12.6 Changes to charges
12.6.1 We may introduce new charges or increase existing
charges because our administrative costs and charges for
doing the work or providing the service concerned have
increased or we reasonably believe they are likely to do so.
12.6.2 We may change the list of services or the stated service
charges in condition 11 from time to time. In exercising
this power to change a service charge we must comply
with the following requirements:
12.6.2.1 We will write to advise you of any new charge or
change in the level of charges at least two months
before they take effect. At the expiry of this period
you will be deemed to have accepted the changes. In
the meantime you will be free to close the account
immediately and without charge;
12.6.2.2 We will only increase a service charge:
(a) if we reasonably need to make the change in
order to manage our business prudently and/or
reasonably profitably by responding to changes
or expected changes in other costs which are
outside our control and/or external circumstances
affecting our business;
(b) if we reasonably need to make the change in
order to fund steps to maintain or improve
our competitive position overall against other
providers and/or our ability to attract and retain
customers generally;
(c) if our costs have increased and we reasonably
decide to take the increase into consideration;
(d) to reflect any change in the law or decision by
an Ombudsman, code of practice or regulatory
guidance or change in the regulatory system
governing us;
(e) to allow us to harmonise the service charges
charged should we acquire the accounts of or
take over or merge with another provider of
accounts;
(f) if it is necessary for us to make changes to
maintain our financial stability.
12.7 For a full list of cost related charges and service charges,
please refer to condition 11.
12.8 Any change we make for one or more of the reasons
detailed in conditions 12.1-12.6 we will do so in a
reasonable and proportionate manner.
13. Joint accounts
13.1 Where more than one person applies for the account:
13.1.1 we may act on instructions given by any one of you,
unless one of you has advised us not to, in which case
we will only act upon the written instructions of all joint
account holders;
13.1.2 each of you, both individually and together, are bound by
the terms and conditions of your account and are fully
responsible for any money which may become due to us
under them;
13.1.3 we will post all letters, statements and other material
relating to the account to you at your correspondence
address. All joint account holders will be bound by the
contents of these;
13.1.4 you may in the future wish to request your account to
be changed from a joint account to a sole account or to
change one of the account holders. In that event we may
insist upon the account being closed with the authority
of all joint account holders and a new account being
opened in the name of the new sole or joint account
holder(s);
13.1.5 if the account is held in your sole name, you can add
further account holders, providing they supply the
relevant identification, subject to the maximum number
of account holders allowed on a particular account.
13.2 Breakdown of relationship between joint account
holders: If you advise us (or we become aware) of a
dispute between you, we may require all future
instructions to be in writing from all of you.
13.3 Please also see the joint account provisions within
condition 14.2.1.
14. Events which may affect your account
14.1 Moving abroad
If you move abroad the account may be closed unless
your account is an ISA. This will be charge-free (unless
you opt for a CHAPS transfer, where the usual charge
as explained in condition 11 will apply).
14.2 Death of an account holder
14.2.1 Joint account: if a joint account holder dies, the account
will be transferred into the name of the survivor(s). Until
documentary evidence of death is supplied to us the
transfer cannot be completed. If there are no survivors,
the money in the account will belong to the estate of the
last survivor.
14.2.2 Sole account: If you die, your personal representative(s)
will be noted on the account. Your personal
representative(s) will subsequently be required to
close your account upon completion of the necessary
formalities.
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14.3 Illness or incapacity: In circumstances where you are
unable to operate your account due to a physical or
mental illness or incapacity, we may, subject to such
conditions, authorities and checks which we consider
appropriate, allow the operation of your account
(including withdrawals) by a third party following the
completion of a third party mandate.
15. Confidentiality and Data Protection
15.1 We may record telephone calls with you, so that we
have a record of the conversations. We may also listen
to calls to help us monitor the quality of our service and
for security and training purposes.
15.2 We will hold and process personal information about you
by computer or otherwise. We will treat all such personal
information as private and confidential other than in the
following exceptional cases permitted by law:
where we are required or legally compelled to disclose;
where there is a duty to the public to disclose;
where our interests require disclosure. This will not
be used as a reason for disclosing information about
you or your accounts to anyone else, including other
companies in our group for marketing purposes; or
where disclosure is made at your request or with
your consent.
15.3 Unless you object, you agree that we may provide you
with information from time to time about our products
and services. We may also provide you with information
about other firm's products and services but we will not
disclose your information to them. You can ask us to stop
sending this information at any time.
15.4 You have a legal right to apply for a copy of your personal
records with us. This should be done in writing and a
small fee (currently 10) may be charged for this service.
You have the right to have any inaccuracies corrected
and/or deleted. Further information is available via your
local store or our Main Office.
16. Closing your account
16.1 We may close your account if there are good
commercial reasons for doing so. We will give you at
least two months notice in writing unless conditions
16.2 or 16.3 apply.
16.2 Where the account has a nil balance, we may close
your account after giving you 30 days written notice.
16.3 We can close your account immediately and without
notice if we have been unable to verify your identity or
we reasonably believe that:
You have been abusive or threatening to our staff.
You are not eligible for the account.
The security of the account has been compromised.
You have given us false or incomplete information in
connection with the account.
Your account is being or has been used illegally.
You have been in serious or persistent breach of the
terms and conditions of your account.
Your account has been identified as being dormant in
accordance with condition 7.6.
16.4 Subject to condition 19, if we close your account we will
repay the funds in the account (where applicable),
together with all accrued interest, to you. Where your
identity has not been verified, however, we will return
the funds to the account from which we received them.
16.5 We may stop you making any transactions on your
account temporarily without notice where we are
required to do so by law or for any of the reasons
referred to in conditions 16.2 or condition 16.3 above.
We may close your existing account and open a new
one in these circumstances.
16.6 Unless there is anything to the contrary in the key
product information sheet, you may close your account
at any time.
17. Our liability
17.1 Where a transaction on your account occurs which was
not authorised in accordance with these terms and
conditions we will refund the transaction amount and
where applicable restore your account to the state it
would have been had the transaction not occurred.
17.2 Where we have not correctly executed any payment
instructions that you have given us in accordance with
these terms and conditions we will refund the amount
of the incorrectly executed transaction and restore the
account to the condition it would have been in had the
incorrect transaction not taken place.
17.3 We will be liable to you for any charges or interest you
incur as a consequence of any valid transaction which
you have correctly instructed us to undertake under
these terms and conditions where we do not execute
or execute incorrectly.
17.4 We shall not be liable to you for any financial loss or
damage you may suffer as a result of:
17.4.1 our having acted upon your instruction or following
receipt of any information from you;
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17.4.2 your security details having been disclosed to someone
else (other than due to our having disclosed it).
17.4.3 our services being unavailable through any cause
beyond our reasonable control;
17.4.4 your instructions being inaccurate, invalid, incomplete
or incorrect.
17.5 We shall not be liable to you in any circumstances for
any financial loss or damage that:
17.5.1 does not arise directly from the matters for which we
are responsible;
17.5.2 is due to abnormal circumstances beyond our reasonable
control the consequence of which would have been
unavoidable despite all efforts to the contrary;
17.5.3 arises from us complying with legal requirements
(including compliance with money laundering
regulations).
17.6 In this condition 17 where we refer to things being
beyond our reasonable control, this would include,
but is not limited to, strikes, industrial action or the
failure of equipment or power supplies.
17.7 If you wish to claim from us for the matters referred to
in conditions 17.1-17.3 you must notify us as soon as
possible after becoming aware of any unauthorised or
incorrect transaction and in any event no later than 13
months after the debit date. This time limit will not apply
if we have failed to provide you with the relevant
information about the transaction.
18. Your Liability
18.1 Subject to the provisions of condition 18 you will be
liable up to a maximum of 50 for any losses incurred in
respect of unauthorised payment transactions arising:
(a) from the use of a lost or stolen passbook; or
(b) where you have failed to keep any personalised
security features of your account safe.
18.2 You will be liable for all losses incurred in respect of any
unauthorised transaction on your account where you:
(a) have acted fraudulently; or
(b) have with intent or gross negligence failed to
comply with the terms and conditions (including
in particular conditions 8.2 and 8.3).
18.3 Except where you have acted fraudulently you are
not liable for any losses incurred in respect of any
unauthorised transactions on your account:
(a) arising after you have notified us under condition
8.2; or
(b) where we have failed to provide appropriate
means for you to notify us under condition 8.2.
19. Set off
We may use any credit balance on any account you have
with us to reduce or repay any overdrawn balance or
other undisputed amounts you owe us (including but not
limited to any loan or mortgage balances or liability for
any guarantees you have given us) either in your own
name or jointly with anyone else.
20. General
20.1 If we waive any breach of these terms and conditions
that shall not be considered to be a waiver of any
subsequent breach.
20.2 These terms and conditions will be governed by the laws
of England and Wales and any dispute which arises in
relation to these terms and conditions shall be dealt with
by any court in the United Kingdom which is able to hear
the case.
20.3 These terms and conditions are written in English and all
communication between us for the purposes of your
account will be in English.
20.4 We are authorised by the Prudential Regulation Authority
and regulated by the Financial Conduct Authority and
the Prudential Regulation Authority. We are entered in
the Financial Services Register under number 503963.
21. Complaints
21.1 If you have a complaint, you should visit your local
store, telephone us or write to us as soon as possible
so that we may investigate the circumstances. You
can write with details of your complaint to the
Customer Relations Team, Virgin Money plc, Jubilee
House, Gosforth, Newcastle upon Tyne NE3 4PL or via
email to customerrelations@virginmoney.com.
21.2 If we cannot resolve the complaint to your satisfaction
you have the right to refer your complaint to the Financial
Ombudsman Service, which provides independent
adjudication of complaints. Their address is Financial
Ombudsman Service, South Quay Plaza, 183 Marsh Wall,
London E14 9SR. Tel: 0845 080 1800.
A copy of our Internal Complaints Procedures leaflet is
available on request.
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Virgin Money plc Registered in England and Wales (Company No. 6952311). Registered Oce Jubilee House, Gosforth,
Newcastle upon Tyne NE3 4PL.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority.
Telephone: 0845 600 7301 or 0191 279 4405.
Lines are open 8am to 8pm business days, 8am to 4pm Saturday and 10am to 3pm Sunday. Calls are charged at your service
providers prevailing rate and may be monitored and recorded.
virginmoney.com
VMP69V3 Valid from 22.07.2013