Virgin Money is a popular provider, with many choosing the bank for their monetary needs each year. With this being said, what savers are usually looking for most is an attractive interest rate to help grow their funds. While the security of saving money in a bank cannot be denied, it is a financial return which is sought after by many.
However, it has been challenging to grow funds due to the impact of the pandemic over the last year.
When the Bank of England made the decision to lower its base rate to 0.1 percent in March 2020, there was an impact on many providers.
There are remaining offers, though, which could help Britons in a narrow market, including an offering put forward by Virgin Money.
The Virgin Money M Plus Account is currently offering a 2.02 percent AER interest rate when saving into this account.
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After this date, Virgin Money has confirmed the interest rate on the linked account will reduce.
From April 27 onwards, the interest rate will drop to 0.35 percent AER per annum – variable.
The change, however, should not come as a surprise, as this was announced by Virgin Money a while ago to give customers ample notice.
Some may be new to the account, though, and hoping to benefit from its attractive interest rate.
People will be able to apply for the Virgin Money account online, and they can also try it out before switching from an old provider.
For those who are shopping around for solid interest rates, there are still some options available, particularly for existing current account holders.
Existing customers can secure the top payer account with Yorkshire Building Society at 3.5 percent.
NatWest and RBS current account customers can also secure a 3.04 percent rate with linked regular saver accounts.
It is worth bearing in mind, however, varying savings limits and rules each provider may have when it comes to their accounts.
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