Virgin Money 6.5% Regular Saver review 

Put cash apart every month for greater than £100 in curiosity

Although it’s not so good as final 12 months’s 10% providing, that is nonetheless a tough to beat financial savings account – so long as you might have a present account with the financial institution.

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What’s the Virgin Cash Common Saver?

The Virgin Cash common saver pays 6.5% AER. The speed is fastened till 29 Might 2025 so that you’re assured to earn this till then.

Nevertheless, on that date the account may even mature, so should you open it in late June 2025, for instance, you’ll solely get 11 months at this price, and so forth. Nevertheless it’s seemingly it’ll be withdrawn by the tip of Might.

How a lot are you able to add every month?

You possibly can add cash every month as much as a most of £250. You don’t have so as to add something should you don’t need to, and you may make a number of deposits within the month.

In case you do go over the £250 in a month you gained’t have the cash returned to you, however you additionally gained’t earn curiosity on the surplus money.

You’re not capable of carry over unused allowances to future months. So should you can’t afford so as to add any money one month, you may solely add as much as £250 the subsequent month.

Cash will be added to the saver through financial institution switch, cheque or money, so that you’ve loads of choices.

Are you able to solely have one account open?

Sure — you may solely open one common saver at a time with Virgin Cash. That is even should you’re not saving the utmost quantity.

In case you’ve extra to save lots of you could possibly open another regular saver with another bank. 

Can I make withdrawals from my Virgin Cash Common Saver?

Yep! This isn’t all the time the case with common savers, nonetheless should you withdraw any money you gained’t be capable to add it again in.

How a lot curiosity are you able to earn?

You’ll earn the curiosity on the money you deposit every month somewhat than the full deposit. That is the place folks generally get confused. It’s simple to assume should you add £3000 to an account over a 12 months, that 6.5% curiosity can be £195.

However you’ve acquired to do not forget that your cash isn’t within the account all 12 months. Solely the primary deposit might be there for 12 months. Cash added in month two will solely be there for 11 months and so forth. Right here’s extra on how regular savers work.

Andy’s evaluation

Listed here are some examples of what you may earn should you added the identical quantity on the primary of every month, assuming you open it in late Might 2025. In case you open it earlier it’d really be a little bit extra.

Quantity saved month-to-month	Annual curiosity earned	Whole quantity after the time period
£250	£105	£3,1105
£100	£42	£1,242
£25	£10	£310

In case you open it later although, the full curiosity might be much less because it’ll nonetheless shut on 29 Might 2026. However you’ll nonetheless have earned the 6.5% in your cash whereas it’s within the account.

Curiosity is calculated each day, nonetheless, it’s not paid till the tip of the account in Might 2026.

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Who can get it?

This common saver is just for folks with a Virgin Money current account. You could be a new or current buyer, however keep in mind should you’re opening the present account model new there might be a credit score examine. After you have this account you may open the common saver.

You want to be aged 16 plus, and you’ll open it in department or on-line, although 16 and 17 12 months olds might want to open it within the department.

There are occasional financial institution change offers from Virgin Cash. If one is operating you’ll see it listed right here.

What in case you have the ten% common saver?

Sadly you may’t have a couple of common saver with Virgin Cash at any time. So should you opened the ten% paying choice in August 2024, you’re dominated out this time. When the ten% account matures in July 2025 there’ll hopefully be one other difficulty of the account.

Must you open an everyday saver with Virgin Cash?

It is a good price, supplying you with the chance to get a 6.5% return in your money – even when it’s solely on as much as £250 a month.

In fact, in case you have a lump sum, placing it in a 4.5% paying account for a 12 months you’d want £2,300 to earn an analogous £105 in 12 months. In order that may be simply as simple to do, particularly in case you have comparable or bigger quantities of money you gained’t want entry too.

For brand spanking new cash you’re placing apart every month, that is one is difficult to beat however not unimaginable. First Direct gives 7% fastened on deposits as much as £300, whereas Lloyds gives a decrease 6.25% however you may add £400 every month. We’ve extra on the best regular savers right here.

Nevertheless, if you’re solely capable of save small quantities every month, your return over the 12 months might be a lot smaller, so you’ll want to determine if opening a brand new present account (and being credit score checked for it) is price it. You may get other benefits from other banks, particularly if a switching deal is operating.

Buyer critiques

Over on our sister web site Smart Money People, clients have rated Virgin Cash’s common saver 4.06 out of 5.

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