Northern Rock unveils first Virgin accounts
The first new savings accounts to be made available in Northern Rock branches since Virgin Money acquired the business have been unveiled.
In a bid to shake up the market by offering the same rates for customers in branches as online, Virgin said the Easy Access Saver and ISAs products would also not confuse customers by relying on introductory bonuses. Both accounts are available in Northern Rock branches, online, by post and by telephone, and the interest rate of 2.85% remains the same however they are opened.
A Northern Rock spokesman said: "They are quite straightforward, transparent products. You get internet pricing but you can have it through the branch."
He said Virgin Money currently has a "small amount" of savings balances, with the new accounts representing a big push into the savings market.
While the accounts have the Virgin Money brand, they are held by Northern Rock, so they are covered by Northern Rock's membership of the Financial Services Compensation Scheme, which protects customers by up to £85,000 per person.
Northern Rock's products already include an online cash Isa at 2.80% and a "no notice" online account at a rate of 2.75%.
Comparison website Moneyfacts said the new deals sit highly among the most competitive in the market.