Virgin Money has increased selected ISA rates by up to 0.10%. Two accounts receiving the benefits of a rate boost were the one-year and five-year fixed rate deals, which have subsequently reinforced their positions in the Moneyfacts charts.
Virgin Fixed Rate Cash E-ISA Issue 114 now pays a joint market-leading rate of 1.65% yearly (1.64% monthly) until 24.4.16. Meanwhile, its five-year counterpart (issue 115) pays a highly competitive rate of 2.35% yearly (2.33% monthly), which allows it to sit comfortably in the top 10 of its sector.
These accounts must be opened and managed online with an initial investment of just £1. For those who prefer to manage their account by other means, non-internet operated versions of both of these ISAs are available.
Unusually, further additions can be made for up to 30 days after the accounts have been opened and transfers in of existing ISAs are also permitted. It is also possible to access funds prior to maturity, although this will incur a 60-day loss of interest penalty for the one-year ISA and a 180-day loss for the five-year variant. The same penalties apply to transfers out.
Thanks to this rate increase, both of these accounts have boosted their competitiveness. The one-year ISA is particularly attractive, boasting one of the top rates in its sector, something that is sure to attract interest from savers. Extra appeal is provided by the option to make further additions and the ability to access funds early, albeit with an interest penalty.
Moneyfacts rating: Excellent
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