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Virgin Money launches new Fixed Rate Savings Accounts

02/05/2013

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.

  • A new range of fixed rate ISAs launched with rates up to 3.00% tax-free/AER
  • A new range of fixed rate bonds launched, with rates up to 3.00% gross/AER
  • A choice of one, three and five year fixed rate bonds and ISAs availables
  • Same rates available through all channels - online, post, telephone and stores

Virgin Money has launched a new range of fixed rate cash ISAs and a range of fixed rate cash bonds. The new accounts are available in Virgin Money stores, as well as online, over the telephone and by post with interest rates the same through all distribution channels.

Fixed Rate ISAs

The new Virgin fixed rate cash ISAs offer customers a fixed rate of 2.20% tax-free/AER for one year, 2.40% tax-free/AER for three years and 3.00% tax-free/AER for five years.

The new accounts accept transfers from existing cash ISAs, and customers can withdraw funds during the fixed rate period subject to a charge equivalent to 60 days loss of interest for the 1 year product, 120 days for the 3 year product and 180 days for the 5 year product.

Fixed Rate Bonds

The new Virgin fixed rate bonds offer customers a guaranteed rate of 1.75% gross/AER for one year, 2.40% gross/AER for three years and 3.00% gross/AER for five years. Bonds can be opened with just £1, and additional deposits are accepted for as long as the bonds remain available to new customers.

Withdrawals are not permitted during the fixed rate period.


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Media contacts

Virgin Money
Tel: 0191 279 4676
email: press.office@virginmoney.com

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

Product details - Fixed Rate Cash ISAs

  Tax-free***/AER**Monthly tax free***
1 YearVirgin Fixed Rate Cash ISA Issue 44
Virgin Fixed Rate E-ISA 40*
2.20%2.18%
3 YearVirgin Fixed Rate Cash ISA Issue 42
Virgin Fixed Rate E-ISA 41*
2.40%2.37%
5 YearVirgin Fixed Rate Cash ISA Issue 43
Virgin Fixed Rate E-ISA 42*
3.00%N/A

*Monthly interest not available on the Fixed Rate E-ISA products


Product details - Fixed Rate Bonds

  Annual gross/AER***Monthly gross*
1 YearVirgin Fixed Rate Bond Issue 53
Virgin Fixed Rate E-Bond Issue 41
1.75%1.74%
3 YearVirgin Fixed Rate Bond Issue 54
Virgin Fixed Rate E-Bond Issue 42
2.40%2.37%
5 YearVirgin Fixed Rate Bond Issue 55
Virgin Fixed Rate E-Bond Issue 43
3.00%2.96%

*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.


NOTES TO EDITORS

About Virgin Money

  • Virgin Money provides savings, mortgages, credit cards, 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 Money 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.