Virgin Money has launched a range of market-leading Cash Isas, which enable savers to earn up to 2.4% in interest if they’re willing to lock their cash away for up to five years.
The provider has unveiled one-, two-, three- , and five-year fixed rate Cash Isas which have interest rates well above the rest of the market.
Here’s how Virgin Money’s new Isas compare to the next best products:
Virgin Money Cash Isa
Next best product
The Virgin Money products are available in branch, by post, and over the phone or as e-Isas with the same rates for customers opening accounts online.
The minimum balance on each account is £1 and transfers from other providers are accepted.
The rates don’t beat inflation
However, despite these new rates being better than the rest of the market, none of them beat the current rate of inflation.
The consumer prices index (CPI) rate of inflation was 3% in the year to September 2017, according to the Office for National Statistics’ latest data.
No available-to-all savings accounts currently pay a level of interest that beats inflation, although some regular savers and current accounts do.
Read the Moneywise guide to savings accounts that beat inflation to find out more.
The Bank of England is expected to raise interest rates in November, following several hints from Bank of England governor Mark Carney and the revelation of an ONS data mistake on employment figures.