Virgin Money launches market-leading Cash Isas

Published by Adam Williams on 18 October 2017.
Last updated on 19 October 2017

Virgin Money launches market-leading Cash Isas

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's new Isas compared to next best alternatives

Virgin Money Cash Isa

Next best product

One Year Fixed Rate Cash Isa - 1.51%

Leeds Building Society One Year Fixed Rate Isa (Issue 99) - 1.35%

Two Year Fixed Rate Cash Isa - 1.71%

Charter Savings Bank Two Year Fixed Rate Cash Isa - 1.65%

Three Year Fixed Rate Cash Isa - 1.85%

Charter Savings Bank Three Year Fixed Rate Cash Isa - 1.7%

Five Year Fixed Rate Cash Isa - 2.4%

Coventry Building Society Fixed Rate Isa (Issue 49) - 2.15%

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

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I'm absolutely furious with

I'm absolutely furious with Virgin... one of my Isa's has just matured (15/10/2017 and only got offered 1.60% to reinvest... so opened 2017 one with another provider and arranged transfer just yesterday.
Why don't they advise existing investors asap.

The Virgin Cash ISA rates are

The Virgin Cash ISA rates are even better than shown above.

I have worked for the same

I have worked for the same company for 39 years 17 of which was a final salary defined pension .Please can you tell me if at present i have full contribution record with opting out as i have over 35 years contributions.

Interested in savings

Interested in savings

It will take a bit more than

It will take a bit more than this to encourage me to retain a cash ISA after my current fix (with Virgin, as it happens) matures next year. It's currently losing 0.75% pa against inflation and the new 3-year fix only offers 1.15% less than inflation, ie even worse. The Bank of England must raise interest rates and staunch the flood of money supply inflation (Quantitative Easing - the means by which HM Treasury gains the imaginary funds to support the growth of the national debt) that is the real reason for such low savings rates. Savers are being robbed to support a tide of debt that will one day see a collapse that puts 1929 and 2008 into the shade.