Virgin Money Increase Current Account Rate To 2.00% | moneyfacts.co.uk
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 It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 01/05/2020

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 Moneyfacts.co.uk, 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.”

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 Any products featured may be withdrawn by their provider or changed at any time.

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