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Virgin Money launches new competitive Defined Access Saver

09/03/2014

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.

  • ISA and non-ISA accounts available, both paying 1.35% tax-free1/AER2/gross3
  • The same rate is available online and through Virgin Money stores

Virgin Money has today announced the launch of a new Defined Access Saver account paying a variable rate of interest of 1.35% tax-free1/AER2/gross3. The new account is available from 2pm on 9 March 2015.

The account is designed for those customers who only require occasional access to their savings, but want the security of knowing they can do so without notice, when such occasions arise. The account allows the customer to make three withdrawals per calendar year and retain their interest rate of 1.35% tax-free1/AER2/gross3. After the fourth withdrawal the interest rate will revert to 0.75% 1/AER2/gross3 and that rate will prevail until the calendar year ends, at which point it will return automatically to the original rate.

Accounts can be opened in Store and through our website at www.virginmoney.com. As with all Virgin Money savings accounts, interest rates are the same through all channels and interest rates on ISA accounts at least match the equivalent non-ISA product rates.

The Defined Access Saver accepts transfers in from existing accounts and accounts can be opened with as little as £1, up to the maximum balance of £100,000.

Zack Hocking, Head of Savings at Virgin Money said: "The Defined Access Saver complements our existing range of easy access products, and offers a competitive rate of interest. It is a great option for customers who want to maximise their returns and only require occasional access to their savings, without notice, when the need arises."

Information on Virgin Money’s full savings range is available at http://uk.virginmoney.com/savings

Ends


Media Contacts

Virgin Money Press Office
0191 279 4676

press.office@virginmoney.com

PRODUCT DETAILS


Defined Access Saver & Defined Access ISA (Original rate)

Gross3AER2
ANNUAL1.35%1.35%
MONTHLY1.34%1.35%

Defined Access Saver & Defined Access ISA (Rate after fourth withdrawal)

Gross3Tax-free1/AER2
ANNUAL0.75%0.75%
MONTHLY0.75%0.75%

1 The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.

2  AER 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.

3  Gross 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.


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.