Finance: Expert on impact of inflation on savings accounts
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Virgin Money savers will be able to clinch the deal just for making the switch to the bank, although they should check the qualifying details. The offer from the popular provider is one of the best currently available to switching savers as competition increases between banks. Aside from cash offers now more commonly available, Britons will get a chance to secure one of two enticing prizes with the provider, worth £150.
Virgin Money explains how “things just got interesting” as it unveils its offers and the opportunities available to new savers.
Those who switch to Virgin Money could get the opportunity to clinch a luxury 12 bottle case of wine, worth £150.
Virgin Money states: “Take your pick from silky-smooth reds or crisp refreshing whites in a case that’s crammed full of Virgin Wine favourites.”
Those who open the account and meet the qualifying criteria will be in touch with their unique offer code within 14 days.
Alternatively though, if people are not a fan of wine, Virgin Money is offering a £150 gift card.
The gift card is available through Virgin Experience Days, which offer a wide range of experiences for Britons to choose from.
This could range from track days, to flying lessons, as well as spa days and arts and crafts.
Virgin Money has said the offer will help Britons to “get going places” in experiences of their choice.
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Again, once the account is opened and criteria met, people can expect to receive their gift card within a 14 day time period.
However, aside from the switching incentive, there is also an enticing interest rate to provide further rewards for Britons.
Eligible savers will be able to secure a 2.02 percent interest rate which is paid monthly on their M Plus Account. The interest rate is currently available on balances saved up to £1,000.
When a person opens an M Plus Account, they will also get a linked M Plus Saver as well.
Any money which is moved into a linked M Plus Saver will earn 0.35 percent AER, with an interest paid quarterly.
Britons will need to meet the switch offer terms in order to clinch their rewards, and most importantly they will need to be aged 18 or over, and resident in the UK.
Once a bundle is chosen, people should apply online for the M Plus Account.
They should then switch their existing current account to Virgin Money, using the official Current Account Switch Service.
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At least two Direct Debits will also need to be set up in this circumstance, and if these have not yet been established, they can set these up when the account is opened.
Savers should then download and log in to the Virgin Money mobile banking app – and people can do so as soon as the account is open.
Finally, they will need to pay in at least £1,000 into their linked M Plus Saver and keep this in their account until receiving a gift card or wine code.
Unfortunately, the offer will not be available to those who are existing Virgin Money personal current account customers, or those who already have an M Account.
This includes closures since July 30, 2021, and those who have previously taken up bundles or offers for switching to Virgin Money in the past.
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