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Virgin Money updates its savings range

08/10/2012

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.

Virgin Money announces today that it is updating its range of savings accounts, including changes to fixed rate bond issues.

Virgin Fixed Rate Bonds
Following the interest rate increase on its three year fixed rate ISA last week, Virgin Money is increasing the rate on its three year fixed rate bond to 3.50% per annum.

A one year fixed rate bond is also available which offers customers 2.90% per annum.  Accounts can be opened with a minimum deposit of just £1, and additional deposits can be made into the bonds during the offer period, up to a maximum of £2 million per customer.  Interest can be paid annually or monthly, with no difference in AER between the two options.


Virgin Easy Access Saver
Issue 3 of the Easy Access account will be launched on 9 October, paying a bonus free variable rate of 2.50% per annum. 

When Virgin Easy Access Saver Issue 3 is launched, Issue 2 will be withdrawn from new applications.  This withdrawal does not affect any existing customers with Easy Access accounts – their interest rates remain unchanged.

The Virgin Easy Access Saver offers customers a competitive variable interest rate which is not inflated by an introductory bonus.  These simple, straightforward savings accounts are available through stores, online, by post or by telephone, with the same interest rate available through all channels.   

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

ENDS


PRODUCT DETAILS

Annual Gross* /AER**

Monthly Gross*

Virgin Fixed Rate Bond Issue 25 (1 year)

2.90%

2.87%

Virgin Fixed Rate Bond Issue 26 (3 years)

3.50%

3.45%

Virgin Easy Access Saver (Issue 3)

2.50%

2.48%

Virgin Easy Access E-Saver (Issue 3)

2.50%

2.48%


**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.
*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.

The fixed rate bonds are non-redeemable and do not allow any withdrawals or closure during their respective fixed rate periods.  They are strictly limited issues and may be withdrawn without notice once fully subscribed.  Once withdrawn, no further deposits can be made into existing accounts.  Upon maturity the account will become a no notice matured bond account and investors will be notified in writing upon maturity of the interest rate payable.

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.


NOTES TO EDITORS

About Virgin Money

  • Following the acquisition of Northern Rock in January 2012, Virgin Money provides credit cards, mortgages, savings, pensions, investment and protection products to over four million customers
  • 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 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.