Virgin Money offers ‘top pick’ 2.02% interest rate on savings plus £150 free gift

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Virgin Money offers ‘top pick’ 2.02% interest rate on savings plus £150 free gift

While the Bank of England's recent savings rate increase should have been good news for savers bank accounts have been slow to follow suit.Financia

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While the Bank of England’s recent savings rate increase should have been good news for savers bank accounts have been slow to follow suit.

Financial journalist Martin Lewis is encouraging anyone with a savings rate of 0.7 percent or lower to consider switching savings accounts.

Among his recommendations on his MSE website, he names the Virgin M Plus Account which offers an attractive rate of 2.02 AER.

However, there is a catch – the 2.02 interest rate is only available on the first £1,000 saved, after that it decreases to 0.35percent.

READ MORE: Inheritance tax alert as Britons ‘accidentally’ give away thousands



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