- Deposit and Interest: Save up to £250 monthly with a 10% interest rate. Deposits over £250 don’t earn interest
- Account Duration: The account matures on July 31, 2025, and allows deposits for 12 months. Interest is paid quarterly
- Eligibility and Comparison: Available to Virgin Money current account holders since December 4, 2019. Comparable accounts include First Direct’s 7% rate and Principality’s 8% rate for different deposit amounts
Virgin Money has launched a regular saver with an eye-catching double-digit interest rate.
Savers can save a maximum of £250 each month in the account. You can keep additional money in the account, but you will not earn interest on anything over £250.
A saver who deposits £250 into this account every month for 12 months will have £3,162.40 by the end of the term, with £162.40 in interest.
The deal is valid until July 31, 2025, when the account matures.
The regular saver is only available to clients who have held a Virgin Money current account after December 4, 2019.
Customers who previously opened a current account with Clydesdale Bank or Yorkshire Bank, such as a Signature Current Account, will be able to open the new normal saver account.
How does Virgin Money’s regular saver work?
Customers will be able to deposit up to £250 per month for 12 months into the account and receive 10% interest as their savings grow.
You can skip months, and if you do not save the entire £250 in one month, you can pay more in the next or future months.
Any interest paid by Virgin Money to clients is not counted towards the £250 monthly cap.
Customers can earn a maximum of £3,000 in interest at the end of a 12-month fixed term, excluding any interest added to the account.
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Savers should be aware that interest is calculated based on a growing balance. Virgin Money calculates how much interest to pay you at the end of each day.
This is depending on the balance in your account. Interest will be paid quarterly, on the last working day of March, June, September, and December.
These regular savings are only worth opening if you want to get into the savings habit; if you had a lump payment of £3,000, an account yielding roughly 5% will provide you a similar level of interest over the year.
How does it compare to other top regular savers?
First Direct’s standard saving pays 7%. This account allows savers to set aside up to £300 every month.
A saver who deposits the full £300 per month in this account will have £3,736.50 after 12 months.
The account is only available to First Direct 1st Account clients.
Principality Building Society offers an 8% regular saver to consumers who are not existing members.
Savers can deposit up to £200 per month into this account. The rate is fixed for six months, after which a saver will have £1,227.53 if they deposit £200 per month into the account.
If the balance in your account hits £1,200, you will be unable to make any additional deposits.
