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Virgin Money launches new 'early bird' ISA service
Virgin Money has announced the launch of a new 'early bird' ISA service which will allow customers to get a head start on planning their ISA for the next year.
The Early Bird ISA (http://www.northernrock.co.uk/
Accounts are available to open through Northern Rock branches, by post or by telephone, and savers can invest between £1 and the new 2012/13 cash ISA limit of £5,640.
Anthony Mooney, Mortgage and Savings Director at Virgin Money said: "Our new early bird ISA service means customers can take the hassle out of arranging their ISA for the next tax year by sorting it out early. Savers can earn an attractive interest rate between now and the start of the new tax year in our Early Bird ISA Feeder, safe in the knowledge that their money will automatically transfer into a tax-free ISA account in April."
Interest earned on the Early Bird ISA Feeder will be paid to a nominated account on 5 April 2012, and does not allow any withdrawals or closure until the new tax year. Additional deposits can be made to the Early Bird ISA Feeder until 30 March 2012 up to a maximum of £5,640 per account. Once the funds have transferred into the Early Bird ISA, withdrawals can be made without notice, and additional deposits and transfers in from existing ISA accounts are permitted within HMRC regulations.
The Virgin Early Bird ISA Feeder and Virgin Early Bird ISA are personal deposit accounts with
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Notes to Editors:
* Interest on the Virgin Early Bird ISA is subject to deduction of tax in the usual way. The net interest rate following deduction of tax of 2.85% is equivalent to the interest rate payable on the Virgin Easy Access Cash ISA.
**Gross is the rate of interest paid to eligible non-taxpayers without deduction of tax. Please note interest will be paid net of tax unless customers are eligible to receive interest gross and submit the required registration form to Virgin Money.
***AER stands for Annual Equivalent Rate and shows what the interest rate would be when interest is paid and added to the capital balance each year.
About Virgin Money
Virgin Money announced the acquisition of Northern Rock plc from Her Majesty's Treasury on 17 November 2011. The deal completed on 1 January 2012.
Combined with Virgin Money's existing business of three million customers, the enlarged Group will have over four million customers.
About Northern Rock:
On 1 January 2012, Northern Rock was acquired by Virgin Money.
Northern Rock is a bank, authorised by the FSA as a deposit taker and mortgage lender. It offers savings (http://www.northernrock.co.uk/
Northern Rock House
Newcastle upon Tyne
0191 279 4676