Virgin Savings Guide
Deciding where to slot away your cash can be tricky, with a wide range of savings products to pick from. You could choose an easy access savings account, with unlimited withdrawals if you think you might need short-term access to your cash. However, check the terms and conditions as many of these accounts come with a bonus for a certain period.
Another option is a fixed-rate savings account, although make sure you’re happy to tie up your savings for a specific period with one of these. Rates are typically fixed for one, two, three or more years.
If you haven’t yet set aside savings this tax year, your first port of call should be an ISA account, offering tax-free interest on any sum held up to your annual allowance.
But whatever account you pick, make sure it suits your needs, and that you understand the terms and conditions attached.
The first £85,000 of any savings held with Virgin is protected by the Financial Services Compensation Scheme (FSCS). However, remember that this protection applies per bank, not banking institution. So if you also have savings with Northern Rock, still only the first £85,000 in total will be covered.