Virgin Money Launches High Interest Bank Account
Virgin Money has launched a high interest bank account that could be an attractive option for savers struggling to find a competitive rate in the savings charts. Here we look at whether the account is worth opening and the alternative high interest bank accounts currently available.
The new Virgin Money account, Club M Account, allows customers to earn 2.00% gross on deposits of up to £1,000, which if the maximum amount was deposited would result in £20 earned in interest over a one-year period. This account also comes with a host of incentives including the ability to earn and spend points when shopping at Virgin brands and major high street retailers, gadget and accessory insurance, mobile phone insurance, vehicle breakdown cover, worldwide travel insurance, and eligibility for the linked Virgin Money Instant Savings Account, which currently offers a chart-topping rate of 0.50% gross. When weighing up the benefits of this account, however, consumers should keep in mind that it charges a monthly fee of £14.50, so it may only be worthwhile for those who would be able to make full use of the incentives offered.
Consumers who would not make full use of the incentives may want to consider Virgin Money’s M Plus Account. This account also offers 2.00% gross on deposits of up to £1,000 but does not charge a monthly fee. The account does not have the incentives offered by the Club M Account, but it does have a switching incentive that enables customers to receive a 12-bottle case of wine from Virgin Wines or donate £50 to charity when they switch to the account using the Current Account Switching Service (CASS).