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Virgin Money offers a ‘top rate' savings account with 2.4% interest - are you eligible?

Daily Express logo Daily Express 17/08/2022 Ruby Flanagan
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Virgin Money's One Year Fixed Rate ISA offers an interest rate of 2.4 percent on their savings and Britons only need £1 to open an account. Any money paid into the account will also receive interest immediately, but cannot be withdrawn for six working days. The minimum operating balance for the account is £1 but Britons can pay in up to £20,000 in the current 2022-23 tax year.

Virgin Money also has no limit on ISA transfers as people can move previous tax years' Cash ISA and Stocks and Shares ISA subscriptions.

Virgin Money states that on a £1,000 deposit, after 12 months, Britons would accumulate interest worth around £24.

People can withdraw money from their accounts but they are unable to put money back in.

If someone would like to take out their money within the year there is a charge.

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woman looking at online banking © GETTY woman looking at online banking

This charge is 60 days' worth of interest.

The monthly interest is paid on the last day of the month and the annual interest is paid on August 5.

People will be able to access this interest the next working day.

This account can be opened online by UK residents aged 16 or over and only one account can be opened per customer per issue.

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To ensure money is accepted into the new account Virgin Money must receive all the money within 30 days from the opening date.

Any deposits received after 30 days may be returned.

People can put deposits into the account by cash, cheque, or electronic transfer.

It can also be transferred from an existing Virgin Money account, subject to the terms and conditions of that account, and from an existing Cash ISA or a Stocks and Shares ISA from another provider.

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infographic explaining what ISAs are © EXPRESS infographic explaining what ISAs are

Virgin Money customers can save up to a total of £2million across all of their Virgin Money Accounts.

If a deposit results in the account going over the maximum deposit limit or the annual tax-free allowance, Virgin Money will return the excess money to the saver, not including interest.

Money Saving Expert has placed this account in the top spot of the site's One Year Fixed ISA accounts.

However, Secure Bank has also recently increased its rate for its one-year Fixed ISA to match Virgin Money.

Secure Bank's 1 Year Fixed Rate Cash ISA needs a minimum deposit of £1,000 to open, and the penalty for withdrawal is 90 days worth of interest and closure of the account.

Rachel Springall, from MoneyFacts.co.uk, commented: "Savers looking to utilise their ISA allowance will find interest rates have improved in recent weeks, which includes new market-leading one-year fixed ISAs.

"Virgin Money increased their rate to 2.40 percent last week, and now Secure Trust Bank have improved their offer to match 2.40 percent.

"These rate rises are great news for savers who want a competitive return and are comfortable locking their cash away."

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