Virgin Money is offering customers 2.02 percent interest rate but there's a limit to note

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The Virgin Money M Plus Account currently pays 2.02 percent AER (two percent gross per annum variable) on certain amounts. This on balances up to £1,000, and the interest is paid monthly.

There isn’t a limit on the balance which can earn this rate in the M Plus Saver.

This is also a variable interest rate, and it is paid quarterly.

With this account, there isn’t a monthly fee.

This differs to the Virgin Money Club M Account.

This current account also pays 2.02 percent AER (two percent gross per annum variable) on balances up to £1,000, with interest paid monthly.

These account holders get an exclusive linked saver, Club M Saver, which pays 0.50 percent AER (0.50 percent gross per annum variable) on the savings balance.

Interest on this account is paid quarterly.

There is a monthly fee for this account, which is currently £14.50 per month.

It will mean those with unrestricted access rise to 0.50 percent and restricted accounts to 0.55 percent.

Nearly 1.7 million customers will benefit from the changes, the building society said.

These increases took effect on Wednesday, June 2.

The Society is automatically updating all qualifying accounts, which includes: Internet Saver, Access Saver and Triple Access Saver accounts.

The mutual added that any of the qualifying accounts opened up to January 29, 2021, will be included in the changes.

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