Virgin Money launches new and improved fixed rate ISAs
- One-year fixed rate cash ISA offers 1.65% tax-free1/AER2
- Five-year fixed rate cash ISA offers 2.35% tax-free1/AER2
- The same interest rates are available through all channels – online, post, telephone and stores
Virgin Money has launched two new cash ISAs, both offering savers increased interest rates on one-year and five-year accounts. The new accounts are available from 2pm on 24 March 2015.
The new accounts offer competitive interest rates, with the one-year ISA offering a fixed rate of 1.65% tax-free1/AER2, while the five-year ISA pays 2.35% tax-free1/AER2.
The new accounts accept transfers in from existing ISAs and additional deposits can be made for 30 days following account opening. This means that customers opening accounts before 6 April can take advantage of the increase in the ISA limit to £15,240 by using the account for both the current and the new tax year subscriptions, which together total £30,240.
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 and 180 days for the five-year product, and customers have the option of whether to receive interest annually or monthly.
Accounts can be opened in stores, online through www.virginmoney.com, over the telephone and via post. As with all Virgin Money savings accounts, interest rates are the same through all channels and interest rates on ISAs are the same or higher than the equivalent non-ISA product rates.
Zack Hocking, Head of Savings at Virgin Money said: “Many savers who are looking to maximise their returns in the current interest rate environment look at fixed rate ISA products, so we’re delighted to offer choice and increase the interest rates on both our one and five-year fixed rate ISAs.”
Further information on Virgin Money’s full savings range is available at www.virginmoney.com.
Virgin Money Press Office
0191 279 4676
PRODUCT DETAILS - CASH ISA RANGE
Fixed Rate ISAs
Tax-free1 / AER2
|Easy Access Cash ISA Issue 14
Easy Access Cash E-ISA Issue 14
|Defined Access ISA
Defined Access E-ISA
|n/a||1.35% (up to 3 withdrawals per calendar year)
0.75% (4 or more withdrawals per calendar year)
|One-year fixed rate||Fixed rate ISA Issue 141
Fixed rate E-ISA Issue 114
|15 April 2016
24 April 2016
|Three-year fixed rate||Fixed rate ISA Issue 136
Fixed rate E-ISA Issue 111
|15 April 2018
24 April 2018
|Five-year fixed rate||Fixed rate ISA Issue 142
Fixed rate E-ISA Issue 115
|15 April 2020
24 April 2020
1The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.
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.
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.
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 /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.