Virgin Money to cut interest rate on savings account this month - are you affected?

Samir SharmaApr 12, 2021Business

Virgin Money customers can currently access a 2.02 percent AER (two percent gross) interest rate on balances up to £1,000 via the Virgin Money M Plus Account. These current account customers also get access to a linked savings account.

Virgin Money announced this rate change some time ago, confirming it would come into force on April 27, 2021.

From this date, the interest rate will change to 0.35 percent gross/AER per annum variable.

Interest for the M Plus Saver is paid quarterly.

Any interest earned via the M Plus Account is paid monthly.

DON’T MISS

Last week, money comparison website Moneyfacts put the spotlight on another type of savings account – a notice cash ISA.

Eleanor Williams, Finance Expert at Moneyfacts.co.uk, spoke about the 30 Day Notice Cash ISA Issue 11 from Aldermore in the Moneyfacts Pick of the Week.

This account currently offers an interest rate of 0.40 percent gross/AER payable on anniversary.

There is also a monthly interest option of 0.40 percent gross/AER.

“Paying 0.40 percent on anniversary, investors who are looking to supplement their income may be pleased to note that there is the ability to take a monthly interest option as well.

“When compared against other variable ISAs currently on offer, this account earns a position in our top rate tables and may be an attractive option for those able to meet the £1,000 minimum investment amount and who are looking to use their tax-free ISA allowance.

“Savers may be pleased to note that access is permitted, subject to either providing 30-days’ notice or a 30-day loss of interest penalty, so careful planning would be advised.

“On balance, the account secures an Excellent Moneyfacts product rating.”

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