Media centre

Media centre

Launch of new Virgin Savings accounts

05/01/2012

This information is intended for use by journalists and is correct at the time of publication. Customers wanting to view our current savings range should visit our savings pages.

  • Competitive rates for an Easy Access Saver and Cash ISA
  • No introductory bonuses, providing good value for customers
  • Same rate offered through all channels - online, phone, post and branches

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 www.northernrock.co.uk/savings

ENDS

Media contacts:

Northern Rock
Tel: 0191 279 4676
Email: press.office@northernrock.co.uk

Northern Rock plc Registered in England and Wales under company number 6952311.
Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL (Main Switchboard 0845 600 8401). Authorised and regulated by the Financial Services Authority.

Product details

ProductAnnual gross* / AER**Monthly gross*
Virgin Easy Access Saver2.85%2.82%
Virgin Easy Access E-Saver2.85%2.82%
Virgin Easy Access Cash ISA2.85%2.82%***
Virgin Easy Access Cash E-ISA2.85%2.82%***

*Gross is the rate of interest paid to eligible non-taxpayers without deduction of tax. Please note interest will be paid net of tax unless you are eligible to receive interest gross and submit the required registration form to us.
**AER stands for Annual Equivalent Rate and shows what the interest rate would be when interest is paid and added to the capital balance each year.
*** Monthly interest option for Cash ISA product available from 12 January 2012.

Notes to editors

About Virgin Money

  • Virgin Money announced the acquisition of Northern Rock plc from Her Majesty’s Treasury on 17 November 2011. The deal completed on 1 January 2012. The acquisition included:
    - 75 Northern Rock branches
    - One million customers
    - c.£14bn mortgage book
    - c.£16bn retail deposit book
    - c.2,100 employees
  • Combined with Virgin Money’s existing business of three million customers, the enlarged Group has over four million customers.
  • The combined business operates under the Virgin Money brand.
  • Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
  • Virgin is the official sponsor of the London Marathon, the biggest annual fundraising event in the world. Virgin Money leads the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.

Northern Rock plc

  • On 1 January 2012, Northern Rock was acquired by Virgin Money.
  • Northern Rock is a bank, authorised by the FSA as a deposit taker and mortgage lender. It offers savings accounts and mortgage products to customers in the UK. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.

BITC Awards

  • In June 2011, Northern Rock was awarded a national Big Tick Award in Business in the Community’s Awards for Excellence, in the category of Building Stronger Communities.
  • The BITC Awards identify and celebrate companies having a positive impact on the community, environment, marketplace and workplace. The Big Tick winners demonstrate significant impact and high quality management of their responsible business practices and can show a positive impact both on society and on the business. Now in their 14th year, they are the UK’s leading awards for responsible business practice. Business in the Community stands for responsible business. More information can be found at www.bitc.org.uk
  • The Jaguar Land Rover Building Stronger Communities Award recognises companies that are investing in the communities in which they operate and those in greatest need, achieving sustainable impact on key social issues in these areas.