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Virgin Money launches new 90 day notice saver

12/07/2012

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 interest rate of 2.85%
  • No introductory bonus providing good, clear value for customers
  • Same interest rate is available through all channels

Virgin Money has launched a brand new savings account, the Virgin 90 Day Notice Saver. The account offers customers a competitive rate and is available through the nationwide network of stores, online, by post and over the telephone. The interest rate is the same through all distribution channels.

The Virgin 90 Day Notice Saver offers customers an interest rate of 2.85%. Customers benefit from a higher interest rate than for instant access savings, and can make withdrawals charge-free by providing 90 days notice for a withdrawal. The account has a minimum balance of £5,000 and a maximum balance of £500,000. Customers can choose to receive interest either monthly or annually.

Anthony Mooney, Mortgage and Savings Director at Virgin Money said: "We have seen an excellent response from customers to the simple and straightforward Virgin savings accounts we have launched so far this year. The new 90 Day Notice account is a great addition to the range, offering customers who do not need instant access to their savings an attractive and transparent interest rate which does not rely on a short term bonus."

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

Media Contacts:

Press Office
Tel: 0191 2794676
email: press.office@virginmoney.com

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

AccountAnnual Gross*/AER**Monthly Gross*
Virgin 90 Day Notice Saver2.85%2.82%
Virgin 90 Day Notice e-Saver2.85%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.

This Virgin Money branded account is a personal deposit account with Northern Rock plc. The Financial Services Compensation Scheme (FSCS) provides protection to customers with this account 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.

About Virgin Money

  • Virgin Money acquired Northern Rock plc from Her Majesty’s Treasury 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 to customers in the UK and Ireland and mortgage products to UK borrowers. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.