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Virgin Money broadens its business savings range and offers free concierge service for SME customers

10/05/2018

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 business pages.

Key Highlights

  • New one-year business fixed rate account pays a highly competitive rate of 1.60%
  • New two-year business fixed rate account pays a highly competitive rate of 1.75%
  • Free 18 month membership to concierge service for customers opening a business savings account

Virgin Money has expanded its business savings range with the launch of new one and two-year business fixed rate savings accounts.

In addition to Virgin Money’s easy access business savings account, which offers a market-leading rate of 1.20% AER1/gross2, the new fixed rate products offer highly competitive options, with the one-year fixed rate offering interest of 1.60% AER1/gross2 and the two-year fixed rate paying 1.75% AER1/gross2.

Customers opening a fixed rate or easy access business savings account will receive a free 18 month membership to our concierge service. The service offers a range of services and benefits to SME business owners, including support with hotel and travel bookings, managing events and corporate hospitality.

In addition, all Virgin Money business customers have access to Virgin Money Lounges, designed exclusively as places for customers to relax and unwind. Lounges offer complimentary refreshments, free Wi-Fi, newspapers, magazines, TVs and iPads.

Business customers also have access to a range of exclusive offers from the Virgin Group, including discounts on a range of Virgin products such as holidays, wines and health club membership.

Hugh Chater, Chief Commercial Officer at Virgin Money, said: “We’re delighted with the response we’ve seen from SME customers since we launched our first business savings account earlier this year.

“In addition to our market-leading business access saver, these new fixed rate accounts will prove very attractive, offering a higher return for customers who are looking for a longer term savings option and don’t need instant access to their money.

“Our research tells us that SMEs are shunning savings accounts due to the interest rates available. We want to change that and help our customers’ savings and businesses grow.”

Applications can be made online or through any Virgin Money Store. More information on Virgin Money for Business and eligibility can be found at virginmoney.com/business.

ENDS

Media Contacts

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

NOTES TO EDITORS

Product details

ProductAER1/gross2Monthly gross2
Business Access Savings Account Issue 11.20%1.19%
1 Year Business Fixed Rate Account1.60%1.59%
2 Year Business Fixed Rate Account1.75%1.74%
  • Customers can save anything from £1,000 to £1 million.
  • Accounts are available to UK registered sole traders, partnerships, limited companies and limited liability partnerships which are classed as micro, small or medium enterprises. Full eligibility details are available at virginmoney.com/business.
  • All directors, owners, partners, senior management and account signatories must be UK residents aged 18 or over.

1AER 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.

2Gross 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 virginmoney.com/business 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
  • More than 13,900 charities have registered with Virgin Money Giving and, by the end of 2017, over £600 million had been raised for charity through the service since its launch in 2009, resulting in an estimated £19 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.