Virgin Money launches first savings accounts as Rock owner

But are they a good deal?

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by Victoria Bischoff on Jan 08, 2012 at 08:46

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This means your FSCS protection limit will be shared between both accounts.Therefore if you have a hefty sum already saved with Northern Rock you should think carefully about how much you want to invest to avoid exceeding the £85,000 protection limit.

Citywire Verdict

This is a great deal for anyone concerned they that won't switch savings accounts before an introductory bonus deal expires and be left earning a pitiful rate. It's also good for those who think they may need to access their money suddenly as they won't be hit with a penalty charge no matter how little notice they give.

Most importantly, however, is that these accounts offer savers a clear-cut deal – something which is all too often missing in the market right now.

It will be interesting to see what other products Virgin Money rolls out in the next year.

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6 comments so far. Why not have your say?

Wish this had been available before I put savings into Coventry, still a reasonable product in today's climate, but I like the simplicity and honesty of the Branson product. Just think how much saver's money is being collected by these other providers from all those savings account holders who forget to transfer or upgrade at the end of the year. trust Richard Branson to begin the journey to bring back honest banking.

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Faster payments now working so just open the new account and move your money.

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I'd choose Coventry any day - they have a long track record of decent interest rates for savers. Virgin is a powerful brand but study the track record. What's the interest rate been on Virgin Money Savings Account for the 4 or 5 years? I threw in the towel 3 years ago after being them since they started. It had become consistently poor. Who introduced one of the earliest popular trackers and now consistently charges one of the highest AMC's? Virgin always starts well. Don't go to sleep trusting the brand.

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I am wondering how much Virgin has paid Citywire for your plugs.

Virgin Money has never been best buy for anything.

If any one is too lazy to move his money after one year, he is drone who deserves to be exploited by Virgin, aided and abetted by concealed advertisers..

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How is this so much better than an a/c with a 1st year bonus? The rate is variable. Unless committed to be forever tied to a reference rate (e.g. 'bank rate') , it can be reduced at any time.

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Graham Barlow

Jan 09, 2012 at 14:57

The whole Deposit account industry is one massive fraud on depositors. All your deserved interest on your cash has been transferred to the masively over borrowed creditors in the nation by Political expediency. Go for carefully selected Corporate Bonds and even well spread selected equities where interest and dividends far outweigh crummy deposits like this.

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