Virgin Money offers 2.02% interest rate and £150 gift – ‘Things just got interesting!’
Finance: Expert on impact of inflation on savings accounts
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Virgin Money is becoming a more popular staple on Britain’s high streets, with many considering the provider for their savings needs. This could end up being aided by the provider’s latest deal, which provides incentives for individuals to switch. Virgin Money is offering a solid interest rate, plus a free gift to those who switch to save with the provider.
It is made available through the bank’s new “Brighter Money Bundles” offer, which could be claimed by significant numbers of people.
Firstly, the interest rate is particularly competitive in the current savings climate.
Virgin Money stated Britons will be able to “feast” on a 2.02 percent interest rate, and said: “Things just got interesting!”
The interest rate is available through the M Plus Account on balances saved up to £1,000, making it particularly suitable for those looking to grow a set amount of cash.
When Britons open an M Plus Account, they will also receive a linked M Plus Saver account.
Any money a person moves into their linked M Plus Saver will earn 0.35 percent, with interest paid quarterly.
However, this is not the end of the deal offered in order to entice savers.
Those switching to Virgin Money will also be able to get their hands on a £150 gift card as a “treat” from the bank.
Child Benefit can still be claimed for over 16s – but deadline looms [INSIGHT]
Furlough scheme draws to an end from next week – Rishi Sunak’s changes [UPDATE]
State pension alert: Britons in their 40s & 50s set to work past SPA [ANALYSIS]
The gift card is for Virgin Experience Days, allowing Britons to choose from a series of fun days out now COVID-19 restrictions have been lifted.
Virgin Experience Days are varied from flying lessons to spa days, skydiving, afternoon tea and more.
The £150 does not have to be redeemed all in one go, and Britons also have the option to top it up if they fancy something larger.
But while the switch offer is an enticing one, there are certain actions individuals will need to take if they wish to benefit.
Firstly, Britons will need to start the process by applying online for the M Plus Account.
They will need to then switch their existing current account to Virgin Money using the official Current Account Switch Service, with at least two Direct Debits.
Once this is achieved, individuals need to download and login to the Virgin Money mobile banking app.
This can be actioned as soon as the M Plus Account is open.
What is happening where you live? Find out by adding your postcode or visit InYourArea
Finally, people will need to pay in at least £1,000 into their linked M Plus Saver to benefit from the offer.
This must be kept in the account until Virgin Money sends over the Gift Card.
To be able to apply for this account a person must be 18 or over and resident in the UK.
The offer excludes existing Virgin Money, Clydesdale and Yorkshire Bank current account customers, as well as those who have taken up previous Brighter Money Bundles offers.
Source: Read Full Article