Virgin Money has launched new issues of its popular fixed rate bond and fixed rate cash ISA range.
The new Fixed Rate Cash ISA offers customers a rate of 3.30 per cent for one year and 3.60 per cent for three years respectively – matching the rate available for a non-ISA savings account .
Savers also benefit from the tax-efficiency of the ISA wrapper and can transfer funds in from existing ISAs. Withdrawals can be made, although these are subject to a charge equivalent to 60 and 120 days’ loss of interest respectively.
The 1 Year Fixed Rate Bond offers customers a fixed rate of 3.30 per cent, while the three-year option pays 3.60 per cent per annum. Interest can be paid yearly or on a monthly basis (the last day of the month – available first business day of the following month).
Accounts can be opened with a deposit of just £1, and additional deposits can be made into the bonds during the offer period, up to a maximum of £2 million per customer. The Bonds are non-redeemable and do not allow any withdrawals or closure during their respective fixed rate periods. Once withdrawn, no further deposits can be made into existing accounts .
Upon maturity, the account will become a no-notice matured bond account and investors will be notified in writing upon maturity of the interest rate payable.
The new Virgin Money savings accounts are offered and serviced through Northern Rock and can be run online, in-branch or by post. For more information visit uk.virginmoney.com.
