Virgin Money has launched two of the best-paying savings accounts, following its takeover of Northern Rock.
The Virgin Easy Access Saver and the Virgin Easy Access Cash ISA savings accounts offer a rare opportunity for savers to get the same 2.85 per cent interest rate on their savings whether their money is in an ISA or a taxable savings account. The same rate of interest is also on offer whether savers want to manage their money online and by phone or by visiting a branch in person. In addition, the rate remains constant, rather than being artificially boosted by a year-one bonus.
Existing cash ISAs currently held with other providers can be transferred into one of the new savings accounts. Since Northern Rock became part of Virgin Money on New Year’s Day 2012, many Northern Rock savings accounts have been closed to new applicants and existing account-holders may also wish to consider the Virgin Easy Access Saver or the Virgin Easy Access Cash ISA.
Jayne-Anne Gadhia, chief executive of Virgin Money, said, "These new savings products are designed to be simple, fair and transparent. They have an attractive headline rate, without a bonus, offering good value for customers."
Commentators have speculated that Virgin Money’s new approach could throw down the gauntlet to high street banks and boost competition and transparency.
