Virgin Money UK savings accounts review: A complete guide

Want to put money aside for a rainy day, or save for something special? You’ll need a savings account which offers interest on your hard-earned cash.

One of the options you’ll come across when searching for savings accounts is Virgin Money. The high street bank has quite a few different savings products, suitable for both the everyday and longer term.

Here in this guide, we’ll be running through all of the best Virgin Money savings accounts in every category - from easy access and fixed savers to ISAs. We’ll look at interest rates, features and how to open an account too.

Want to earn a return in multiple currencies? With Wise Interest, you can get a 4.70% variable rate on your GBP balance held in your Wise multi-currency account.

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What is Virgin Money?

Virgin Money is a UK-based financial services company and full-service digital bank. It’s part of the multinational company Virgin Group.

The bank offers a full range of services, products and accounts in the UK, serving both personal and business customers.

This includes current and savings accounts, ISAs, loans, credit cards, insurance, mortgages, investments and pensions. There’s even a Private Banking arm of Virgin Money.

How to open a Virgin Money savings account?

Like many banks these days, Virgin Money makes most of its savings accounts available to open online. Although it depends on the account type, you can also open accounts through the Virgin Money mobile app.

According to Virgin Money, it only takes around 10 minutes to apply for an account online.¹

Here’s what you’ll need to do to open an account online:

1. Go to the Virgin Money website and check the eligibility criteria for the account you’re interested in. Read the terms and conditions too.
2. If you’re happy, click the ‘Apply online’ button. If you’re an existing customer, you can sign in to apply.
3. Fill in the online form with your personal details and any other information when prompted. You’ll need to provide your addresses for the last few years.
4. Check your application and submit
5. You should receive a confirmation email right away, followed by another email or letter once your account has been opened.

Prefer to do your banking face-to-face? You can visit a Virgin Money branch and a customer service representative should be able to help. Find your nearest branch here.

And if you ever need to close a Virgin Money account, it’s also good to know that in most cases you can do it online.

📚 Read more: Best packaged bank accounts in the UK

A quick review of Virgin Money savings accounts

So, what savings accounts are on offer at Virgin Money, and what kind of interest do they pay? Here’s an at-a-glance look at your options:

Virgin Money Savings Account	Type	Interest	Existing customers only?
M Plus Saver	Easy access	3.55% AER	Yes - must have Virgin Money M Plus Account
Easy Access Cash ISA Exclusive	Easy access/ISA	4.25% AER	Yes - must have a current account
1 Year Fixed Rate Cash E-ISA	Fixed/ISA	5.54% AER	No
2 Year Fixed Rate Cash E-ISA	Fixed/ISA	5.61% AER	No
Defined Access Cash E-ISA	ISA	4% AER (up to 3 withdrawals)	No
1 Year Fixed Rate E-Bond	Fixed term bond	5.02% AER	No
2 Year Fixed Rate E-Bond	Fixed term bond	5.13% AER	No
3 Year Fixed Rate E-Bond	Fixed term bond	5.25% AER	No

Virgin Money M Plus Saver easy access savings account and interest rate

One of the most popular Virgin Money savings accounts is the M Plus Saver. However, it’s not available as a standalone product. It comes linked to the Virgin Money M Plus Account, so you’ll need to open this current account to get it.

But the good news is that both accounts offer interest on your money. Here are the details:²

• Virgin Money M Plus Account - interest rate of 2.02% AER on balance up to £1,000
• Linked Virgin M Plus Saver - interest rate of 3.55% AER on balances up to £25,000 (2.52% AER on balances of £25,000+)
• Easy access - pay money in or withdraw at any time.

There’s no monthly fee for either account. And you can manage them both in the same Virgin Money mobile app, including making instant transfers between accounts.

Virgin Money individual savings accounts (ISAs) and interest rates

If you want to earn tax-free interest on your savings pot, you might want to check out Virgin savings ISAs. There are three different ISA types available - easy access, fixed term and defined access. Let’s take a look.

Easy Access Cash ISA Exclusive

Easy Access Cash ISA Exclusive offers 4.25% AER tax-free interest on your money. You can deposit or withdraw whenever you want, without any fees or penalties.²

The only catch is that it's only available to eligible current account holders. If you have a current account with Virgin Money, Yorkshire Bank or Clydesbank Bank, you can open this ISA online or in a branch.

1/2 Year Fixed Rate Cash E-ISA

Happy to lock your money away, in exchange for a higher interest rate? The Virgin Money Fixed Rate Cash ISA could be a good choice.

It pays interest of 5.54% AER tax-free for the 1 Year ISA, or 5.61% AER tax-free for the 2 Year ISA.² So if you’re willing to leave your pot to grow for longer, you could get slightly more interest.

As with most fixed rate accounts, you won’t be able to take money out before the end of the fixed term without being charged. You’ll need to pay in within 30 days of opening the account.

Defined Access Cash E-ISA

The Virgin Money Defined Access Cash E-ISA strikes a balance between the easy access and fixed term ISAs we’ve looked at so far.

It offers a variable rate of 4%, but only if you don’t make more than three withdrawals within a year (January to December). If you exceed this, the interest rate drops to 2% AER. You can pay in whenever you want.²

This account is managed online.

📚 Read more: Help to Buy ISA: rules, interest rates and FAQ

Virgin Money fixed rate bonds account and interest rates

Lastly, we come to Virgin Money savings bonds accounts. These come in 1 Year, 2 Year or 3 Year types, with different interest rates for each:²

• 1 Year Fixed Rate E-Bond - 5.02% AER
• 2 Year Fixed Rate E-Bond - 5.13% AER
• 3 Year Fixed Rate E-Bond - 5.25% AER.

With all three, you can pay money in for a limited period of time, but can’t withdraw it or close the account during the fixed rate period.

Virgin Money savings accounts’ withdrawal limits

Alongside the interest rate, another crucial thing to check before opening a savings account is access. Can you withdraw money when you need it, without a penalty? Fixed term accounts in particular have strict limits on withdrawals.

At Virgin Money, the following accounts have withdrawal limits:

• 1/2 Year Fixed Rate Cash E-ISA - no withdrawals within term
• Defined Access Cash E-ISA - up to 3 withdrawals a year (or interest rate drops)
• 1/2/3 Year Fixed Rate E-Bond - no withdrawals within term.

FAQ on Virgin Money savings accounts

Is Virgin Money savings safe?

Virgin Money is a licensed bank covered by the Financial Services Compensation Scheme (FSCS). This provides protection for up to £85,000 per person.

Which Virgin Money fixed rate ISA is the best?

It all depends how long you’re prepared to lock your money away for. The 2 Year Fixed Rate Cash E-ISA offers the highest interest rate, but you won’t be able to withdraw your money for two years.

Is Virgin Money any good?

Virgin Money was named ‘Best Current Account Provider’ in the 2022 Moneyfacts Awards.³ However, it only has a 1.3 rating on review site TrustPilot.⁴

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And that’s it - our comprehensive Virgin Money savings account review, covering all the different account types on offer at the bank. After reading this, you should be all clued up on the everyday, fixed term and ISA savers you can choose from.

Just remember that a savings account isn’t the only way to boost your rainy day fund.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

For more useful info on banking, check out our guides to finding the best current accounts and travel-friendly credit cards.

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Sources used:

1. Virgin Money - Defined Access Cash E‑ISA
2. Virgin Money - Compare our savings accounts
3. Moneyfacts Group - Winners 2022
4. TrustPilot - Virgin Money

Sources last checked on date: 28-Jul-2023

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