Are you looking to inject a lump sum of cash into a risk-free investment product? Or maybe you’re looking to put a bit of cash to one side at the end of each month? Either way, investing in a UK-based ISA is a 100% risk-free way of making long-term gains. While the gains are arguably minute in comparison to the stocks and shares space, as are the underlying risks.
Although ISAs are typically offered by banks and building societies, did you know that the likes of Virgin Money is now involved in the ISA arena? As such, we have created an in-depth review of what Virgin Money ISAs you can invest in, how much they pay, whether you need to lock your money up for a fixed term, and most importantly – how safe your funds are.
Virgin Money ISAs: What ISAs are offered?
Although Virgin Money is relatively new in the ISA space – and in the wider investment space for that matter, the institution now offers a good selection of accounts. This means that you have a range of factors to consider, such as whether you want to prioritize easy access of your money or higher interest rates.
As such, we have listed all of the ISAs currently being offered by Virgin Money, alongside a brief breakdown of the key points.
Is Virgin Money covered by the FSCS?
Much like a conventional bank or building society, Virgin Money is covered by the FSCS. This means that your ISA savings are protected up to the first £85,000.
Can I withdraw my money from a Virgin Money ISA?
This depends on the specific ISA you are looking to open. If you want an unlimited number of fee-free withdrawals, then you will only get 0.50% AER in interest. However, if you are happy to lock your funds away for up to 3 years, this goes up to a whopping 1.71% AER, albeit, you can't touch the funds until the term concludes.
What is the minimum deposit amount to open an ISA at Virgin Money?
All of the ISAs offered by Virgin Money allow you to get started with just £1.