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Virgin Money launches new fixed rate savings range

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.

07/10/2013

  • New fixed rate bonds and cash ISAs offering rates of up to 2.75% Gross1 / AER2 / Tax free3
  • One, three and five year products available
  • Same rates available through all channels - online, post, telephone and stores

Virgin Money is launching a new range of fixed rate bonds and fixed rate cash ISAs. The new accounts are available to open 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 Bonds

The new Virgin Money fixed rate bonds, which are available now, offer customers a guaranteed rate of 1.75% gross1 / AER2 for one year, 2.20% gross1 / AER2 for three years and 2.75% gross1 / AER2 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.

Fixed Rate Cash ISAs

The new Virgin Money fixed rate cash ISAs, which will be available from 2pm on Wednesday 9 October, offer customers a fixed rate of 1.85% tax-free3 / AER2 for one year, 2.20% tax-free3 / AER2 for three years and 2.75% tax-free3 / AER2 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 one-year product, 120 days for the three-year product and 180 days for the five-year product.

More information on the full Virgin Money savings range is available at www.virginmoney.com/savings.

-ENDS-

Media Contacts:

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

Product details - Fixed Rate Bonds

  Annual gross1 / AER2Monthly gross1 / AER2
1 YearVirgin Fixed Rate Bond Issue 68
Virgin Fixed Rate E-Bond Issue 53
1.75%1.74% / 1.75%
3 YearVirgin Fixed Rate Bond Issue 69
Virgin Fixed Rate E-Bond Issue 54
2.20%2.18% / 2.20%
5 YearVirgin Fixed Rate Bond Issue 70
Virgin Fixed Rate E-Bond Issue 55
2.75%2.72% / 2.75%

Product details - Fixed Rate Cash ISAs

  Tax-free3 / AER2Monthly tax free3 / AER2
1 YearVirgin Fixed Rate Cash ISA Issue 62
Virgin Fixed Rate E-ISA Issue 514
1.85%1.83% / 1.85%
3 YearVirgin Fixed Rate Cash ISA Issue 66
Virgin Fixed Rate E-ISA Issue 554
2.20%2.18% / 2.20%
5 YearVirgin Fixed Rate Cash ISA 674
Virgin Fixed Rate E-ISA Issue 564
2.75%NA

1 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.

2 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.

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

4 Monthly interest not available.

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 aims 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.

Supplementary notes

  • The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about these products should visit www.virginmoney.com/savings for full terms and conditions.

Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.