Virgin Money increases Defined Access ISA rates

In addition to new accounts, the increased rate will be applied automatically to all existing Issue 4 customer accounts from this date.

Defined Access accounts are designed for customers who only require occasional access to their savings. Customers can make up to three withdrawals per calendar year and retain their interest rate of 1.51%.

If a fourth withdrawal is made, the interest rate will revert to 0.75% until the calendar year ends, at which point it will return automatically to the original rate and the number of withdrawals will reset to zero.

The Defined Access ISA Issue 4 accepts transfers in from existing ISAs.

Zack Hocking, Head of Savings at Virgin Money, said:

“We’re delighted to make our Defined Access ISA Issue 4 even more attractive for customers. The account is a great solution for those customers who only require occasional access to their savings, but want the security of knowing they can do so without notice if needed.”