Virgin Money launches ‘new market-leading’ savings account offering 4.25% | Personal Finance | Finance
Available now, Virgin Money’s 1 Year Fixed Rate Cash ISA Exclusive is available to Virgin Money current account customers. This savings product enables customers to know exactly how much interest they will earn on their savings and has the benefit of a market-leading rate for customers looking to maximise the return on their savings.
For those who plan to save regularly or want more flexibility to access their savings, Virgin Money has another market-leading offer for current account customers with its Easy Access Cash ISA Exclusive, which has an interest rate of three percent AER (tax free) variable.
This ISA allows customers to top up and take money out whenever they like, and customers are able to easily manage their ISA account online.
Customers need to have or open a Virgin Money current account in order to apply for a Virgin Money Easy Access Cash ISA Exclusive account.
Virgin Money ISAs can be used for transfers in as well as current year subscriptions, with no limit on previous years’ ISA transfers.
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The Government puts a cap on how much people can put into their ISA or ISAs in any tax year (from April 6 – April 5).
The ISA allowance for 2022/23 is set at £20,000.
There is no minimum amount required to open and maintain this account. Individuals must be a UK resident aged 16 or over to open an account.
With the Bank of England raising its Base Rate several times, savers are set to benefit as the rates trickle down to high street providers.
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Virgin Money, which is offering a 2.02 percent interest rate on its M Plus current account and the M Plus saver is offering 2.52 percent interest.
The 2.02 percent rate is available on balances up to £1,000, meaning it is well suited for those saving a limited amount, or who are just getting started on a savings journey.
In turn, the M Plus Saver is currently offering 2.52 percent variable on balances up to £25,000, which provides savers with more flexibility.
This linked savings account currently offers a competitive rate of 2.52 percent AER for all new and existing customers on balances up to £25,000.
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In addition, savers can also benefit from Virgin Money rewards if they download the bank’s dedicated app.
Virgin Money current accounts – the M Plus Account, Club M Account and M Account – all automatically come with a linked savings account.
This makes it easy for customers to manage their money and transfer savings to and from their current account.
Hugh Chater, chief commercial officer at Virgin Money, said: “As the increased cost of living is being felt by more people across the UK, we’re both determined and proud to offer a range of market-leading savings products to Virgin Money customers so that they can make the most of their savings in these times.”
