Review of Virgin Money Fixed Rate ISA
If you're looking to take advantage of your tax-free savings allowance, then a Cash ISA could be the perfect place to start. They currently offer three types of ISA although none of these offer a fixed interest rate or have any introductory bonuses but they do offer a high rate of interest when compared to other ISAs.
It’s also important to remember that ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you can both hold your own ISA, each with the full allowance.
The accounts they offer include:
Easy Access Cash E-ISA Online
This account can be interest both monthly and annually and can be managed online via internet banking. With only a £1 minimum to open the account, this is a great way to start saving without having a large amount of money to begin with. This is a flexible ISA which allows you to withdraw whenever you need to.
Help to Buy: ISA Online
The first step to owning your first home, this is a government backed savings account with the ocus of helping people buy their first homes. It’s currently paid interest at 2% and you are able to save £200 a month after the initial £1200 maximum deposit.
You are able to withdraw your money but you won’t be eligible for the 25% bonus (a maximum of £3000) which the government provide once you go to buy your home.
Interest can be paid monthly or annually.
As standard with Virgin Money, you will get free access to their Lounges and a range of other perks and discounts within the Virgin product range.
The Lounges include:
- TV is available all day to keep up with the latest news, they also provide the day’s newspapers and a selection of magazines.
- Free Wi-Fi and use of iPads
- You’re welcome to bring a friend or family member in with you.
- Free tea, coffee and a selection of other hot and cold drinks are always available to Lounge members, plus fruit and snacks are on offer throughout the day.
- Full and anytime use of the customer toilets and baby changing facilities.
This is a great saving if you already subscribe to the Virgin Lounges or regularly use their services for holidays as you could really save.
