Virgin Money is helping savers make the most of their money by raising the interest rate on some of its popular savings accounts for the second month in a row – the current account linked saver and the Easy Access Cash ISA Exclusive.
As of Thursday 20th July, the current account linked savings rate increased from 3.03% to 3.55% AER for all new and existing customers on balances up to £25,000. Balances over £25,000 receive 2.52% AER.
Virgin Money current accounts – the M Plus Account Link opens in a new window, Club M Account Link opens in a new window Account and basic bank account M Account Link opens in a new window – all automatically come with a linked savings account, making it easy for customers to manage their money and transfer savings to and from their current account.
Adding to this, the Easy Access Cash ISA Exclusive Link opens in a new window rate also increased on 20th July, from 3.75% AER (tax free) to 4.25% AER (tax free). Customers can manage their Easy Access Cash ISA Exclusive account online, where they can also top up and take money out whenever they like. Customers need to have or open a Virgin Money current account in order to apply for an Easy Access Cash ISA Exclusive.
The increases in rates for both the current account linked saver and Easy Access Cash ISA Exclusive will be automatically passed onto all existing customers who have the accounts.
Ruth Brougham, head of digital banking at Virgin Money, said “We’re committed to helping our savings customers make their money work hard for them, which is why we’re continuing to raise interest rates across our savings range, while also offering Virgin Money perks, such as cashback on everyday spending.”
In addition, Virgin Money also launched new issues of its Defined Access E-Saver and Defined Access E-ISA products Link opens in a new window on Friday 21st July. The Defined Access E-ISA offers an interest rate of 4.00% AER (tax free), and the Defined Access E-Saver offers 3.00% AER/Gross, so long as customers make three or fewer withdrawals per calendar year. On the fourth withdrawal, the interest rate will reduce to 2.00% AER (tax free/gross).
Further information about opening a Virgin Money M Plus Account, Club M Account or M Account can be found at: Current Accounts | Open a Bank Account online | Virgin Money UK Link opens in a new window. Customers can earn cashback on their everyday spending at participating retailers via Virgin Money Cashback. To learn more about Virgin Money cashback, visit: Virgin Money Cashback | Virgin Money UK Link opens in a new window.
Further information about opening a Virgin Money Easy Access Cash ISA Exclusive can be found at: Easy Access Cash ISA Exclusive | ISAs | Savings | Virgin Money UK Link opens in a new window.
Virgin Money ISAs can be used for transfers in as well as current year subscriptions, with no limit on previous years’ ISA transfers.
All rates are variable and interest is paid quarterly on the current account linked saver and the Easy Access Cash ISA Exclusive (quarterly interest is not applicable to Defined Access accounts).
Defined Access Cash E-ISA - Annual interest is paid on 11 March and will be available the next working day. Monthly interest is paid on the last day of the month, and will be available the next working day.
Defined Access E-Saver - Annual interest is paid on 11 March and will be available the next working day. Monthly interest is paid on the 10th day of each month, and will be available the next working day.
For the Defined Access E-Saver and Defined Access Cash E-ISA, if four or more withdrawals are made per calendar year, interest will drop to the lower rate until the second last working day of the year when the number of withdrawals will reset to zero and the higher interest rate will resume.
The Easy Access Cash ISA Exclusive is open to customers with a current account from Virgin Money, Clydesdale Bank or Yorkshire Bank (apart from the Essential Current Account or any account opened with Northern Rock).
Customers can pay in up to £20,000 in the current tax year, and there's no limit on ISA transfers.
Customers can only subscribe to one Cash ISA in any tax year. If they want to transfer their current year's subscriptions, then the full amount must be transferred.