Virgin Money Offers 10% Interest on Savings for New Current Account Switchers
Virgin Money has launched a new current account switching offer, providing a 10% interest deal on cash savings up to £1,000 for 12 months. This deal is currently the only one available in the market.
The offer, valid until 31 May 2024, requires customers to switch their current account to Virgin Money using the Current Account Switch Service (CASS) and transfer at least two direct debits. Additionally, customers must close their existing current account to qualify.
Eligible accounts for the 10% interest deal include the M Account, M Plus Account, and Club M Account. Customers can earn an additional 2.02% interest on top of the 10% bonus on balances up to £1,000 with the M Plus Account and Club M Account. This effectively turns into a £100 switching bonus for the first year.
Virgin Money's offer stands out among previous switching deals from other banks. HSBC offered up to £220, NatWest offered £200, First Direct offered £175, and Lloyds also offered £175. The interest earned with Virgin Money's deal will be calculated daily and paid monthly from 1 July 2024 to 30 June 2025.
Virgin Money's 10% interest deal on cash savings is a competitive offer for new current account customers. By switching to Virgin Money and meeting the qualifying criteria, customers can earn a significant bonus on their savings. The deal is set to expire on 31 May 2024, so interested customers should act promptly to take advantage of this offer.
