Virgin Money increases savings rate to 1.56 percent for all customers | Personal Finance | Finance


The change will affect both new and existing customers and will come into force automatically. This follows the Bank of England base rate increase to 1.00 percent in May.

The savings rate increase – which came into effect on Wednesday June 1 – comes after the Bank of England base rate increase to 1.00 percent in May 2022.

It now offers a best-buy rate for customers looking to maximise the return on their savings with an easy access account.

Hugh Chater, chief commercial officer at Virgin Money, said: “Following the Bank of England’s recent base rate increases, our new market-leading rate gives consumers more reasons to bank with Virgin Money.

“As well as rewarding customers with Virgin Points, this boost to our linked savings rates means we can offer both new and existing customers even better value for their savings.”

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Ms Springall said: “Virgin Money current account holders may be pleased to see they are now getting a market-leading savings account for their loyalty.

“Both existing customers or those that open an account today will be eligible which is positive to see.

“It’s great to see a savings provider improving its interest rate for savers who may prefer to keep their cash in a flexible account and at 1.56 percent, the deal will no doubt be attractive to new customers who are prepared to open one of the current accounts to be eligible for this offer.

“Savings rates are on the rise, so it is hoped in the weeks to come that competition will continue.”

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