Given the sheer number of ventures Sir Richard Branson has taken on, it’s perhaps no surprise he started a financial services business in the 1990s.
Virgin Money then became a fully licensed high street bank nearly a decade ago, after buying out the Church House Trust and taking over the ailing Northern Rock.
Sir Richard has now sold his stake and the company is under new ownership. The takeover by the Clydesdale and Yorkshire Banking Group (CYBG) has made it the UK’s sixth-largest bank.
If you’re thinking about opening a Virgin Money savings account, here are its interest rates, fees, and pros and cons.
Instant access savings accounts
Table: sorted by interest rate, promoted deals first
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Get a fixed rate ISA for 1 year, 2 years or 3 years.
The longer the term, the higher the interest.
Guaranteed interest. So you know exactly how much you will earn.
ISA transfer service. Keep all your ISAs in one place. Virgin aims to complete all transfers within 7 days.
Virgin perks and lounges. Lounges offer complimentary refreshments, free Wi-Fi, newspapers, TVs and iPads.
You have to deposit money within 30 days of opening the ISA.
Pay in up to £20,000 in a tax year.
This account is made for people looking to put away a larger one-off amount for maturing.
Double Take E-ISA
Limited access. You can take out money twice a year. It has better interest rates than instant access.
Variable interest rate.
Group all your ISAs in one place with a simple ISA transfer service.
Virgin perks. Users get access to Virgin lounges which can be found in six of the UK’s major cities.
Manage your money online.
There’s also the option to get the Man United Double Take E-ISA. With this you get United Rewards prize draws.
Help to Buy ISA
Maximum pay in amount is £200 a month. However, in the first calendar month you can put in £1,200.
Minimum pay in is £1 a month.
Instant access. Take money out any time.
Tax free government bonus of up to £3,000.
Virgin lounges and perks.
The property you buy can cost no more than £250,000. Or up to £450,000 in London.
Easy access savings accounts and bonds
Fixed rate E-Bond
Choose a fixed-term for 1 year or 5 years. The longer the term, the higher the interest return.
No withdrawals from the account allowed. So if you’re on a budget and might need to dip into your savings, you might find a better fit elsewhere.
The plus side? Get a higher rate for saving longer. Also, you’ll know exactly how much you’ll earn by the time your account matures.
Virgin lounges and perks included.
Virgin Atlantic Savings Account
Instead of interest you earn Flying Club mile points.
Fixed term. So no early closures or withdrawals before the fixed-rate period ends.
Saving to Buy Account
Instant access. Top up or take out money whenever you like. Flexible if you are saving on a budget.
If you’re saving towards a goal (a holiday perhaps) this could help you put money out of sight and out of mind.
Put in as little as £1 to start saving.
Save up to £30,000.
Variable interest rate.
Manage your account online.
This account also comes with Virgin lounges and perks.
Does it offer savings accounts for children?
Yes. Virgin Money offers two young saver options. The Young Saver and Fred the Red Young Saver. They are essentially the same, but the Fred the Red option gives you 10 entries into the Man United monthly prize draws.
Minimum amount to open either is £1.
The maximum deposit limit is £25,000.
You can withdraw your money early. Head into a branch or request a withdrawal by post. Or even transfer the money electronically or into another Virgin Money account.
The Fred the Red account can only be opened at a branch. The Young Saver can be opened online or over the phone.
How do I decide which account is for me?
First things first, you need to work out what you’re looking for in a savings account. How often will you want to take money out? Can you afford to stash away large amounts?
Once you’ve worked out your financial situation, it’s useful to look at:
Interest rates.
Fees (if there are any).
Access to cash (if you need quick access, for instance).
Rewards and loyalty schemes (if you’re into add-ons or switching bonuses).
What are the pros and cons of banking with Virgin Money?
Pros
Apply for and manage your accounts online.
Competitive easy access ISA rates.
Virgin lounges are a unique perk for people who live in one of the six catered-for cities.
Cons
The easy access ISA rates are decent, but Virgin Money has taken its regular saver off the market. With the interest-free personal savings allowance of £1,000 (or £500 for higher-rate taxpayers) you might earn more interest with a regular saver than an ISA these days.
Frequently asked questions
Unfortunately, no. Virgin Money’s accounts are available to UK residents only. However, crown employees serving overseas and those married to or in civil partnership with a crown employee serving overseas are also able to invest in a cash ISA.
Yes. You have to call and book an appointment beforehand. Find the contact details for Virgin Money’s stores on its website, and also take a look at which documents you’ll need to bring in with you.
Yes. The Virgin ISA transfer service lets you pool all your ISAs together under one roof. Virgin Money aims to complete all transfers within 7 days or less. All you have to do is the following:
Open a cash ISA with Virgin Money.
Sign in to your online Virgin Money account.
Choose the account to transfer into.
Follow the on-screen instructions. Virgin Money will need to know the details of the cash ISA you’re transferring over, the amount you’d like to move, plus your National Insurance number.
Wait! Virgin Money’s ISA transfer team will handle the process from here.
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
Finder's alcohol savings calculatorHow much are we saving by not hitting the old watering hole after work hours? Use Finder's calculator to see how much you're saving.
Leap year 202029 February (2020’s leap year day) may fly under the radar for a lot of people, but research from Finder has found that Brits on a full-time salary are losing an average of £151.40 because of it.
Compound interest for savings accountsWe look at the definition of compound interest, what it concretely means and how you can use it to grow your savings more quickly.
Offshore savings accountsLearn how offshore savings accounts work, which taxes you need to pay and how to score the best deal.
Notice savings accountsWhat if you could get both great interest rates and access to your money? We're not quite there yet, but notice savings accounts come close.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
