Virgin Money revamps ISA range

Accounts can be opened in stores, online, over the telephone and by post. Interest rates are the same through all channels and interest rates on ISA accounts either exceed or are equal to non-ISA rates.

The Virgin Easy Access ISA offers customers a market-leading rate of interest, which is free from access restrictions and not inflated by an introductory bonus that falls away after a short period of time. Issue 9 of the Easy Access ISA account pays a bonus-free variable rate of 1.50% tax-free/AER.  Accounts can be opened with £1, and transfers from existing ISAs are accepted.

The new issues of fixed rate products offer customers the same interest rates on both ISA and non-ISA bonds - 1.76% tax-free/AER/gross for one year and 3.00% tax-free/AER/gross for five years.

Anthony Mooney, Financial Services Director said:

“Our new Easy Access ISA offers customers instant access to their money, without restrictions, at a market-leading clean rate, with no gimmicks such as short-term bonuses or access restrictions. It’s simple, transparent and with no catches – it just offers a straightforward, good value for money product.  

“Our research shows that 75% of people have cash savings of less than £15,000, so with the ISA limit increase taking effect on 1 July, for most people a simple, straightforward ISA is the only savings account they need, with the added benefit of giving them tax-free returns on all of their savings.”