To qualify for the 2% AER/Gross PA bonus, customers must open a 1 Year Fixed Rate E-Bond Exclusive account between 1 July and 7 October 2024.
The bonus deal then only applies to customers who top up or transfer £5,000 or more into a new or existing Virgin Money Stocks and Shares ISA between 1 July and 30 September.
The one-year fixed bond rate carries a 4.65% AER/Gross PA price, but with the bonus that adds up to 6.65% – higher than any other rate on the market, according to the lender.
Currently, the Kent Reliance Cash ISA 1 Year Fixed Rate – Issue 99 is the leading cash ISA around in terms of rates, and that comes to 4.94% AER, data from Moneyfacts shows.
The deal also follows a lean time for one-year fixed bonds, which at the end of June saw the average rates rise for the first time in seven months.
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To guarantee the Virgin Money bonus offer, you will also need to keep the ISA cash invested until the savings account matures.
But, if you make any withdrawals between 1 July 2024 and the maturity date on the account, you will receive the standard 4.65% AER/Gross PA rate and any savings using the bonus will disappear.
Must apply for both accounts separately
You’ll also need to apply for both the 1 Year Fixed Rate E-Bond Exclusive and Stocks and Shares ISA accounts separately, which are both subject to eligibility.
Customers were also warned that if they are to meet the 30 September deadline, consider the length of time it may take if they are making an ISA transfer application. This is due to the process sometimes taking “several weeks”.
While the lender does not provide financial advice, it offers three methods for customers to consider when making their investments, so to give them a guide on what Stocks and Shares ISA to select.
Those three approaches are:
- 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” – has higher potential and higher risk and would suit an investor who is willing to accept more ups and downs along the way.
Jen Adams, chief commercial officer at Virgin Money Investments, said: “Investing is one of the best ways for people to increase wealth over the long term, but cash savings are also an important way to grow money.
“By giving our investment customers up to 6.65% on their cash savings, this rewarding offer provides the best of both to help our customers make the most of their money”.
