Virgin Money is offering Britons a 2% interest rate with account which 'keeps on giving'

Virgin Money is perhaps a less familiar name among savers, but has a noticeable presence on Britain’s high streets. For those who are currently looking to grow their cash, Virgin Money is offering a deal with a strong interest rate. This comes in the form of its M Plus Account which is currently offering an interest rate of 2.02 percent AER.

This interest rate is available on balances saved up to £1,000, with interest paid out on the account monthly.

An additional benefit of this account is that it is linked to Virgin Money’s M Plus Saver, currently offering a 0.35 percent interest rate.

This is available on a person’s savings balance with the interest rate paid quarterly. 

Virgin Money has described the option as the “account that keeps on giving”, helping savers to grow their funds, while benefitting from other perks.

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This means as long as the official process is followed, the process of switching should be quick and easy - taking only seven days to process. 

The account offered by Virgin Money is also protected under the Financial Services Compensation Scheme (FSCS).

This means if the worst were to happen, eligible deposits up to £85,000 per person would be covered.

But for individuals who are looking to use this account, considering eligibility will also be key.

Fortunately, the checklist, as outlined by Virgin Money, is quite short in this sense.

Firstly, savers must be 18 or over in order to open an account of this kind.

And Virgin Money dictates a person must have a good credit history for this account to be suitable for them.

For those who are still unsure about whether this account is right for them, the organisation offers a “try now, switch later” service.

Its website explains: “If you like, you can open your M Plus Account now, and try it out.

“Then, when you’re sure it’s the one for you, switch your old current account to us.”

It has been a difficult time for savers to secure good deals recently, but there are a number of suitable options still available.

For regular savers, Yorkshire Building Society currently leads the pack at 3.5 percent interest for existing customers.

Also for existing customers is the Digital Regular Saver offered by sister banks RBS and NatWest at 3.04 percent.

The top open to all account is currently put forward by Coventry Building Society at 1.05 percent.