Virgin launches new savings accounts

The first new savings accounts have been announced since Virgin Money acquired Northern Rock plc on 1 January 2012. The new Virgin Easy Access Saver and Virgin Easy Access Cash ISA offer competitive rates1 which are not reliant on bonuses. Both accounts are available in Northern Rock branches, online, by post and over the telephone. Interest rates are the same through all distribution channels and ISA customers receive the same great rate as those with a non-ISA account.

Virgin Easy Access Saver
The Virgin Easy Access Saver offers customers a competitive, bonus-free variable rate of 2.85%. It is a simple, straightforward savings account, available through Northern Rock branches, online, by post or by telephone. The interest rate is not inflated by an introductory bonus and customers choosing monthly interest receive the same AER as those with annual interest.

Virgin Easy Access Cash ISA
The Virgin Easy Access Cash ISA offers customers a competitive rate of 2.85%, which matches the rate available for a non-ISA savings account. Savers therefore benefit from all of the tax-efficiency of an ISA wrapper. These accounts are also available across all Northern Rock channels, and allow transfers in from existing ISAs.

These Virgin Money branded accounts are personal deposit accounts with Northern Rock plc. The Financial Services Compensation Scheme (FSCS) provides protection to customers with these accounts under Northern Rock plc's existing FSCS membership up to a maximum of £85,000 per person. The £85,000 limit relates to a customer's combined deposits with Northern Rock plc under the Northern Rock brand or Virgin Money brand names.

Jayne-Anne Gadhia, Chief Executive Officer at Virgin Money said: “I am delighted to launch the first new Virgin Money products since we acquired Northern Rock. These new savings products are designed to be simple, fair and transparent. They have an attractive headline rate, without a bonus, offering good value for customers. There are no differences in rate whether the customer chooses an ISA or a standard savings account. What’s more, customers can choose to operate their account online, through a branch or over the telephone and still benefit from the same great rate.”

More information on Northern Rock’s savings range is available at northernrock.co.uk.