Virgin Money launches new range of savings products
05/11/2013
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.
- New fixed rate bonds offering rates of up to 3.00% Gross1/AER2
- New Cash ISAs offering rates of up to 3.00% Gross1 / Tax Free3
- New 100 Day Notice Saver paying 1.75% Gross1 / AER2
- New Easy Access Saver paying 1.51% Gross1 / AER2
- Accounts are available through all channels, with no difference in rates across channels
Virgin Money is launching a new range of savings accounts. They offer choice for customers depending on whether they want instant access to their savings, or are happy to invest for a longer period of time for a higher return.
The Easy Access Saver and 100 Day Notice Saver will be available from Tuesday 5 November, with the fixed rate bonds and cash ISAs available from Wednesday 6 November.
The new accounts can be opened in Virgin Money stores, as well as online, over the telephone and by post – with interest rates the same through all distribution channels.
Easy Access Saver
The Virgin Easy Access Saver offers customers a competitive variable rate of interest, which is not inflated by an introductory bonus. Issue 8 of the Easy Access account has been launched today, paying a bonus free variable rate of 1.51% gross1/AER2. Accounts can be opened with just £1, with a maximum balance of £100,000.
100 Day Notice Saver
The Virgin 100 Day Notice Saver, also launched today, offers customers an interest rate of 1.75% gross1/AER2. The Notice Saver offers customers the benefit of a higher interest rate and withdrawals can be made, charge-free, by providing 100 days’ notice. 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.
Fixed Rate Bonds
The new Virgin Money fixed rate bonds offer customers a guaranteed rate of 1.91% gross1/AER2 for one year, 2.40% gross1/AER2 for three years and 3.00% 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. The new bonds will be available from 2pm on Wednesday 6 November.
Fixed Rate Cash ISAs
The new Virgin Money fixed rate cash ISAs offer customers the same returns as on the non-ISA bonds: 1.91% tax-free3/AER2 for one year, 2.40% tax-free3/AER2 for three years and 3.00% tax-free3/AER2 for five years. These new products are also available from 2pm on Wednesday 6 November.
The new accounts accept transfers from existing cash ISAs and additional deposits are accepted for as long as the bonds remain available to new customers. 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.
Information on the full Virgin Money savings range is available at www.virginmoney.com/savings.
-ENDS-
Media Contacts:
Virgin Money Press OfficeTel: 0191 279 4676
email: press.office@virginmoney.com
Product detials
Easy Access Saver Issue 8
| Annual gross1 / AER2 | Monthly gross1 / AER2 | |
|---|---|---|
| Virgin Easy Access Saver (Issue 8) | 1.51% | 1.50% |
| Virgin Easy Access E-Saver (Issue 8) | 1.51% | 1.50% |
Virgin 100 Day Notice Saver
| Annual gross1 / AER2 | Monthly gross1 / AER2 | |
|---|---|---|
| Virgin 100 Day Notice Saver | 1.75% | 1.74% |
| Virgin 100 Day Notice E-Saver | 1.75% | 1.74% |
Fixed Rate Bonds
| Annual gross1 / AER2 | Monthly gross1 / AER2 | ||
|---|---|---|---|
| 1 Year | Virgin Fixed Rate Bond Issue 80
Virgin Fixed Rate E-Bond Issue 68 | 1.91% | 1.89% |
| 3 Year | Virgin Fixed Rate Bond Issue 81
Virgin Fixed Rate E-Bond Issue 66 | 2.40% | 2.37% |
| 5 Year | Virgin Fixed Rate Bond Issue 82
Virgin Fixed Rate E-Bond Issue 67 | 3.00% | 2.96% |
Fixed Rate Cash ISAs
| Tax-free3 / AER2 | Monthly tax free3 / AER2 | ||
|---|---|---|---|
| 1 Year | Virgin Fixed Rate Cash ISA Issue 68
Virgin Fixed Rate E-ISA Issue 574 | 1.91% | 1.89% / 1.85% |
| 3 Year | Virgin Fixed Rate Cash ISA Issue 69
Virgin Fixed Rate E-ISA Issue 584 | 2.40% | 2.37% |
| 5 Year | Virgin Fixed Rate Cash ISA 704 Virgin Fixed Rate E-ISA Issue 594 | 3.00% | N/A |
1Gross 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.
2AER 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.
3The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.
4Monthly interest not available
NOTES TO EDITORS
About Virgin Money
- Virgin Money provides savings, mortgages, credit cards, pensions, investment and protection products
- 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
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 this product should visit [www.virginmoney.com/mortgage / www.virginmoney.com/savings /http://uk.virginmoney.com/virgin/splash/cards.jsp] 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.