Published On: Thu, May 13th, 2021

Virgin Money: 2% interest rate and prize worth £140 – are you eligible? | Personal Finance | Finance

Virgin Money is a familiar name on Britain’s high streets, and its latest offer could be suitable to many people, particularly in the current climate. With the Bank of England deciding this week it would keep its base rate at 0.1 percent – a rate it has been at since March 2020 – many savers could be feeling disillusioned. The central bank’s choice has undoubtedly impacted interest rates, making it difficult for savers to earn more on their money.

Any money moved into this account will earn an interest rate of 0.35 percent, with interest paid quarterly.

However, there are also other benefits to those looking to save in this way which are worth considering.

Virgin Money has said Britons can receive a free gift, currently worth £138.

The gift in question is a free luxury 12 bottle case of wine, which can be delivered straight to a person’s door.

Once an account is opened, and a person has met the qualifying terms, Virgin Money will send out a special link via email to help people redeem their wine.

Individuals can also choose the non-alcoholic case of wine which is worth £75, instead, if they so choose. 

Finally, for those opening this account, Virgin Money has pledged to donate £50 to charity.

Individuals can select from 13,000 charities registered with the service Virgin Money Giving to support a chosen cause. 

This offer is available on an ongoing basis to savers, but Virgin Money has said it can be withdrawn at any time.

But many will be wondering what conditions they are required to meet in order to unlock the benefits of this offer.

Firstly, Britons must apply for, and be accepted into the M Plus Account, online

Next, they must complete a full bank account switch by making use of the official Current Account Switching Service.

Individuals must also transfer or set up at least two direct debits for their new account within 31 days of the account opening date.

Then, people will need to download and register for the Virgin Money Mobile Banking app within the same time frame.

Finally, once the account is opened, Britons must credit their liked saving account within at least £1,000.

To be eligible to open this account, individuals must be 18 or over and resident in the UK. 

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