Virgin ups rates on cash ISAs

Published by Jamie Stinson on 23 July 2013.
Last updated on 14 November 2013

Virgin Money has slashed the rate on its Cash ISA, with customers now only getting 1.75%, compared to a previous 2.15%, but Virgin has rolled out some new rates that are far more pleasing to those looking for relatively risk-free savings.

According to Moneywise's comparison site, Virgin's five-year fixed rate Cash ISA, paying 2.75% AER, is a current best buy. For a shorter term investment, Virgin's one-year fixed rate Cash ISA is paying 2%, while the three-year fixed Cash ISA is offering 2.2%.

Currently, the best cash ISA rate is 2.25% from NS&I, though this product will see a rate drop (down to 1.75%) on 12 September, NS&I announced.

Elsewhere on the market, Britannia's Fixed Rate ISA (to 31/07/2014) offers 2.35%, and Coventry Building Society's Fixed Rate ISA pays 2.35%. However, both accounts require a minimum deposit of £5,760, whereas Virgin's can be opened from £1.

Virgin Money's new range of bonds includes a five year Fixed Rate Bond paying a rate of 2.75%. If you are prepared to put your money away for slightly longer, Skipton Building Society's seven-year bond is offering a market-leading rate of 3.5%.

Other products launched by Virgin include a one-year fixed rate bond offering a rate of 1.75%, and a three-year fixed rate bond offering a rate of 2.2%.

There are better rates on the market with First Save's one year Loyalty Bond offering 2.15%, and ICICI Bank's three-year SuperSaver Bond offering 2.55%.

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