Virgin Money launch new Easy Access Saver account

There is a new version of the Easy Access Saver available now from Virgin Money. It has a rate of 2.6 percent and you can open an account with just £1. There are unlimited withdrawals available, without penalties and the option of monthly interest. Unlike a lot of savings accounts, however, the Easy Access Saver Issue 2 doesn’t rely on an introductory bonus.

Spokesman for Moneynet.co.uk, Andrew Hagger says that although the account is paying ¼ percent less interest than the previous account, it is still an excellent deal. It is available online, in branch, by phone and by post. He says that it is one of the few instant access accounts giving a good return without offering a short-term introductory bonus just to boost the rate.

At the same time Coventry Building Society has launched Online Saver issue 3, This is their best-buy easy access account. It pays out 3.15 percent but this includes an introductory offer of 1.15 percent for the first year. It is only available online and there is a restriction of four withdrawals per year and after that there is a penalty of 50 days loss of interest on the amount withdrawn.

There is a new issue as well from Nationwide. This is on its variable rate ISA, the Flexclusive ISA. The rate has dropped, however, to 3.5 percent from 4.25 and includes a bonus of 1.5 percent until the end of November. You can open this account with just a pound as well. You can withdraw with no restrictions or penalties but you cannot transfer from existing accounts

It is only available to people who have a Nationwide Flex Account or move to one, so, combined with the rate drop, may not be such an attractive proposition according to spokesperson, Susan Hannums, from SavingChampions.co.uk. Moving accounts is not something everyone wants to do and Nationwide could be asking too much here. You also have to deposit a minimum of £750 each month in your Nationwide Flex Account.

 

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