Virgin Money's 10% Instant Access Savings Account

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How It Works

Virgin Money’s regular savings account is designed to help you save consistently and efficiently. Here’s a step-by-step breakdown:

• Open an Account: You can open this account either as a personal or a joint account.

• Monthly Contributions: Deposit up to £250 every calendar month. These contributions will earn interest for 12 months.

• Saving More?: If you wish to deposit more than £250 a month, you can. However, interest will only be earned on the cumulative maximum monthly limit.

• Flexibility: There's no minimum amount required to be deposited each month, and you are not obligated to deposit every month.

• Access and Management: Manage your account easily through the Virgin Money app, online, in-store, or over the phone.

Fixed Rate for 12 Months

Enjoy a fixed interest rate for 12 months with an impressive:

• 10.38% AER (Annual Equivalent Rate)

• 10.00% Gross

This rate is fixed until 31 July 2025, ensuring you know exactly how much your savings will grow over the term.

Why This Account is Great for You

This account is perfect if you:

• Have Extra Cash Monthly: Ideal for those who have some leftover cash each month that they wish to save.

• Short-Term Goals: Excellent for short-term savings goals like a vacation, home improvement, or an emergency fund.

• Easy Access: Need access to your cash without penalties or interest rate changes? This account allows you to do just that.

The Finer Details

• Incremental Interest-Earning Balance: The maximum balance on which you can earn interest increases by £250 each month. If you don’t manage to save the full £250 in a particular month, you can carry over the unused allowance to subsequent months.

• Interest Not Included in Limit: Any interest earned is not counted towards the £250 monthly limit.

• Maximum Interest-Earning Balance: By the end of the 12-month fixed term, the maximum balance you can earn interest on is £3,000 (excluding the interest earned).

You can sign up for this account here.