Virgin Money launches new range of savings products
Virgin Money is launching a new range of savings accounts. They offer choice for customers depending on whether they want instant access to their savings, or are happy to invest for a longer period of time for a higher return.
The Easy Access Saver and 100 Day Notice Saver will be available from Tuesday 5 November, with the fixed rate bonds and cash ISAs available from Wednesday 6 November.
The new accounts can be opened in Virgin Money stores, as well as online, over the telephone and by post – with interest rates the same through all distribution channels.
Easy Access Saver
The Virgin Easy Access Saver offers customers a competitive variable rate of interest, which is not inflated by an introductory bonus. Issue 8 of the Easy Access account has been launched today, paying a bonus free variable rate of 1.51% gross/AER. Accounts can be opened with just £1, with a maximum balance of £100,000.
100 Day Notice Saver
The Virgin 100 Day Notice Saver, also launched today, offers customers an interest rate of 1.75% gross/AER. The Notice Saver offers customers the benefit of a higher interest rate and withdrawals can be made, charge-free, by providing 100 days’ notice. The account has a minimum balance of £5,000 and a maximum balance of £500,000. Customers can choose to receive interest either monthly or annually.
Fixed Rate Bonds
The new Virgin Money fixed rate bonds offer customers a guaranteed rate of 1.91% gross/AER for one year, 2.40% gross/AER for three years and 3.00% gross/AER for five years. Bonds can be opened with just £1, and additional deposits are accepted for as long as the bonds remain available to new customers. Withdrawals are not permitted during the fixed rate period. The new bonds will be available from 2pm on Wednesday 6 November.
Fixed Rate Cash ISAs
The new Virgin Money fixed rate cash ISAs offer customers the same returns as on the non-ISA bonds: 1.91% tax-free/AER for one year, 2.40% tax-free/AER for three years and 3.00% tax-free/AER for five years. These new products are also available from 2pm on Wednesday 6 November.
The new accounts accept transfers from existing cash ISAs and additional deposits are accepted for as long as the bonds remain available to new customers. Customers can withdraw funds during the fixed rate period, subject to a charge equivalent to 60 days loss of interest for the one-year product, 120 days for the three-year product and 180 days for the five-year product.
Information on the full Virgin Money savings range is available at virginmoney.com/savings.