Virgin’s M Plus Savers account offers the ‘market leading’ rate on savings pots up to and including £25,000. Anything over that amount will be assigned a rate of one percent. This drop in interest rates could, however, discourage those who have more savings. The M Plus account, which Britons need to open the savings account, offers an AER of 2.02% on balances up to £1,000.
With this savings account, interest is calculated daily and paid on the last business day of each calendar quarter.
This means that if a person deposits £1,000 into the pot, they will have a rate of £1,017.10 after 12 months.
If the Brits deposit £25,000, then they can increase their prize pool by £426.60 after 12 months.
People can only open an M Plus Saver if they have an M Plus account with Virgin in the same name.
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There is also no charge to open the M Plus Saver.
There are no minimum or maximum balance restrictions to open this account and there is no need to pay regularly.
The advantage of an easy-to-access account is that Brits can deposit and withdraw their savings very easily, which is ideal for those who cannot lock their money.
For this reason, MoneySavingExpert.com declared it to be the “best on the market at the moment”.
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Britons can open an M Plus current account without having to switch to Virgin. However, if people switch completely, Virgin will give them 20,000 Virgin Points.
Virgin Red is a rewards club that turns everyday spend into points. Once a person is a member, they can earn and spend their Virgin Points on nearly 200 different rewards.
People can spend Virgin Points on treats ranging from Greggs sausage rolls to coffees, afternoon tea for two and flights to the Bahamas.
Brits will receive an email with their promo code within two weeks of who meets the terms of the offer.
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However, some account services are available through telephone banking, post office and at Virgin branches.
Virgin raised the interest rate on its M Plus savings account in June when the Bank of England (BoE) raised its base rate to 1.25%. The rate is now at 1.75%.
At the time, Hugh Chater, Commercial Director of Virgin Money, said: “Following the Bank of England’s base rate increase in June, our new market-leading rate gives consumers more reason to doing business with Virgin Money and rewarding our existing customers.
“This increase in our linked savings rates means we can offer new and existing customers even better value for their savings, which is so important in these difficult times.”