Virgin Money has introduced a new issue of its Regular Saver Exclusive account, allowing eligible current account customers to earn a fixed 6.50% AER rate over a 12-month period. Customers who pay in the maximum amount each month could receive more than £100 in interest on their savings.
The account is available to existing Virgin Money personal current account holders and new customers who open an eligible current account. The offer comes with specific limits on monthly deposits and access rules that determine how much savers can build up over the year.
New Savings Account Sets £250 Monthly Deposit Limit
The Regular Saver Exclusive account allows customers to deposit up to £250 during each calendar month. Based on Virgin Money’s example, a customer paying in £250 on the first day of every month for 12 months, without making any withdrawals, would deposit £3,000 and finish with a balance of £3,105.87, including £105.87 in interest.
According to Virgin Money, the account has a fixed rate of 6.50% AER until 30 September 2027, meaning the bank cannot reduce the interest rate during that fixed-rate period. The account is a limited-issue product and may be removed from sale.
Customers do not need to deposit the full monthly amount, as they can pay in any amount from zero up to the £250 limit. If a customer misses a month, the unused allowance cannot be carried forward by paying more than £250 in a later month.
The savings account also permits withdrawals, although money removed after reaching the monthly deposit limit cannot be replaced during the same calendar month. This means customers who take money out may not be able to rebuild their balance immediately.
Eligibility Rules and Access Options for Virgin Money Customers
The account is restricted to holders of certain Virgin Money current accounts. Eligible products include the M Plus Account, M Account and Club M Account. The Regular Saver Exclusive is not available to customers with the Essential Current Account or the Virgin Money Current Account.
According to Andrew Carter, Head of Personal Banking at Virgin Money, the new issue of the Regular Saver is intended to provide eligible current account customers with a way to build their savings. The account can be managed through the Virgin Money app, online banking, by phone or in branches.
The savings deal is available following Virgin Money’s ownership change, with the bank now owned by Nationwide. Customers considering the account also need to take into account that the advertised 6.50% figure is a gross rate. Interest may be taxable depending on individual circumstances and whether a customer exceeds their Personal Savings Allowance.
According to the information provided by Virgin Money, the account combines a fixed interest rate with a controlled monthly saving structure rather than allowing unlimited deposits. The conditions around payments and withdrawals mean customers need to follow the account rules to receive the full benefit of the stated savings example.
