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Virgin Money launches two new savings products

01/02/2012

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.

  • New Fixed Rate Bond and Fixed Rate Cash ISA are launched
  • Same competitive rates available for ISA and non-ISA accounts
  • Same rate available through all channels - online, phone and branches

Virgin Money announces the addition of two new accounts to its growing range of savings products. The new Virgin Fixed Rate Bond and Virgin Fixed Rate Cash ISA both offer competitive rates1. 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 rates as those with a non-ISA account.

Virgin Fixed Rate Bond
The Virgin Fixed Rate Bond offers customers a fixed rate of 3.00% for one year (issue 1) and 3.30% for three years (issue 2). It is a simple, straightforward, fixed rate savings account, available through Northern Rock branches, online or by post. Customers choosing to receive their interest monthly receive the same AER as those receiving annual interest.

Virgin Fixed Rate Cash ISA
The Virgin Fixed Rate Cash ISA offers customers a rate of 3.00% for one year (issue 1) and 3.30% for three years (issue 2) respectively. This matches the rate available for a non-ISA savings account and savers also benefit from the tax-efficiency of the ISA wrapper. These accounts are also available across all Northern Rock channels, and allow transfers in from existing ISAs. Customers can withdraw subject to a charge equivalent to 60 and 120 days’ loss of interest respectively.

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.

Pete Wood, Head of Savings Products said: "We saw a great response from customers to the first Virgin Money savings accounts we launched in January. Following this I am delighted to announce the addition of a new fixed rate bond and a fixed rate cash ISA account to our range. These products are designed to be simple, fair and transparent."

More information on the savings range is available at www.northernrock.co.uk/savings

ENDS

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 Fixed Rate Bond & E-Bond Issue 13.00%2.96%
Virgin Fixed Rate Bond E-Bond Issue 23.30%3.26%
ProductTax-free***/AER**Monthly tax-free***
Virgin Fixed Rate Cash ISA Issue 13.00%2.96%
Virgin Fixed Rate Cash e-ISA Issue 13.00%Not available
Virgin Fixed Rate Cash ISA Issue 23.30%3.26%
Virgin Fixed Rate Cash e-ISA Issue 23.30%Not available


*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.

***The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.