While customers do need to have a Virgin Money M Plus Current Account to get the linked saver, there’s no need to close your existing everyday banking to get the 1.56% deal. Meanwhile, for those with a lower opening deposit, the Virgin Money M Plus Saver pays 1.56% AER (variable) on balances up to £25,000. According to data site Savings Champion, Al Rayan has taken the top spot with its Everyday Saver (Issue 3) offering an expected profit rate (to comply with Sharia Law) of 1.6%, though it requires a minimum £5,000 deposit. While 1.5% is competitive, it’s not market-leading. Nationwide last increased the rate on the easy access saver earlier this month for new customers.
However, Nationwide confirmed you can close this account and open the new version (Issue 15) in order to get 1.5% rate on your money. If you have money in the previous issue of the 1 Year Triple Access Online Saver (Issue 14) then you’re currently earning 1% and the revert rate after three withdrawals stands at a lower 0.10%. Subsequent withdrawals will see the interest rate drop to a revised 0.15%. The product, which sits in the easy access savings tables, allows up to three withdrawals within the 12-month term. It applies to new and existing applicants from today.
The mutual has increased the rate on its 1 Year Triple Access Online Saver (Issue 15) from 1.4% to 1.5% AER/gross (variable) for 12 months on balances of £1+.