Virgin Money launches new savings products and increases ISA rates
15/01/2014
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 year fixed rate ISA available at 1.70% tax-free3/AER2
- New 1 year fixed rate bond also available at 1.70% annual gross1/AER2
- New 100 Day Notice Saver paying 1.35% annual gross1/AER2
Virgin Money is today launching a new range of savings products, including fixed rate ISAs and bonds, in addition to a 100-day notice savings account option.
The new range offers the same competitive rates on ISA and non-ISA products, with increased choice for customers who are happy to invest for a longer period of time for a higher return. Accounts can be opened in Virgin Money stores, online, over the telephone and by post – and customers receive the same interest rate on equivalent products however they choose to apply.
Fixed Rate ISA
The new Virgin Money fixed rate ISA offers customers an improved interest rate:
- 1.70% tax-free3/AER2 for one year.
The new accounts accept transfers from existing ISAs and additional deposits are accepted for 30 days following account opening.
Fixed Rate Bonds
The new Virgin Money fixed rate ISA offers customers an improved interest rate:
- 1.70% tax-free3/AER2 for one year.
The account can be opened with just £1, and additional deposits are accepted for as long as the account remains available to new customers.
100 Day Notice Saver
The Virgin 100 Day Notice Saver, has also been launched today, and offers customers:
- 1.35% annual gross1/AER2(1.34% monthly gross).
This product offers customers the benefit of a competitive interest rate and withdrawals can be made, charge-free, by providing 100 days’ notice. The account has a minimum balance of £1 and a maximum balance of £500,000. Customers can choose to receive interest either monthly or annually.
Anthony Mooney, Financial Services Director said: "Our new savings products offer good value and choice to our customers, no matter how they wish to invest their money. Our range offers customers the same competitive rates for ISAs and fixed rate bonds, giving ISA savers the full benefit of tax-efficiency. We also offer exactly the same rate through all channels, so customers can also choose how they wish to operate their account without detriment to rate."
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
| Issue | Tax-free3/AER2 | Monthly tax free3 | |
|---|---|---|---|
| 1 Year | Virgin Fixed Rate Cash ISA Issue 127
Virgin Fixed Rate E-ISA Issue 104 | 1.70% | 1.69% |
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.
Fixed Rate Bonds
| Term | Issue | Annual gross1/AER2 | Monthly gross1 |
|---|---|---|---|
| 1 Year | Virgin Fixed Rate Bond Issue 140
Virgin Fixed Rate E-Bond Issue 115 | 1.70% | 1.69% |
Withdrawals from these fixed rate bonds are not permitted during the fixed rate period.
100 Day Notice Saver
| Issue | Annual gross1/AER2 | Monthly gross1 |
|---|---|---|
| Virgin 100 Day Notice Saver Issue 3 | 1.35% | 1.34% |
| Virgin 100 Day Notice E-Saver Issue 3 | 1.35% | 1.34% |
Withdrawals from these fixed rate bonds are not permitted during the fixed rate period.
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, current accounts, 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 our 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, including funds raised 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.