News Column

Virgin Money launches new savings products and increases ISA rates

June 23, 2014



ENP Newswire - 23 June 2014

Release date- 20062014 - Virgin Money launches new savings products and increases ISA rates.

This information is intended for use by journalists and is correct at the time of publication. Customers wanting to view our current savings range should visit our savings pages.

New 2 year, 3 year and 5 year fixed rate ISAs available

New Easy Access Saver offers a market-leading bonus-free rate with no access restrictions

New range of fixed rate bonds launched for those wanting a guaranteed rate over a set period

Same competitive rates available on ISA and non-ISA products

Virgin Money is today launching a new range of savings accounts and is increasing interest rates on both ISA and non-ISA accounts.

The new range offers choice for customers depending on whether they want instant access to their savings or are happy to invest for a longer period of time for a higher return. Accounts can be opened in Virgin Money stores, online, over the telephone and by post - with interest rates the same through all channels and interest rates on ISA accounts matching non-ISA rates.

Fixed Rate ISAs

The new Virgin Money fixed rate ISAs offer customers the same interest rates as on the non-ISA bonds:

1.55% tax-free3/AER2 for one year

2.10% tax-free3/AER2 for two years

2.25% tax-free3/AER2 for three years

2.75% tax-free3/AER2 for five years

The new accounts accept transfers from existing ISAs and additional deposits are accepted for 30 days following account opening.

Easy Access Saver

The Virgin Easy Access Saver offers customers a market-leading rate of interest which is not inflated by an introductory bonus and is free from access restrictions. Issue 12 of the Easy Access account pays a bonus-free variable rate of 1.30% gross1/AER2. Accounts can be opened with GBP1, with a maximum balance of GBP100,000.

Fixed Rate Bonds

The new Virgin Money fixed rate bonds offer customers a guaranteed rate equal to the rates available on the equivalent cash ISA range. Bonds can be opened with just GBP1, and additional deposits are accepted for as long as the bonds remain available to new customers.

Anthony Mooney, Financial Services Director said: 'With the increase in ISA limit coming into effect on 1 July, and with some other ISA rates in the market having fallen recently, we expect our new ISA range to be particularly popular. Our savings range offers customers the same good rates for ISAs and our fixed rate bonds. This gives customers the full benefit of the tax-efficiency, and also offers customers exactly the same rate regardless of how they wish to operate their account.'

Information on Virgin Money's full savings range is available at virginmoney.com

Media Contacts

Virgin Money Press Office

0191 279 4676

press.office@virginmoney.com

PRODUCT DETAILS

Fixed Rate ISAs

Issue Tax-free3 / AER2 Monthly tax free3

1 Year Virgin Fixed Rate Cash ISA Issue 96

Virgin Fixed Rate E-ISA Issue 79 1.55% 1.54%

2 Year Virgin Fixed Rate Cash ISA Issue 100

Virgin Fixed Rate E-ISA Issue 83 2.10% 2.08%

3 Year Virgin Fixed Rate Cash ISA Issue 98

Virgin Fixed Rate E-ISA Issue 81 2.25% 2.23%

5 Year Virgin Fixed Rate Cash ISA 99

Virgin Fixed Rate E-ISA Issue 82 2.75% 2.72%

Customers can withdraw funds from fixed rate ISAs during the fixed rate period, subject to a charge equivalent to 60 days loss of interest for the one year product, 90 days for the two year, 120 days for the three year and 180 days for the five year product.

Easy Access Saver

Issue Annual gross1 / AER2 Monthly gross1

Virgin Easy Access Saver Issue 12 1.30% 1.29%

Virgin Easy Access E-Saver Issue 12 1.30% 1.29%

Fixed Rate Bonds

Term Issue Annual gross1 / AER2 Monthly gross1

1 Year Virgin Fixed Rate Bond Issue 105

Virgin Fixed Rate E-Bond Issue 91 1.55% 1.54%

2 Year Virgin Fixed Rate Bond Issue 108

Virgin Fixed Rate E-Bond Issue 91 2.10% 2.08%

3 Year Virgin Fixed Rate Bond Issue 106

Virgin Fixed Rate E-Bond Issue 92 2.25% 2.23%

5 Year Virgin Fixed Rate Bond Issue 107

Virgin Fixed Rate E-Bond Issue 93 2.75% 2.72%

Withdrawals from these fixed rate bonds are not permitted during the fixed rate period.

1Gross 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.

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.

3The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.

NOTES TO EDITORS

About Virgin Money

Virgin Money provides savings, mortgages, credit cards, 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 GBP1/4 billion 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/virgin/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.


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Source: ENP Newswire


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