Virgin Money have announced that they are adding a further two new accounts to its ever growing range of savings products. The new Virgin Fixed Rate Cash ISA and Virgin Fixed Rate Bond are both offering competitive rates and the accounts are available online, by post, over the phone or in branch. The interest rates stay the same through all channels and ISA customers get the same great rates as those who have a non-ISA account.
Issue 1 of the new Virgin Fixed Rate Bond offers customers a fixed rate for one year of 3.00%, and issue 2 gives them 3.30% for three years. This straightforward and simple fixed rate savings account, is available through branches, online or by post. Those Customers who choose to receive their interest monthly get the same AER as those who receive their interest annually.
The Virgin Fixed Rate Cash ISA offers customers a rate of 3.00% for one year (issue 1) and 3.30% for three years (issue 2) respectively. This matches the rate available for a non-ISA savings account and savers also benefit from the tax-efficiency of the ISA wrapper. These accounts are also available across all Northern Rock channels, and allow transfers in from existing ISAs. Customers can withdraw subject to a charge equivalent to 60 and 120 days loss of interest respectively.
These Virgin Money branded accounts are personal deposit accounts with Northern Rock plc. The Financial Services Compensation Scheme (FSCS) provides protection to customers with these accounts under Northern Rock plc’s existing FSCS membership up to a maximum of £85,000 per person. The £85,000 limit relates to a customer’s combined deposits with Northern Rock plc under the Northern Rock brand or Virgin Money brand names.
Pete Wood, Head of Savings Products said: “We saw a great response from customers to the first Virgin Money savings accounts we launched in January. Following this I am delighted to announce the addition of a new fixed rate bond and a fixed rate cash ISA account to our range. These products are designed to be simple, fair and transparent.”
More information on the savings range is available at www.northernrock.co.uk/savings.