Easy access accounts become market-leaders | Product News - Moneyfacts

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Easy access accounts become market-leaders

Easy access accounts become market-leaders

Category: Savings
Date: 16/07/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Virgin Money has increased the rates of its easy access account and no notice ISA by 0.15%, enabling both to secure their positions in the Moneyfacts charts.

The basics…

Thanks to the rate increases, Defined Access E-Saver Issue 2 and Defined Access E-ISA Issue 2 both pay a variable rate of 1.51% yearly. This puts the easy access account at the top of the charts, while the ISA also pays a market-leading rate for its terms.

The finer details…

Both accounts must be opened and operated online with an initial investment of just £1. Access is via a nominated account.

Further additions can be made to both accounts at any time and withdrawals require absolutely no notice, and the ISA also permits transfers in. However, there is a limit on the number of withdrawals that can be made: up to three withdrawals can be made penalty-free per calendar year, after which the rate drops to 0.75%.

For savers who would prefer not to manage their savings online, branch-operated versions paying the same rates are available.

Why we like them…

The rate increase to these accounts has enhanced their attractiveness and will appeal to those who are looking for easy access to their funds. However, savers must bear in mind the withdrawal restrictions, as making more than three withdrawals a year will result in a hefty interest penalty.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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