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Virgin Money launches new 'Help to Buy: ISA' alongside 'Saving to Buy account'

01/12/2015

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 our savings pages.

VIRGIN MONEY LAUNCHES NEW 'HELP TO BUY: ISA' ALONGSIDE 'SAVING TO BUY ACCOUNT'

  • New Help to Buy: ISA offers interest of 3.00% tax-free1/AER2
  • New Saving to Buy account launched to complement Help to Buy: ISA

Help to Buy: ISA

Virgin Money has today launched its 'Help to Buy: ISA', offering an attractive interest rate of 3.00% tax-free1/AER2.

Alongside the launch, Virgin Money has introduced the latest in its range of 'Three Minute Money' videos, designed to explain how the Help to Buy: ISA works. This is available at http://virg.in/xETE4.

Saving to Buy account

For first time buyers who want to save more each month than the Help to Buy ISA limit, Virgin Money has launched a new Saving to Buy account, offering interest of 1.30% gross3/AER2.

As well as allowing customers to save more than £200 per month, the account offers a great way for savers to ensure they never miss the opportunity to maximise their tax-free allowance as they can set up a regular transfer from their Saving to Buy account into their Help to Buy: ISA. Saving to Buy accounts can be opened with just £1 and there is a maximum balance of £30,000.

Zack Hocking, Head of Savings at Virgin Money said: "The launch of the Help to Buy: ISA scheme is fantastic news for first time buyers, and with a competitive interest rate of 3.00% we are getting right behind the next generation of homeowners".

Ends

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

PRODUCT DETAILS

Virgin Money Help to Buy: ISATax-free1AER2
Annual3.00%3.00%
Monthly2.96%3.00%

Help to Buy: ISA can be operated online on a 24/7 basis. There is no requirement to add money every month, and customers can withdraw their money if the need arises.

Full transfers in from existing Help to Buy: ISAs are permitted, however the transfers of existing Cash ISAs held elsewhere are not.

Customers wishing to claim the government bonus must meet the eligibility criteria and accept the scheme rules which are available at www.helptobuy.gov.uk/ISA.

Virgin Money Saving to BuyGross3AER2
Annual1.30%1.30%
Monthly1.29%1.30%

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.

3Gross 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 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.