Virgin Money has released a new easy access account, which has shot straight into the Moneyfacts charts for its eye-catching rate and terms.
Defined Access E-Saver pays an attractive 1.35% yearly (1.34% monthly), earning it a coveted best buy status.
This internet-based deal needs a minimum investment of just £1 to open an account, a feature that will appeal to those with small initial savings.
Further additions can be made at any time and no notice is required for withdrawals. However, only three penalty-free withdrawals can be made per calendar year, with subsequent access resulting in a reduced rate of 0.75% for the remainder of the year. It should be noted that access is via a nominated account.
A branch-based version of this account paying the same rate is also available.
This new contender in the savings market has entered the sector with an eye-catching rate, something that is sure to attract savers. The option to choose between a yearly or monthly interest rate is an added bonus to those who are looking for a regular income, while the flexibility of making additions at any time and withdrawing funds without notice enhances its appeal. However, given that only three penalty-free withdrawals can be made per year, savers should remember that access to funds must be carefully planned.
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 Any products featured may be withdrawn by their provider or changed at any time.
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