Virgin Money 10% Regular Saver review

It’s a huge rate for current account holders

Just when savings rates are set to fall, along comes a new one with a rate we’ve never seen before. Here’s who can get it and how it works.

*Update 30 August 2024 – the account will close to new applications 3pm today*

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What is the Virgin Money Regular Saver?

The Virgin Money regular saver pays 10.38% AER. The rate is fixed until 31 July 2025 so you’re guaranteed to earn this until then.

However, on that date the account will also mature, so if you open it in September, for example, you’ll only get 11 months at this rate, and so on.

How much can you add each month?

You can add money each month up to a maximum of £250. You don’t have to add anything if you don’t want to, and you can make multiple deposits in the month.

If you do go over the £250 in a month you won’t have the money returned to you, but you also won’t earn interest on the excess cash.

You’re able to carry over unused allowances to future months. So if you can’t afford to add any cash one month, you can add up to £500 the next month.

Money can be added to the saver via bank transfer, cheque or cash, so you’ve plenty of options.

Can you only have one account open?

Yes — you can only open one regular saver at a time with Virgin Money. This is even if you’re not saving the maximum amount.

If you’ve more to save you could open another regular saver with another bank. 

Can I make withdrawals from my Virgin Money Regular Saver?

Yep! This is not always the case with regular savers, so it’s effectively a top paying easy access account. The account is also flexible, meaning if you’ve paid in £250 one month, but take out £100 later in the month, you can add it back in without going over the monthly allowance.

How much interest can you earn?

You’ll earn the interest on the cash you deposit each month rather than the total deposit. This is where people sometimes get confused. It’s easy to think if you add £3000 to an account over a year, that 10% interest would be £300.

But you’ve got to remember that your money isn’t in the account all year. Only the first deposit will be there for 12 months. Money added in month two will only be there for 11 months and so on. Here’s more on how regular savers work.

Who can get it?

This regular saver is only for people with a Virgin Money current account. You can be a new or existing customer, but bear in mind if you’re opening the current account brand new there will be a credit check. Once you have this account you can open the regular saver.

You need to be aged 16 plus, and you can open it in branch or online, though 16 and 17 year olds will need to open it in the branch.

There are occasional bank switch deals from Virgin Money. If one is running you’ll see it listed here.

Should you open a regular saver with Virgin Money?

This is a ridiculously good rate, giving you the opportunity to get a staggering 10% return on your cash – even if it’s only on up to £250 a month.

Of course, if you put a lump sum in a 5% paying account for a year you’d need £3200 to earn a similar £160 in 12 months. So that might be just as easy to do, especially if you have similar or larger amounts of cash you won’t need access too.

But for new money you’re putting aside each month, this is one that can’t be beaten.

However, if you are only able to save small amounts each month, your return over the year will be much smaller, so you need to decide if opening a new current account (and being credit checked for it) is worth it. You might get other benefits from other banks, especially if a switching deal is running.

Customer reviews

Over on our sister site Smart Money People, customers have rated Virgin Money’s regular saver 3.75 out of 5.

Summary