Virgin launches new Defined Access Saver

The account allows the customer to make three withdrawals per calendar year and retain their interest rate of 1.35%. After the fourth withdrawal the interest rate will revert to 0.75% and that rate will prevail until the calendar year ends, at which point it will return automatically to the original rate.

Interest rates are the same through all channels and interest rates on ISA accounts at least match the equivalent non-ISA product rates.

The Defined Access Saver accepts transfers in from existing accounts and accounts can be opened with as little as £1, up to the maximum balance of £100,000.

Zack Hocking, Head of Savings at Virgin Money said:

“The Defined Access Saver compliments our existing range of easy access products, and offers a competitive rate of interest. It is a great option for customers who want to maximise their returns and only require occasional access to their savings, without notice, when the need arises.”