Virgin Money Increase Fixed Rate of Interest on Regular E-Saver

Written by Karen Bryan

I received an email from Virgin Money informing me that, from 1 September 2018, the rate of interest paid on my Regular E-Saver accounts would increase from 2.25% to 2.5%.

I was doubly surprised by this.

Firstly. many financial providers have chosen, either not to increase the rate of interest paid on their savings accounts at all, or to increase the rate paid to savers by less that the recent 0.25% increase in the Bank of England Base Rate.

Secondly, the Virgin Money Regular E-Saver was a fixed rate product, so Virgin Money was not under any obligation to increase the rate paid to savers.

I was already happy with my Virgin Money E-Saver accounts. Every other provider I’ve seen offering one year term regular savings accounts, only allow you to open one regular saving account per 12 month period. With Virgin Money, you can have one account per issue. As there is usually a new issue every two months, this permits you to hold up to six Virgin Money Regular E-Savers concurrently.