Virgin Money has launched one high yield bank account This could be an attractive option for savers who are struggling to find a competitive interest rate on the savings tables. Here we look to see if the account is worth opening and what alternative high yield bank accounts are currently available.
With the new Virgin Money account, the Club M account, customers can earn 2.00% gross on deposits of up to £ 1,000. If the maximum amount were deposited, £ 20 in interest would be earned over a period of one year. This account also offers a range of incentives including the ability to earn and spend points shopping at Virgin brands and major retailers, gadget and accessory insurance, cell phone insurance, vehicle breakdown insurance, worldwide travel insurance and eligibility for the affiliated Virgin Money insurance Instant Savings Account, which currently offers a chart top rate of 0.50% gross. However, when weighing the benefits of this account, consumers should keep in mind that there is a monthly fee of £ 14.50 so it may only be worthwhile for those who can take full advantage of the incentives on offer.
Consumers who would not take full advantage of the incentives should consider Virgin Money’s M Plus account. This account also offers 2.00% gross on deposits up to £ 1,000 but does not charge a monthly fee. The account does not have the incentives offered by the Club M account, but it does have an incentive to switch which allows customers to receive a 12-bottle case of Virgin Wines wine or to donate £ 50 to charity when they are on the account switch accounts Conversion service for current accounts (CASS).
