Virgin Money increases interest rate on savings account

Savvy Britons looking for the best savings accounts can now benefit from improved interest rates following recent Bank of England base rate hikes.

Virgin Money’s One Year Fixed rate ISA allows savers to save up to £20,000 and has been named ‘excellent’ by experts at Moneyfacts.

Commenting on the deal, Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “Savers who wish to use their tax-free savings allowance might be tempted by the 1 Year Fixed Rate Cash E-ISA from Virgin Money.

“Following a rate rise this week this ISA now pays 4.00% yearly, or alternatively there is also a monthly interest option, which might be another plus for some investors who want to boost their regular income.”

READ MORE: I tested water saving gadgets to see if they help you save money