Review of Virgin Regular E-Saver

Written by Karen Bryan

virgin-money-logoThe Virgin Money Regular E-Saver pays a fixed rate of interest of 2.25%. This is a fixed term account, which runs until 20 October 2017. The account can only be opened and operated online,

You can open the Virgin Regular E-Saver account with as a little as £1. The maximum deposit is £250 per calendar month. You do not have to pay into the Virgin Money Regular E-Saver every month. The maximum balance is £3,500, which equates to 14 monthly payment of £250.

What I like about the Virgin Money Regular E-Saver account is that it is easy access with unlimited withdrawals.

Quite a few regular savings account such as the Principality Regular Savings One Year Bond don’t allow withdrawals. The only way to access your money before the end of the fixed term is to close the account, in which case the rate of interest paid on the Principality regular saver account drops to the rate paid on the instant access account, currently a pathetic 0.10%.

I also like the fact that the rate on the Virgin Money Regular E-Saver is fixed. Some regular savings account such as the Yorkshire Building Society Monthly Regular Saver pay a variable rate of interest.

However, I wish that the maximum monthly deposit for the Virgin Regular E-Saver was higher. Earning a rate of 2.25% sounds like a good rate of interest on your savings in today’s low-interest environment. But the fact that it’s a regular saver account with a £250 maximum monthly deposit, means that the gains are relatively small.

I opening the Virgin Money Regular E-Saver on a Saturday evening, Prompted by a pop-up message saying that I could deposit funds to start earning interest straight away, I transferred £250 in the new Virgin account by faster banking. However, that transaction wasn’t credited to my account until the Monday.