Virgin Money launches new market-leading account paying 10%

Its Regular Saver Exclusive offers the top rate in its sector and over £160 in interest for those who meet the criteria.

Virgin Money pays a market-leading 10.38% AER on its brand new Regular Saver Exclusive which, at the time of writing, places top of our regular savings chart.

Saving its maximum £250 each month would earn you a total of £162.40 in interest on top of a £3,000 pot by the end of its term on 31 July 2025.

You’ll need to be an existing Virgin Money current account customer from 4 December 2019, or originally have opened a current account with Clydesdale Bank or Yorkshire Bank to apply.

Note a Virgin Money Essential Current Account, or accounts opened with Northern Rock, will not be eligible.

“The new regular savings account from Virgin Money offers a tantalising rate and may well entice customers who want to kick start the savings habit,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

How does it compare?

After facing little competition at the top of our chart, Virgin Money’s new account has displaced previous front-runner Principality BS.

Principality’s 6 Month Regular Saver offers a highly competitive 8.00% AER, but only allows you to save up to £1,200.

Meanwhile, first direct and The Co-operative Bank pay 7.00% AER, and similarly to Virgin Money, also require savers to hold existing current accounts to open their respective savings accounts.

“Those savers who do not want to move their current account would be wise to compare the alternatives but be aware that they will be getting a lower rate of interest,” Springall commented.

“As it stands the best rates are tied to current account customers or may be limited to those who need to visit a branch to open the account,” she added.