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

Virgin Money’s easy access account rate storms into the lead

Written by:
Virgin Money has climbed back to the top of the best buy tables as it raises its linked savings rate to 1.71% for both new and existing customers.

When customers open the Virgin Money M Plus Account, Virgin Money Club M Account and Virgin M Account, they automatically get a linked savings account.

And it is this linked savings account – which gives customers easy access to their cash – that will now offer a higher and market-leading rate of 1.71% AER (variable) on balances up to £25,000.

It has increased from 1.56% EAR (variable) and Virgin Money confirmed it applies to new and existing customers as of today.

For savings above £25,000, the rate comes in at 1% AER (variable).

While it is necessary to have a Virgin Money current account in order to get the top-paying linked saver, one of the big attractions is that you don’t need to close your existing everyday banking to get it.

Further, the current accounts also pay 2.02% AER variable on balances up to £1,000 and customers can earn cashback when spending via Virgin Money Cashback.

Virgin Money knocked American banking giant JPMorgan’s Chase off the top of the easy access best buy tables when it increased the rate to 1.56% last month.

But just this week, Al Rayan Bank’s Everyday Saver launched, offering an expected profit rate of 1.60% on balances of £5,000+.

The latest increase by Virgin Money means it now sits at the top of the easy access best buy tables again.

Hugh Chater, chief commercial officer at Virgin Money, said: “Following the Bank of England’s base rate increase in June, our new market-leading rate gives consumers more reasons to bank with Virgin Money and rewards our existing customers. This boost to our linked savings rates means we can offer both new and existing customers even better value for their savings, which is so important in these challenging times.”

However, there is a way for savers to earn 5% on their cash. Plus, for the latest best deals on cash savings accounts, see’s The savings accounts paying the most interest which is updated monthly.

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.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week