Virgin Money tops easy access savings chart | moneyfacts.co.uk

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Michael Brown

Content Writer
Published: 27/07/2022

Its collection of Club M Saver, M Plus Saver, and M Saver accounts overtake Al Rayan Bank’s Everyday Saver (Issue 3).

Virgin Money’s selection of Club M Saver, M Plus Saver and M Saver Accounts increased their easy access savings rate to a market-leading 1.71% today.

“Following the Bank of England’s base rate increase in June, our new market-leading rate gives consumers more reasons to bank with Virgin Money and rewards our existing customers,” said Hugh Chater, Chief Commercial Officer at Virgin Money.

“This boost to our linked savings rates means we can offer both new and existing customers even better value for their savings, which is so important in these challenging times,” he said.

The move means Virgin Money overtakes Islamic providers, and previous table toppers, Al Rayan Bank, which offers an expected profit rate of 1.60%.

What is the difference between these three accounts?

The key differences between Virgin Money’s three different options are the underlying current accounts behind each offer, which will need to be opened to access this rate.

Its M Saver and M Plus Saver offers are linked to the M account and M Plus account respectively, which do not require any fees.

The Club M Saver, meanwhile, is linked to Club M which charges a monthly fee of £14.50. This current account comes with travel, mobile, and breakdown insurance.

In addition, the M Plus and Club M accounts include an interest rate of 2.02% for balances up to £1,000.

Is there a switching incentive?

New customers looking to switch current accounts to an M Plus or Club M offer can currently make use of Virgin Money’s switching incentive.   

After using the Current Account Switch Service (CASS), these new customers will receive 20,000 Virgin Points, which can be spent with Virgin Red, instead of a cash incentive.

How do these easy access accounts work?

While the underlying current accounts for all three easy access options are different, these options do share some similarities.

Interest is compounded each quarter, and these accounts do not require a minimum opening deposit.

In addition, savers looking to deposit more than £25,000 will see their rate drop to 1.00%.

Once the account is up and running, Virgin Money customers can manage their account online, in branch, via telephone, or mobile app.

Where these accounts do differ slightly is in how they can be opened. The Club M Saver can be opened online or via the telephone, the M Plus Saver can be opened online, in branch, or via the telephone, and the M Saver can be opened in person or via the telephone.

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