Virgin Money launched its new current account switching incentive today, which includes 25% cashback on UK supermarket and fuel spend. This comes at a time when food and fuel prices have driven inflation to a 40-year high.
Virgin Money’s selection of Club M Saver, M Plus Saver and M Saver Accounts increased their easy access savings rate to a market-leading 1.71% today. The move means Virgin Money overtakes Islamic providers Al Rayan Bank, which offers an expected profit rate of 1.60%.
High street bank HSBC will more than double the rate on its Online Bonus Saver next Tuesday, taking its rate for balances of £10,000 or under to 1.30%. Currently, the Online Bonus Saver pays a monthly rate of 0.45% for balances of £10,000 or less. Anything greater and this rate falls to 0.40%.