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Virgin Money launches new two-year fixed rate savings accounts

09/01/2017

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.

  • Two-year fixed rate ISA offers an interest rate of 1.15% annual tax-free1/AER2
  • Two-year fixed rate bond also available at 1.15% annual gross3/AER2

Virgin Money has launched a new two-year fixed rate ISA offering a competitive interest rate of 1.15% tax-free1/AER2, and a new two-year fixed rate bond offering the same rate.

The new accounts are available through Virgin Money stores, online, over the telephone and by post, and customers will receive the same interest rate however they choose to operate their account.

Fixed Rate ISA

The new two-year fixed rate ISA offers customers a competitive interest rate of 1.15% tax-free1/AER2 for two years. Customers can transfer-in existing ISAs and additional deposits are accepted for 30 days following account opening.

Fixed Rate Bond

The new two-year fixed rate bond offers customers the same interest rate as the equivalent cash ISA, 1.15% annual gross3/AER2. Accounts can be opened with just £1 and additional deposits are accepted for as long as the account remains available to new customers.

Rajesh Ahuja, Managing Director of Savings and Current Account at Virgin Money said: "Many savers don’t need instant access to their money and can take advantage of the higher returns available on fixed rate accounts. Our new two-year options offer customers the same rates for both the ISA and fixed rate bond products, ensuring ISA savers enjoy the full benefit of their tax-free allowance."

Further information on Virgin Money’s savings range is available at www.virginmoney.com.

ENDS


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

NOTES TO EDITORS

Product Details

ProductIssueTax-free1/
AER2/gross3
Monthly tax
free1/gross3
Fixed rate Cash ISA2 Year Fixed Rate Cash ISA Issue 244
2 Year Fixed Rate Cash E-ISA Issue 213
1.15%1.14%
Fixed rate bond2 Year Fixed Rate Bond Issue 260
2 Year Fixed Rate E-Bond Issue 225
1.15%1.14%

Customers can withdraw funds from fixed rate ISAs during the fixed rate period, subject to a charge equivalent to 90 days loss of interest. Withdrawals from these fixed rate bonds are not permitted during the fixed rate period.

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 P.A.is the rate of interest without the deduction of tax. The automatic deduction of tax on savings interest for non-ISAs ceased with effect from 6 April 2016.

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 over 3.2 million 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.
  • More than 12,500 charities have registered with Virgin Money Giving and, by the end of September 2016, almost £500 million had been raised for charity through the service since its launch in 2009, resulting in an estimated £15.7 million more raised for charity because of its not-for-profit model.

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.