- The linked savings accounts on the Virgin Money M Plus Account, Virgin Money Club M Account and Virgin Money M Account offers a market-leading rate of 1.56% AER (variable) on balances up to £25,000
- The rate increase is automatically passed onto existing customers
Virgin Money increased is increasing the savings rate on its popular linked savings accounts. The rate rises from 1.00% AER to a market-leading 1.56% AER for all new and existing customers on balances up to £25,000. For balances above £25,000 the rate rises to 0.75% AER. Rates are variable.
The linked savings rate increase - which came into effect on Wednesday 1st June - follows the Bank of England base rate increase to 1.00% in May 2022 and offers a best-buy rate for customers looking to maximise the return on their savings with an easy access account.
The Virgin Money M Plus Account, the Virgin Money Club M Account and the Virgin Money M Account automatically come with a linked savings account making it easy for customers to manage their money and transfer savings to and from their current account. Current account customers also benefit from 2.02% AER variable on balances up to £1,000, as well as cashback.
Hugh Chater, Chief Commercial Officer at Virgin Money, said: “Following the Bank of England’s recent base rate increases, our new market-leading rate gives consumers more reasons to bank with Virgin Money. As well as rewarding customers with Virgin Points, this boost to our linked savings rates means we can offer both new and existing customers even better value for their savings.”
New customers switching to the Virgin Money M Plus Account and Virgin Money Club M Account can also receive a bonus of 20,000 Virgin Points to spend with Virgin Red Link opens in a new window, thanks to Virgin Money’s latest current account switching offer (terms apply). The 20,000 Virgin Points boost means travellers could get a return flight to Barbados Link opens in a new window, the Bahamas or St Lucia Link opens in a new window, while bakery enthusiasts could turn their points into 100 sausage or vegan sausage rolls Link opens in a new window,61 coffees or teas Link opens in a new window or 100 doughnuts or muffins Link opens in a new window. Music lovers could snap up a Virgin Crosley record player Link opens in a new window or Sofar Sounds tickets Link opens in a new window, or the points can be used to pay for VUE cinema tickets Link opens in a new window, Virgin Wines, three course meals or even an Astronaut Experience Link opens in a new window for two at Space Store.
Virgin Money has also launched a new prize draw giving current account customers the chance to win one million Virgin Points to spend with rewards club Virgin Red. Each month from May through to September, new and existing customers get the chance to win one million Virgin Points and at the same time, 25 customers will each win a 12-bottle case of Virgin Wines (worth £150).