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Virgin Money increases interest rate on its defined access ISA

25/01/2016

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.

  • Defined Access ISA Issue 4 interest rate increased to 1.51% tax-free¹/AER²

Virgin Money is increasing the variable interest rate on its Defined Access ISA Issue 4 to 1.51% tax-free¹/AER², with effect from 25 January 2016. Accounts can be opened in store, by post, over the phone and online through Virgin Money’s website.

In addition to new accounts, the increased rate will be applied automatically to all existing Issue 4 customer accounts from this date.

Defined Access accounts are designed for customers who only require occasional access to their savings, but want the security of knowing they can do so without notice if needed. Customers can make up to three withdrawals per calendar year and retain their interest rate of 1.51% 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.

The Defined Access ISA Issue 4 accepts transfers in from existing ISAs.

Zack Hocking, Head of Savings at Virgin Money, said: "We're delighted to make our Defined Access ISA Issue 4 even more attractive for customers. The account is a great solution for those customers who only require occasional access to their savings, but want the security of knowing they can do so without notice if needed".

Further information on Virgin Money credit cards can be found at www.virginmoney.com

ENDS

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

NOTES TO EDITORS

Product details

Tax-free¹AER²
Defined Access ISA / E-ISA Issue 4 ( rate up to three withdrawals)
Annual1.51%1.51%
Monthly1.50%1.51%
Defined Access ISA / E-ISA Issue 4 (rate after fourth withdrawal)
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.

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.

About Virgin Money

  • Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to customers across the UK
  • 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 £315 million, including funds raised through Virgin Money Giving, the not-for-profit online fundraising service, since 2010.
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.