Virgin Money launches attractive new ISAs
VIRGIN MONEY LAUNCHES ATTRACTIVE NEW ISAS
- One-year fixed rate ISA offers an interest rate of 1.81% tax-free1/AER2
- Defined Access ISA Issue 3 offers variable interest of 1.56% tax-free1/AER2
Virgin Money is making a number of improvements to its savings range, launching new fixed and variable rate ISAs, both offering competitive rates of interest.
The new accounts are available from 1 October 2015 through Virgin Money stores, online, over the telephone and by post. Customers will receive the same interest rates however they choose to operate their account.
One Year Fixed Rate ISA
The new fixed rate ISA offers a competitive interest rate of 1.81% tax-free1/AER2 for one year. Customers can transfer-in existing ISAs and additional deposits are accepted for 30 days following account opening.
Defined Access ISA Issue 3
Issue 3 of the popular Defined Access ISA offers variable interest of 1.56% tax-free1/AER2 and accepts transfers in from existing ISAs.
Defined Access accounts are designed for customers who only require occasional access to their savings, but want the security of knowing they can reach their money easily and without notice, if they need it. Customers can make three withdrawals per calendar year and retain their interest rate of 1.56% tax-free1/AER2. If a fourth withdrawal is made, the interest rate will revert to 0.75% tax-free1/AER2 until the calendar year ends, at which point it will return automatically to the original rate and the number of withdrawals will reset to zero.
Zack Hocking, Head of Savings at Virgin Money said: “Our updated savings range offers customers good value with a competitive rate of interest on both the new one-year fixed and instant access ISAs, both of which allow full transfers in of existing ISA subscriptions. They provide attractive choices for savers whether they are happy to invest their money for a year, or perhaps want to retain the option of instant access should they need it. Either way they can utilise the full benefit of their tax-free allowance.” Further information on Virgin Money’s savings range is available at virginmoney.com.
Virgin Money Press Office:
0191 279 4676
Fixed Rate ISA
|1 year||Virgin Fixed Rate Cash ISA Issue 170
Virgin Fixed Rate E-ISA Issue 141
Customers can withdraw funds from one-year fixed rate ISAs during the fixed rate period, subject to a charge equivalent to 60 days loss of interest.
Defined Access ISA
|Virgin Defined Access ISA Issue 3 (rate for 3 or fewer withdrawals in a calendar year)||1.56%||1.55%|
|Virgin Defined Access ISA Issue 3 (rate after fourth withdrawal until the end of the calendar year)||0.75%||0.75%|
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 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.