Virgin Money Launches New Fixed Rate ISAs and Fixed Rate Bonds

NEWCASTLE UPON TYNE, England, May 29, 2012 /PRNewswire/ --

Virgin Money has launched new issues of its popular fixed rate bond and fixed rate cash ISA range. The accounts offer customers a competitive rate, combined with certainty of returns for either one or three years. Accounts are available through Northern Rock branches, online, by post and over the telephone, and interest rates are the same through all distribution channels. ISA customers receive the same rates as those with a non-ISA account.

The Virgin fixed rate ISA offers customers a rate of 3.30% for one year (issues 9 &13) and 3.60% for three years (issues 10 & 14) respectively. This matches the rate available for a non-ISA savings account and savers also benefit from the tax-efficiency of the ISA wrapper. These accounts allow transfers in from existing ISAs. Customers can withdraw subject to a charge equivalent to 60 and 120 days' loss of interest respectively.

The one year Virgin fixed rate bonds offer customers a fixed rate of 3.30%, while the three year Bond pays 3.60% per annum. Accounts can be opened with a minimum deposit of just £1, and additional deposits can be made into the bonds during the offer period, up to a maximum of £2 million per customer. Interest can be paid annually, or for those who prefer a monthly option, on the last day of the month (available first business day of the following month). Customers choosing to receive their interest monthly receive the same AER as those receiving annual interest.

The Bonds are non-redeemable and do not allow any withdrawals or closure during their respective fixed rate periods. They are strictly limited issues and may be withdrawn without notice once fully subscribed.  Once withdrawn, no further deposits can be made into existing accounts. Upon maturity the account will become a no notice matured bond account and investors will be notified in writing upon maturity of the interest rate payable.

More information on Northern Rock's savings range is available at http://www.northernrock.co.uk/savings

Notes to Editors:

The Virgin Money branded accounts are personal deposit accounts with Northern Rock plc. The Financial Services Compensation Scheme (FSCS) provides protection to customers with these accounts under Northern Rock plc's existing FSCS membership up to a maximum of £85,000 per person. The £85,000 limit relates to a customer's combined deposits with Northern Rock plc under the Northern Rock brand or Virgin Money brand names.

About Virgin Money

Virgin Money acquired Northern Rock plc from Her Majesty's Treasury on 1 January 2012. The acquisition included:

Combined with Virgin Money's existing business of three million customers, the enlarged Group has over four million customers.

The combined business operates under the Virgin Money brand.

Virgin Money's business ambition is to make "everyone better off" - this philosophy underpins the company's approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.

Virgin is the official sponsor of the London Marathon, the biggest annual fundraising event in the world. Virgin Money leads the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.

About Northern Rock plc:

On 1 January 2012, Northern Rock was acquired by Virgin Money.

Northern Rock is a bank, authorised by the FSA as a deposit taker and mortgage lender. It offers savings accounts and mortgage products to customers in the UK, with a mortgage calculator also available online. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.  

PR Contact:
Jule Wilson
Northern Rock House
Gosforth
Newcastle upon Tyne
NE3 4PL
+44(0)191-279-4676
http://www.northernrock.co.uk

SOURCE Virgin Money