Monday, 6 February 2012
Virgin Money launches two new savings products
The Virgin Fixed Rate Bond offers customers a fixed rate of 3.00% for one year (issue 1) and 3.30% for three years (issue 2). It is a simple, straightforward, fixed rate savings account, available through Northern Rock branches, online or by post. Customers choosing to receive their interest monthly receive the same AER as those receiving annual interest.
The Virgin Fixed Rate Cash ISA offers customers a rate of 3.00% for one year (issue 1) and 3.30% for three years (issue 2) respectively. This matches the rate available for a non-ISA savings account and savers also benefit from the tax-efficiency of the ISA wrapper. These accounts are also available across all Northern Rock channels, and allow transfers in from existing ISAs. Customers can withdraw subject to a charge equivalent to 60 and 120 days loss of interest respectively.
These Virgin Money branded accounts are personal deposit accounts with Northern Rock plc. The Financial Services Compensation Scheme (FSCS) provides protection to customers with these accounts under Northern Rock plc's existing FSCS membership up to a maximum of £85,000 per person. The £85,000 limit relates to a customer's combined deposits with Northern Rock plc under the Northern Rock brand or Virgin Money brand names.
Pete Wood, Head of Savings Products said: "We saw a great response from customers to the first Virgin Money savings accounts we launched in January. Following this I am delighted to announce the addition of a new fixed rate bond and a fixed rate cash ISA account to our range. These products are designed to be simple, fair and transparent."
More information on the savings range is available at www.northernrock.co.uk/savings.