Virgin Money Increase Current Account Rate To 2.00% | will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be Scamsmart.

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Derin Clark

Derin Clark

Online Reporter
Published: 01/05/2020
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Today Virgin Money has increased the rate on its current account, which now offers one of the most competitive interest rates on a current account with an overdraft facility.

The Virgin Money Current Account now pays 2.00% gross on balances of up to £1,000 , an increase from its previous rate of 0.50% gross. In addition to this, the Virgin Money Current Account offers an overdraft facility that charges 19.9% EAR on both arranged and unarranged overdrafts.

Today’s news is good news for savers looking for a competitive rate on a flexible account in which to deposit a portion of their funds, especially as we reported earlier in the week that a number of providers are set to cut rates this month. In addition to this, the Virgin Money Current Account now beats the rate on the highest-paying easy access account, which currently stands at just 1.20%, making it an attractive option for savers with small funds. However, savers looking to deposit funds of more than £1,000 should consider other options as those customers depositing the maximum of £1,000 into the Virgin Money account will see a return of just £20 a year.

Rachel Springall, finance expert at, said: “It’s exciting to see Virgin Money boost the credit interest rate on up to £1,000 held in its current account by a substantial 1.50%. This month there are many alternative brands cutting their credit interest rates, so it’s encouraging to see Virgin Money buck the trend. This current account could be a great choice for consumers looking to make their savings cash work harder for them, but they must also compare the rest of the accounts details as well.”


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