Want to put money aside for a rainy day, or save for something special? You’ll need a savings account which offers interest on your hard-earned cash.
One of the options you’ll come across when searching for savings accounts is Virgin Money. The high street bank has quite a few different savings products, suitable for both the everyday and longer term.
Here in this guide, we’ll be running through all of the best Virgin Money savings accounts in every category - from easy access and fixed savers to ISAs. We’ll look at interest rates, features and how to open an account too.
Want to earn a return in multiple currencies? With Wise Interest, you can get a 4.70% variable rate on your GBP balance held in your Wise multi-currency account.
Capital at risk. Current rates do not guarantee future growth.
Variable rate is based on 7 day performance as of 10 Aug 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds.
What is Virgin Money?
Virgin Money is a UK-based financial services company and full-service digital bank. It’s part of the multinational company Virgin Group.
The bank offers a full range of services, products and accounts in the UK, serving both personal and business customers.
This includes current and savings accounts, ISAs, loans, credit cards, insurance, mortgages, investments and pensions. There’s even a Private Banking arm of Virgin Money.
How to open a Virgin Money savings account?
Like many banks these days, Virgin Money makes most of its savings accounts available to open online. Although it depends on the account type, you can also open accounts through the Virgin Money mobile app.
According to Virgin Money, it only takes around 10 minutes to apply for an account online.¹
Here’s what you’ll need to do to open an account online:
- Go to the Virgin Money website and check the eligibility criteria for the account you’re interested in. Read the terms and conditions too.
- If you’re happy, click the ‘Apply online’ button. If you’re an existing customer, you can sign in to apply.
- Fill in the online form with your personal details and any other information when prompted. You’ll need to provide your addresses for the last few years.
- Check your application and submit
- You should receive a confirmation email right away, followed by another email or letter once your account has been opened.
Prefer to do your banking face-to-face? You can visit a Virgin Money branch and a customer service representative should be able to help. Find your nearest branch here.
And if you ever need to close a Virgin Money account, it’s also good to know that in most cases you can do it online.
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A quick review of Virgin Money savings accounts
So, what savings accounts are on offer at Virgin Money, and what kind of interest do they pay? Here’s an at-a-glance look at your options:
| Virgin Money Savings Account | Type | Interest | Existing customers only? |
|---|---|---|---|
| M Plus Saver | Easy access | 3.55% AER | Yes - must have Virgin Money M Plus Account |
| Easy Access Cash ISA Exclusive | Easy access/ISA | 4.25% AER | Yes - must have a current account |
| 1 Year Fixed Rate Cash E-ISA | Fixed/ISA | 5.54% AER | No |
| 2 Year Fixed Rate Cash E-ISA | Fixed/ISA | 5.61% AER | No |
| Defined Access Cash E-ISA | ISA | 4% AER (up to 3 withdrawals) | No |
| 1 Year Fixed Rate E-Bond | Fixed term bond | 5.02% AER | No |
| 2 Year Fixed Rate E-Bond | Fixed term bond | 5.13% AER | No |
| 3 Year Fixed Rate E-Bond | Fixed term bond | 5.25% AER | No |
Virgin Money M Plus Saver easy access savings account and interest rate
One of the most popular Virgin Money savings accounts is the M Plus Saver. However, it’s not available as a standalone product. It comes linked to the Virgin Money M Plus Account, so you’ll need to open this current account to get it.
But the good news is that both accounts offer interest on your money. Here are the details:²
- Virgin Money M Plus Account - interest rate of 2.02% AER on balance up to £1,000
- Linked Virgin M Plus Saver - interest rate of 3.55% AER on balances up to £25,000 (2.52% AER on balances of £25,000+)
- Easy access - pay money in or withdraw at any time.
There’s no monthly fee for either account. And you can manage them both in the same Virgin Money mobile app, including making instant transfers between accounts.
Virgin Money individual savings accounts (ISAs) and interest rates
If you want to earn tax-free interest on your savings pot, you might want to check out Virgin savings ISAs. There are three different ISA types available - easy access, fixed term and defined access. Let’s take a look.
Easy Access Cash ISA Exclusive
Easy Access Cash ISA Exclusive offers 4.25% AER tax-free interest on your money. You can deposit or withdraw whenever you want, without any fees or penalties.²
The only catch is that it's only available to eligible current account holders. If you have a current account with Virgin Money, Yorkshire Bank or Clydesbank Bank, you can open this ISA online or in a branch.
1/2 Year Fixed Rate Cash E-ISA
Happy to lock your money away, in exchange for a higher interest rate? The Virgin Money Fixed Rate Cash ISA could be a good choice.
It pays interest of 5.54% AER tax-free for the 1 Year ISA, or 5.61% AER tax-free for the 2 Year ISA.² So if you’re willing to leave your pot to grow for longer, you could get slightly more interest.
As with most fixed rate accounts, you won’t be able to take money out before the end of the fixed term without being charged. You’ll need to pay in within 30 days of opening the account.
Defined Access Cash E-ISA
The Virgin Money Defined Access Cash E-ISA strikes a balance between the easy access and fixed term ISAs we’ve looked at so far.
It offers a variable rate of 4%, but only if you don’t make more than three withdrawals within a year (January to December). If you exceed this, the interest rate drops to 2% AER. You can pay in whenever you want.²
This account is managed online.
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Virgin Money fixed rate bonds account and interest rates
Lastly, we come to Virgin Money savings bonds accounts. These come in 1 Year, 2 Year or 3 Year types, with different interest rates for each:²
- 1 Year Fixed Rate E-Bond - 5.02% AER
- 2 Year Fixed Rate E-Bond - 5.13% AER
- 3 Year Fixed Rate E-Bond - 5.25% AER.
With all three, you can pay money in for a limited period of time, but can’t withdraw it or close the account during the fixed rate period.
Virgin Money savings accounts’ withdrawal limits
Alongside the interest rate, another crucial thing to check before opening a savings account is access. Can you withdraw money when you need it, without a penalty? Fixed term accounts in particular have strict limits on withdrawals.
At Virgin Money, the following accounts have withdrawal limits:
- 1/2 Year Fixed Rate Cash E-ISA - no withdrawals within term
- Defined Access Cash E-ISA - up to 3 withdrawals a year (or interest rate drops)
- 1/2/3 Year Fixed Rate E-Bond - no withdrawals within term.
FAQ on Virgin Money savings accounts
Is Virgin Money savings safe?
Virgin Money is a licensed bank covered by the Financial Services Compensation Scheme (FSCS). This provides protection for up to £85,000 per person.
Which Virgin Money fixed rate ISA is the best?
It all depends how long you’re prepared to lock your money away for. The 2 Year Fixed Rate Cash E-ISA offers the highest interest rate, but you won’t be able to withdraw your money for two years.
Is Virgin Money any good?
Virgin Money was named ‘Best Current Account Provider’ in the 2022 Moneyfacts Awards.³ However, it only has a 1.3 rating on review site TrustPilot.⁴
And that’s it - our comprehensive Virgin Money savings account review, covering all the different account types on offer at the bank. After reading this, you should be all clued up on the everyday, fixed term and ISA savers you can choose from.
Just remember that a savings account isn’t the only way to boost your rainy day fund.
Please see the Terms of Use for your region or visit for the most up-to-date information on pricing and fees.
For more useful info on banking, check out our guides to finding the best current accounts and travel-friendly credit cards.
Sources used:
Sources last checked on date: 28-Jul-2023
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Let's dive into the concepts mentioned in the article you provided:
Virgin Money
Virgin Money is a UK-based financial services company and full-service digital bank. It is part of the multinational company Virgin Group. The bank offers a wide range of services, products, and accounts to both personal and business customers. These include current and savings accounts, ISAs, loans, credit cards, insurance, mortgages, investments, and pensions. Virgin Money also has a Private Banking arm.
Savings Accounts
Savings accounts are accounts provided by banks and financial institutions where individuals can deposit their money and earn interest on their savings. These accounts are typically used for putting money aside for a rainy day or saving for specific goals. There are different types of savings accounts, such as easy access accounts, fixed-rate accounts, and ISAs.
Interest Rates
Interest rates are the percentage of money that the bank pays you for keeping your money in a savings account. The interest rate can be fixed or variable, and it determines how much your savings will grow over time. Higher interest rates generally mean that your savings will accumulate faster.
Easy Access Savings Accounts
Easy access savings accounts allow you to deposit and withdraw money from your account at any time without penalties. These accounts offer flexibility and liquidity but may have lower interest rates compared to fixed-rate accounts.
Fixed-Rate Savings Accounts
Fixed-rate savings accounts require you to deposit your money for a specific period, typically ranging from one to three years. In return, you receive a fixed interest rate for the duration of the term. These accounts offer higher interest rates than easy access accounts but come with the limitation that you cannot withdraw your money before the term ends without incurring penalties.
ISAs (Individual Savings Accounts)
ISAs are tax-efficient savings and investment accounts available in the UK. They allow individuals to save or invest up to a certain amount each year (known as the ISA allowance) without paying tax on the interest or returns earned. There are different types of ISAs, including cash ISAs and stocks and shares ISAs.
Wise Interest
Wise Interest is a savings product offered by Wise, a financial technology company. It allows you to earn a variable interest rate on your GBP balance held in your Wise multi-currency account. The interest rate is stated as 4.70% but is subject to market fluctuations and is not guaranteed.
Financial Services Compensation Scheme (FSCS)
The Financial Services Compensation Scheme (FSCS) is a UK statutory compensation scheme that protects customers of authorized financial services firms. It provides protection for eligible deposits up to £85,000 per person per authorized institution in case the firm becomes insolvent.
Please note that the information provided here is based on the content of the article you shared, and it's always a good idea to verify the latest information directly from the bank or financial institution before making any decisions.
