Virgin Money has launched a new investment service, comprising a new digital platform with a range of straightforward investment products. The service has been designed with simplicity in mind to make investing easier to understand and give customers the confidence to make smart decisions when it comes to managing their money.
The service has been developed by Virgin Money in partnership with abrdn, bringing together Virgin Money’s brand and distribution strength with abrdn’s expertise in investments. Growth in investments is a key strategic ambition for Virgin Money, and the launch of this new service, underpinned by a digital platform and a seamless customer journey, is a key component in achieving that aim.
The new service gives first time and experienced investors access to a range of investment products, with a simple fee structure and no hidden charges. Everything can be done online and via a dedicated app, making managing your money as easy as possible.
Customers can invest either through a stocks and shares ISA or a non-ISA investment account, with a minimum investment of just £25, access to their money anytime and free withdrawals. Virgin Money has created a number of straightforward investment approaches, each made up of a range of funds selected to reflect customers’ approach to risk, all suitable for both new and experienced investors looking to grow their money in the longer term:
- The ‘Cautious Growth approach’ offers lower risk and slower, steadier growth potential.
- The ‘Balanced Growth approach’ is for customers that want to be a little more adventurous than cautious, but with a balance between risk and reward.
- The ‘Adventurous Growth approach’ which has higher potential and higher risk and would suit an investor who is willing to accept more ups and downs along the way.
Each approach looks to maximise return for that level of risk by investing in different asset types from around the world, giving customers a diversified portfolio without the hassle of having to research and pick individual assets or funds. Each approach will also focus on increasing investment in companies with good Environmental, Social and Governance (ESG) credentials including those who adopt sustainable investing policies and objectives, have positive shareholder engagement policies, or provide products and services that support the transition to a low carbon economy.
To help customers decide which approach suits them best, Virgin Money has added a series of helpful guides to its website*. For customers new to investing, the bank has also introduced a new online investment coach which gives people the tools and information they need to discover their ‘inner investor’.
Jonathan Byrne, chief executive officer at Virgin Money Investments, said: “The world of investments can be complex and daunting for many people. That’s why we’ve designed our new investment service to make it easy and understandable for everyone. Whether you’re an experienced investor or are giving it a go for the first time, this new service will help to give you the confidence you need to make the most of your money.”
Customers who open a new Virgin Money stocks and shares ISA or an investment account by 30 June 2023 will also benefit from 8,000 Virgin Points to spend with Virgin Red – Virgin’s rewards club that turns everyday spending into rewards. The points boost means customers could treat themselves to more than 200 rewards, including a three-course meal with wine, a traditional afternoon tea for two, a trip to the cinema, or even an adventurous paintballing day for four, as well as many other reward options.
Andrea Burchett, managing director commercial, loyalty for Virgin Red, says: “We're always looking for new ways to reward our customers, and Virgin Money’s new investment platform offer members another opportunity to earn an incredible 8,000 Virgin Points. With more than 200 rewards, members won’t be short of options to spend their points on – whether it’s the smaller things that make the everyday better or saving up for a bigger experience like enjoying a concert from the Virgin Red Room or even a trip to New York – the possibilities are endless!”
Fairer Finance has awarded Virgin Money's investment terms and conditions their Clear and Simple mark. This means they meet their high standards for legibility and design and is recognition that they are easy to understand.
More information on Virgin Money’s new investment service is available here: https://uk.virginmoney.com/investments
Find out more about Virgin Red here or download the app on a smart phone.
* Virgin Money does not offer financial advice but does provide tools and information to help customers decide for themselves.
Fees
There are two clear and simple charges for both the stocks & shares ISA and the non-ISA account: an account charge of 0.30% p.a. for managing the account and an annual management charge of 0.45% p.a. for managing all investments. These fees are based on the value of the account and apply to each of the adventurous, balanced and cautious growth approaches.
Virgin Points
To earn 8,000 Virgin Points, customers need to: Open a Stocks and Shares ISA or Investment Account, pay in at least £5,000 by 30 June 2023 and keep it invested until 31 July 2023. This can be a one-off payment and/or monthly payment. Customers can also transfer from an existing investment by 29 September 2023. Add the Virgin Points to their Virgin Red account as soon as we email them a promo code. Further terms apply. Find full terms on the website.