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Virgin Money launches new savings accounts

01/09/2014

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 1, 3 and 5 year fixed rate ISAs
  • New choice of fixed rate bonds launched for those wanting a guaranteed return
  • New issue of Easy Access ISAs that come without access restrictions

Virgin Money has announced the launch of a new range of savings accounts, including ISA and non-ISA products offering fixed rate and easy access options. The new ISA accounts are available from 2pm today (1 September) while the fixed rate bonds will be launched on 2 September at 2pm.

Accounts can be opened in stores, online, over the telephone and by post. As with all Virgin Money savings accounts, interest rates are the same through all channels and interest rates on ISA accounts at least match equivalent non-ISA rates.

Fixed Rate ISAs

The new range of fixed rate products offers:

  • 1.50% tax-free1/AER2/annual gross3 for one year
  • 2.25% tax-free3/AER2/annual gross3 for three years
  • 2.80% tax-free3/AER2/annual gross3 for five years

The fixed rate ISAs accept transfers in from existing ISAs and additional deposits can be made for 30 days following account opening. Additional deposits can be made into fixed rate bonds for as long as the bonds remain available to new customers.


Easy Access ISA

The Virgin Easy Access ISA is free from access restrictions and the interest rate is not inflated by an introductory bonus that falls away after a short period of time. Issue 10 of the Easy Access ISA account pays a bonus-free variable rate of 1.30% gross1/AER2. Accounts can be opened with £1, and transfers in from existing ISAs are accepted.

Information on Virgin Money’s full savings range is available at virginmoney.com



Media Contacts

Virgin Money Press Office
0191 279 4676

press.office@virginmoney.com

PRODUCT DETAILS

Fixed Rate ISAs

TermIssueTax-free3 / AER2Monthly tax free3
1 YearVirgin Fixed Rate Cash ISA Issue 110
Virgin Fixed Rate E-ISA Issue 89
1.50%1.49%
3 YearVirgin Fixed Rate Cash ISA Issue 111
Virgin Fixed Rate E-ISA Issue 90
2.25%2.23%
5 YearVirgin Fixed Rate Cash ISA Issue 112
Virgin Fixed Rate E-ISA Issue 91
2.80%2.76%

Customers can withdraw funds from fixed rate ISAs during the fixed rate period, subject to a charge equivalent to 60 days loss of interest for the one year product, 90 days for the two year, 120 days for the three year and 180 days for the five year product.


Fixed Rate Bonds

TermIssueAnnual gross1 / AER2Monthly gross1
1 YearVirgin Fixed Rate Bond Issue 117
Virgin Fixed Rate E-Bond Issue 99
1.50%1.49%
3 YearVirgin Fixed Rate Cash ISA Issue 118
Virgin Fixed Rate E-ISA Issue 89
2.25%2.23%
5 YearVirgin Fixed Rate Cash ISA Issue 119
Virgin Fixed Rate E-ISA Issue 101
2.80%2.76%

Withdrawals from these fixed rate bonds are not permitted during the fixed rate period.


Easy Access ISA

IssueTax-free3 / AER2Monthly tax free3
Virgin Easy Access ISA Issue 101.40%1.39%
Virgin Easy Access E-ISA Issue 101.40%1.39%

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.


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 one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion through Virgin Money Giving, the not-for-profit online fundraising service, since 2010.

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 http://uk.virginmoney.com/virgin/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.