Top savings account where savers can get 2% interest rate plus benefits

Martin Lewis reveals top bank accounts to switch to

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New customers to Virgin will also be given the option of a £150 in free Virgin Experience Days vouchers to spend at any time in 2022 or 12 free bottles of award-winning wine. Additionally, the account comes with an offer of 2.02 percent interest rate but there is a catch.

The 2.02 interest rate is only available on the first £1,000 saved, after that it decreases to 0.35 percent.

The good news is that savers can open a sole and joint account to make the most of this £1,000 allowance.

Furthermore, it could suit people who travel as the debit card offers fee-free spending and cash withdrawals abroad.

For new customers, don’t forget there’s a 12 bottles of Virgin wines or an Experience Days voucher on offer as well.

The voucher can be used to pay for more than one experience and is valid for a full year after switching.

Alternatively, Britons may prefer the Club M Account which comes with extra benefits but costs £14.50 a month.

These extra benefits include worldwide family multi-trip travel insurance including cover for winter sports and weddings.

As well as that, customers will get breakdown cover and insurance cover for their home gadgets.

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For households that would use all these benefits it could be a money saver.

This month the Bank of England’s Monetary Policy Committee (MPC) increased the Base Rate by 0.25 from 0.10 to try and control soaring inflation.

Some banks followed suit and raised interest rates on their products aligned to the BoE rate, but the small increase has had minimal impact on people’s savings.

How do I open a Virgin Money account?

  • Go online and use the Current Account Switch Service to switch to Virgin Money.
  • As part of the switch any direct debits will be transferred to the new account.
  • Download and login to the Virgin Money Mobile Banking app.
  • Both the M Plus and Club M Accounts come with a linked savings account – pay in at least £1,000 into the linked M Plus Saver or Club M Saver, and keep this in the account until the gift card has been sent.

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Virgin Money first launched the packaged current account Club M in April 2021.

Interest is calculated on a daily basis and paid on the last working day of the month.

To make an application, Britons will need to go onto the official Virgin Money website.

They will have to answer a few questions and use the Current Account Switching Service (CASS) to move their existing account over.

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