The two-year fixed-rate Cash E-ISA from Virgin Money is without doubt one of the few financial savings accounts to be increased than the present base fee.

As it is just obtainable for a restricted time period, the financial savings product has a discover interval which finishes on August 24, 2025.

It has a minimal working steadiness of £1 and a most steadiness which is the ISA allowance, presently £20,000.

Accessing to the financial savings account is permitted however savers might be topic to a 90-day lack of curiosity penalty.

Further additions to the ISA are allowed for 30 days from the Virgin Money financial savings product being opened.

Transfers out and in of the account are permitted, however any withdrawals may also result in a lack of curiosity penalty for 90 days.

Customers of Virgin Money can open and handle their accounts on-line by means of the financial institution’s web site.

It ought to be famous that savers should be no less than 16 years of age to open this ISA account.

Rachel Springall, a finance knowledgeable at Moneyfactscompare.co.uk, broke down why this product is an “attractive” alternative.

She defined: “Virgin Money has changed the issue numbers and increased the rates on its Fixed Rate Cash E-ISAs, including its two-year deal.

“The deal now pays a rate of 5.61 percent yearly and secures a prominent place in its sector. Investors who want to utilise their ISA allowance and are happy to lock their cash away for two years may then find this an attractive choice.

“Savers will also find a monthly interest option is available that pays 5.47 percent gross, which may appeal to those looking to supplement their income. Overall, this deal earns an Excellent Moneyfacts product rating.”