Part of our Virgin Money — Complete Guide 2026 hub.
Virgin Money offers a range of savings products — from instant access accounts to fixed-rate bonds and cash ISAs. Here’s a complete overview, plus an important note on FSCS protection now that Virgin Money’s deposits are pooled with Nationwide’s.
Virgin Money Savings Accounts at a Glance
| Account Type | Access | Interest Style | Notes |
|---|---|---|---|
| Easy access savings | Instant | Variable AER | Standard instant access account |
| M Plus Saver | Instant, linked to M Plus current account | Variable AER | As of Sept 2026: 1.75% AER up to £25,000, 1.25% AER above — confirm current rate |
| Fixed-rate bonds | Fixed term | Fixed AER | Rates locked in for 1–3 years |
| Cash ISA | Instant or fixed | Tax-free AER | Up to £20,000/year combined ISA allowance |
| Regular saver | Monthly deposits | Variable AER | Periodic availability — check website |
Rates change frequently. Always check virginmoney.com/savings for current AER figures before opening.
Virgin Money Easy Access Savings
Virgin Money’s easy access savings account allows withdrawals at any time without penalty. The interest rate is variable — meaning it can change at any point. Virgin Money is generally competitive on easy access rates compared to other high-street banks, though dedicated online savings providers and building societies often offer higher rates.
For existing Virgin Money current account holders, the main benefit is instant transfers between your current account and savings account via the app or online banking.
Virgin Money M Plus Saver
The M Plus Saver is linked to Virgin Money’s M Plus current account. As of September 2026, it pays 1.75% AER variable on balances up to £25,000, and 1.25% AER variable on any balance above that (confirm the current rate directly with Virgin Money, as it changes with market conditions). It offers instant transfers to and from your linked M Plus Account.
Virgin Money Fixed-Rate Bonds
Virgin Money regularly offers fixed-rate bonds over 1, 2, or 3 year terms. These provide:
- A guaranteed fixed rate for the entire term — useful for interest rate planning
- No access to funds until maturity (early access typically incurs a penalty)
- FSCS protection up to £120,000
Fixed-rate bonds are best suited to money you genuinely won’t need before the bond matures. If there’s any chance you’ll need access, an easy access account is the safer choice even at a lower rate.
Virgin Money Cash ISA
A Virgin Money cash ISA allows UK adults (aged 18+) to shelter savings interest from income tax. The 2026/27 tax year ISA allowance is £20,000, shared across all ISA types you hold (cash, stocks and shares, innovative finance, and Lifetime ISA combined) — it is not a separate £20,000 allowance just for cash ISAs.
Virgin Money’s cash ISA is available in easy access and fixed-rate formats:
- Easy access ISA — variable rate, withdraw at any time
- Fixed-rate ISA — rate locked in for the term, no access without penalty
ISA savings are particularly valuable for higher-rate and additional-rate taxpayers, who have a reduced or zero Personal Savings Allowance. All other taxpayers also benefit if their total interest income exceeds their PSA (£1,000 for basic rate, £500 for higher rate).
FSCS Protection — Important Note for Nationwide Customers
Virgin Money was acquired by Nationwide Building Society, with the deal completing in October 2024. On 2 April 2026, Virgin Money’s business transferred into the Nationwide group via a Part VII banking transfer.
This means: if you hold savings at both Virgin Money and Nationwide, your combined balance now counts towards a single £120,000 FSCS limit, not two separate limits. The overall FSCS deposit protection limit itself also rose from £85,000 to £120,000 per person, per institution, on 1 December 2025 — so £120,000 (not £85,000) is now the figure to use everywhere on this page.
If your combined savings at Nationwide and Virgin Money exceed £120,000, consider spreading the excess to a different banking group to ensure full FSCS coverage.
| Group | Brands sharing FSCS limit |
|---|---|
| Nationwide Group | Nationwide + Virgin Money (combined limit since the April 2026 transfer) |
| Lloyds Banking Group | Lloyds + Halifax + Bank of Scotland |
| NatWest Group | NatWest + Royal Bank of Scotland + Ulster Bank |
How Virgin Money Savings Rates Compare
Virgin Money’s rates are broadly competitive with other high-street banks. For the best available rates:
| Provider type | Rate profile |
|---|---|
| High-street banks (Virgin Money, Lloyds, HSBC) | Moderate — convenient but rarely best-buy |
| Online savings specialists (e.g. Marcus, Atom, Zopa) | Typically higher |
| NS&I | Government-backed, competitive on some products |
For the best easy access rates currently available, see Best Easy Access Savings Accounts UK.
How to Open a Virgin Money Savings Account
Existing Virgin Money customers:
- Log in to the Virgin Money app or online banking
- Go to Products → Savings
- Select the account type and follow the steps
New customers:
- Many Virgin Money savings accounts are open to new customers
- Identity verification (passport or driving licence) is required
- Apply at virginmoney.com or visit a branch