Virgin Money is offering 2% interest rate and customers can get 'free gift' worth £180

Existing customers need not miss out either, as Virgin Money has said they can access to an offer for a discounted case of Virgin Wines worth £180, through a new ‘Exclusive Rewards’ area of the Virgin Money app.

Commenting on the latest inflation figure today, Kevin Brown, savings specialist at Scottish Friendly, said: “Inflation reached a near all-time low in November as consumer spending was restricted as a result of a new national lockdown.

“The easing of restrictions in December coupled with Christmas has led to a spike in spending and pushed inflation back up to 0.6 percent.

“Many families still face financial difficulties but overall there is a huge pent-up spending demand in the UK.

“Household expenditure has been capped for nearly 12 months because of on and off restrictions, so with a vaccine now being rolled out families whose income has remained stable could soon have the opportunity to firmly loosen the purse strings.