Cascade Commentary

Virgin Money launches war on “stagnant Current Account market”

December 2019

Virgin Money has revealed its new digital current account following its acquisition by Clydesdale and Yorkshire Bank last year who will be rebranding under the Virgin Money name.

This new offering can be opened via a mobile banking app, online, by phone or in branch, including re-designed Relationship Hubs located in Birmingham, London and Manchester.

The new account has an arranged overdraft rate at 19.9%, pays 0.5% interest on balances up to £2,000 and comes with a linked Instant Access savings account that will pay holders 1% with no restrictions on bonus rates or withdrawals.

While this remains below the 1.45% presently on offer at the time of writing, the convenience afforded will certainly be attractive to many savers suffering from persistently low interest rates.

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