Virgin Money has reduced the rate paid on its easy access savings account, but despite this, it has retained its place on the charts thanks to its ongoing competitiveness.
Defined Access E-Saver Issue 5 now pays a still-competitive rate of 1.31% yearly (1.30% monthly), allowing it to remain among the top 10 accounts of its sector.
This account must be opened and operated online with a minimum investment of just £1. Access is via a nominated account.
Savers are permitted to make further additions at any time and withdrawals can be made without notice. However, the number of withdrawals is restricted to three per calendar year; additional withdrawals will result in the rate paid being reduced to 0.50% for the remainder of the year.
For those who would prefer to manage their account offline, a branch and postal-operated version paying the same rate is available.
Savers who are looking for a competitive account that doesn't require them to lock their money away or provide notice to access funds will regard this deal with interest. Provided they are happy to keep to the withdrawal limit, this deal promises to be a flexible and competitive choice, especially as it also offers a monthly interest option.
Moneyfacts rating: Excellent
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