You are here: Home - Saving & Banking - News -

Virgin Money slashes rate on table-topping easy access account

0
Written by:
09/12/2019
Virgin Money has cut the rate on its once-market leading easy access account.

Customers are now being offered 1.21%, down from 1.45% on the Double Take E-Saver, which had previously been table-topping.

The account is easy access, but it limits withdrawals to twice a year including closure.

A spokesperson for Virgin Money said: “There has been a general decline in savings rates in the market in recent months, therefore, to enable us to remain in line with our competitors on the high street, it is necessary for us to reduce the interest rates on selected variable rate savings accounts.”

Rachel Springall of Moneyfacts said: “It will be disappointing news for savers to see these rate cuts by such a prominent brand but sadly a downward trajectory is the way savings rates are going across the market.

“This demonstrates how important it is for savers to keep an eye on the top rates and to proactively move around their money should they find their rate slashed.”

Alternative accounts

There are several easy access deals paying more than Virgin Money.

The top-payer is Marcus by Goldman Sachs, which offers 1.45% and unlimited withdrawals, but includes a 0.10% bonus for the first 12 months.

Shawbrook Bank offers 1.41%, with unlimited withdrawals. However, the minimum deposit is £1,000 compared with £1 with Marcus.

Yorkshire Building Society is offering 1.40% with a minimum deposit of £100 but withdrawals are only allowed on one day per year.

And Sharia-compliant Gatehouse Bank also offers an expected profit rate of 1.40%, with unlimited withdrawals.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Brits spend £2bn on unwanted Christmas presents

Brits spend nearly £60 on presents they know their loved ones won’t appreciate, according to a charity.

Close