New easy access account in the charts | Product News - Moneyfacts

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New easy access account in the charts

New easy access account in the charts

Category: Savings
Date: 10/03/2015

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 It is now over 6 months old so the content may be out of date.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 released a new easy access account, which has shot straight into the Moneyfacts charts for its eye-catching rate and terms.

The basics…

Defined Access E-Saver pays an attractive 1.35% yearly (1.34% monthly), earning it a coveted best buy status.

The finer details…

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.

Why we like it…

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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