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Interest rate change

The Bank of England has increased the base rate with effect from 02/11/2017. The rate increased from 0.25% to 0.50%.

To find out more about this change to the base rate and how it may affect your savings or current account, please take a look at the questions and answers below.

Savings questions and answers

I have a Virgin Money savings account. Will my interest rate change as a result of the base rate change?

We pride ourselves on the competitive pricing we offer customers, and that position will not change following the Bank of England’s announcement.

Following the change in the Bank of England base rate, we have made a decision to increase rates on some of our savings accounts. We plan to pass on the full 0.25% increase to customers who are at the start of their savings journey. This includes all of our Help to Buy ISAs, Saving to Buy E Savers and all children’s accounts.

Savings tracker products will increase by the full 0.25% from 1 December.

We will be writing to all customers whose rates are being increased as soon as possible, although it may be that your rate is increased before you receive a letter from us.

We will continue to review our pricing on other products and will always make sure they are priced competitively.

I have a tracker savings account with Virgin Money. When will my interest rate change following the Bank of England base rate change?

If you hold one of the following savings products with us then your rate will change by 0.25% on 1st December 2017:

  • Branch Tracker (a matured Regular Saver)
  • Base Rate Tracker (a matured Fixed Rate Access Bond or Fixed Rate Access ISA)

We will write to you to let you know what your new rate is, however your rate will change on 1st December 2017 regardless of when you receive your communication from us.

Will you write to me to confirm my new interest rate?

Following the Bank of England base rate change, we are changing the interest rate on a number of our variable rate savings accounts. If your rate is changing we will let you know what your new rate is and the date it is effective from. We pride ourselves on the competitive pricing we offer customers, and that position will not change following the Bank of England’s announcement.

At present, we have only made a decision on those customers at the start of their savings journey, all other savings accounts remain under review.

We will be writing to all customers whose rates are being increased as soon as possible, it may be that your rate is increased before you receive a letter from us.

Current account questions and answers

Call charges and information

NumberCost
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