James Hyde, a spokesperson at Moneyfactscompare.co.uk, broke down why customers should consider this offering by Virgin Money as soon as possible.
He explained: “This week, Virgin Money has changed the issue number and reduced the rate on its One Year Fixed Rate Cash E-ISA.
“The deal now pays a rate 5.52 percent gross/5.66 percent AER, and may appeal to savers who want to utilise their ISA allowance and are happy to lock their cash away for a year.
“The account can be opened and managed online, and can be set up with a balance of just £1.”
As it stands, the Consumer Price Index (CPI) rate of inflation remains at 6.7 percent for the 12 months to September 2023, the same as the month before.
Furthermore, there is not one standard savings account that can outpace inflation with the number of deals being able to do so not changing in a month.
According to the Moneyfacts spokesperson, savers should act as soon as possible if they want to take advantage of these inflated rates.
Mr Hyde added: “Some of the latest top fixed rate deals for savers have fallen slightly since the last inflation announcement, although top rating easy access accounts have continued to rise.
“There is still a good deal of competition and movement at the top end of the market, so savers should have flexibility to spread their cash to allow them to take advantage of higher returns but also retain resilience for any unexpected circumstances.
“However, people should be aware that popular accounts may be pulled or their rates could decrease, so swiftness to secure the best option is key.”
