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Virgin Money launched new 3-year Fixed Rate saving accounts

06/08/2015


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 visit our savings pages.

  • New 3-year fixed rate ISA available at 2.25% tax-free3/AER2
  • New 3-year fixed rate bond also available at 2.25% annual gross1/AER2

Virgin Money has today launched two new saving accounts, a 3-year fixed rate ISA and a 3-year fixed rate bond. The new products offer the same competitive interest rate on ISA and non-ISA products. Accounts can be opened in Virgin Money stores, online, over the telephone and by post – and customers receive the same interest rate however they choose to apply.

Fixed Rate ISA

The new Virgin Money 3-year fixed rate ISA offers customers an improved interest rate:

  • 2.25% tax-free3/AER2 for three years

The new account accepts transfers-in from existing ISAs and additional deposits are accepted for 30 days following account opening.

Fixed Rate Bonds

For customers who may have already used their ISA allowance and want a guaranteed rate of interest over a set period, the new Virgin Money fixed rate bond offers the same rate as the equivalent cash ISA:

  • 2.25% annual gross1/AER2 for three years

The new account can be opened with just £1, and additional deposits are accepted for as long as the account remains available to new customers.

Zack Hocking, Head of Savings at Virgin Money said: "Our new 3 year saving products offer good value and choice to customers who are looking for a consistent, higher rate of interest, if they invest their funds for a longer period. They offer customers the same competitive rates for ISAs and fixed rate bonds, giving ISA savers the full benefit of their tax-free allowance."

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

Media Contacts:
Virgin Money Press Office:
0191 279 4676
press.office@virginmoney.com


PRODUCT DETAILS

Fixed Rate ISAs

Term

Issue

Tax-free3/AER2

Monthly tax-free3 / AER2

3 yearVirgin Fixed Rate Cash ISA Issue 160
Virgin Fixed Rate E-ISA 135
2.25%2.23%

Customers can withdraw funds from fixed rate ISAs during the fixed rate period, subject to a charge equivalent to 120 days loss of interest for the one year product.

Fixed Rate Bonds

Term

Issue

Tax-free3/AER2

Monthly tax-free3 / AER2

3 yearVirgin Fixed Rate Bond Issue 174
Virgin Fixed Rate E-Bond Issue 145
2.25%2.23%

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-freerate 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 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/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