Virgin Money offers 2.02% interest with chance to secure extra 1.71% – are you eligible? | Personal Finance | Finance
Virgin’s M Plus Savers account offers the “market-leading” rate on saving pots up to and including £25,000. Anything over this amount will be given a rate of one percent. This interest rate drop however could put those with larger savings off. The M Plus account, which Britons need to have to open the savers account, offers a 2.02 percent AER on balances up to £1,000.
With this savings account, the interest is calculated on a daily basis and is paid on the last working day of each calendar quarter.
This means that if a person deposits £1,000 into the pot, then they will have a rate £1,017.10 after 12 months.
If Britons deposit £25,000, then they will be able to increase their pot by £426.60 after 12 months.
People can only open an M Plus Saver if they have an M Plus Account with Virgin in the same name.
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There is also no fee to pay to pay to open the M Plus Saver.
There is no minimum or maximum balance restrictions to open this account and there is no need to pay in on a regular basis.
The benefit of an easy-access account is Britons can deposit and withdraw their savings very easily, which is great for those who cannot lock their money away.
Due to this, MoneySavingExpert.com said that this was the “best on the market at the moment”.
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Britons can open an M Plus Current account without having to switch to Virgin however, if people switch entirely, Virgin will give people 20,000 Virgin Points.
Virgin Red is a rewards club that turns everyday spending into points. Once someone is a member, people can earn and spend their Virgin Points across almost 200 different rewards.
People can spend Virgin Points on treats which range from Greggs sausage rolls, to coffees, to afternoon tea for two, to flights to the Bahamas.
Britons will receive an email with their promo code within two weeks of the person meeting the offer conditions.
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However, some account services are available through telephone banking, posts and in Virgin branches.
Virgin increased the rate for its M Plus savings account’s interest rate in June when the Bank of England (BoE) increased its base rate to 1.25 percent. The rate is now at 1.75 percent.
At the time, Hugh Chater, chief commercial officer at Virgin Money, said: “Following the Bank of England’s base rate increase in June, our new market-leading rate gives consumers more reasons to bank with Virgin Money and rewards our existing customers.
“This boost to our linked savings rates means we can offer both new and existing customers even better value for their savings, which is so important in these challenging times.”
