Virgin Money launches new savings account paying 10 per cent interest rate
Savers can put away £250 a month for 12 months and secure the high interest
GETTY
Virgin Money has launched a regular saver paying a whopping 10 per cent.
The double-figure interest account can see savers earning £164 in interest in just 12 months.
Savers put over £250 in the account but they will not earn interest on anything over this amount.
The deal is fixed until the account maturity date - July 31, 2025.
A saver putting £250 in this account every month for 12 months would have £3,162.40 by the end of the term.
This would result in £162.40 of interest being accumulated over this period.
Britons are looking to boost their savings GETTY Who is eligible?
Existing customers who have had a Virgin Money current account since December 4, 2019, can access this exclusive rate.
Customers who have a current account that was originally opened with Clydesdale Bank or Yorkshire Bank, such as a Signature Current Account, will also be able to open the new regular saver account.
Britons can skip months and if they do not manage to save the full £250 in any month, they can pay more in the next or future months.
The interest Virgin Money puts into one's account is on top of their £250 monthly deposit.
The maximum amount customers can earn interest on at the end of the 12-month fixed term is £3,000 - this does not include any interest added to the account.
There are currently no other double digit deals in the market, but savers can still get high rates up to eight per cent for shorter fixed period, or get high interest on more of their money.
However to take advantage of most regular savings accounts, people will need to be an existing current account customer, but not always.
Principality Building Society offers a regular saver with an eight per cent interest rate.
It requires people to fix their cash for six months, and they can pay in up to £200 a month.
To keep the account open, savers must have at least £1 held in the saver.
First Direct has doubled the rate on its market-leading regular saver, which jumped from 3.5 per cent to a handsome seven per cent.
Savers will need to be a First Direct current account holder and can pay in between £25 to £300 into the account each month.
The seven per cent rate will only be available for 12 months after which it may drop.