Virgin Money increases rates on range of fixed rate ISAs

World News

Virgin Money has increased its rates on a range of fixed rate cash ISAs to help savers “boost their money”.

The provider has boosted its rates on three fixed term savings products, including its one year, two year and three year fixed rate cash e-ISAs.

These are the new rates which are now in effect:

  • One Year Fixed Rate Cash E-ISA – 5.05 percent (up from 4.75 percent)
  • Two Year Fixed Rate Cash E-ISA – 5.15 percent (up from 4.91 percent)
  • Three Year Fixed Rate Cash E-ISA – 5.2 percent (up from five percent).

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Savers can manage their fixed rate ISA accounts online and can make deposits up to 30 days after opening an account.

Monthly interest is paid on the last day of each month and will be available the next working day.

Hugh Chater, chief commercial officer at Virgin Money, said: “As the increased cost of living continues to be challenging for many, we know how important it is to help customers make the most of their savings.

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“We hope that increasing the interest rate on these popular savings products will enable customers to boost their money in a way that works best for them, while taking advantage of the tax efficient ISA wrapper.”

An individual can save up to £20,000 into ISAs each financial year, with the savings option coming with several tax benefits.

A saver does not pay tax on any interest they earn from an ISA or on any growth from investments as part of an ISA, and they do not pay any tax on any income derived from an ISA.

Many banks and building societies have increased their rates over the past year and a half as the base rate set by the Bank of England has continually increased.

The base rate increased from 4.5 percent to five percent last week as the central bank works to tackle high levels of inflation.

Inflation remained at 8.7 percent in the latest figures with many analysts predicting the base rate will go up again, potentially providing another boost for savers.

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.

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