Virgin money has announced their first two savings accounts since Virgin Money officially acquired Northern Rock plc on 1 January 2012.

The two new accounts, Virgin Easy Access Saver and Virgin Easy Access Cash ISA offer a competitive annual interest rate of 2.85% that remains the same regardless of how the account is opened. This means that customers will enjoy the same benefits whether they open their account online, via phone, post or through one of Northern Rock’s 75 branches. Both accounts require no notice to access funds and customers are required a minimum deposit of £1 up to a maximum of £100.000.

Arguably the most notable feature in both savings accounts is that they are not reliant on introductory bonuses that might confuse buyers. Simply put, the interest rate announced is not inflated for the first year and customers will not be faced with lower rates after that year has passed.

With that move Virgin Money shows that they want to promote long-term financial relationships with their customers as customers will not be baited with inflated introductory rates in the first place and will not be forced to search for other savings accounts after any introductory rates have expired.

Chief executive officer at Virgin Money Jayne-Anne Gadhia said: “These new savings products are designed to be simple, fair and transparent. They have an attractive headline rate, without a bonus, offering good value for customers”.

She continued: “There are no differences in rate whether the customer chooses an ISA or a standard savings account. What’s more, customers can choose to operate their account online, through a branch or over the telephone and still benefit from the same great rate.”

Meanwhile, the two new savings accounts have received positive reviews from financial experts and pressrooms alike.

The financial comparison website Moneyfacts.co.uk praised the two new accounts, awarding them with four out of possible five stars and placing them “comfortably within the top ten of similar products.”

Both accounts Virgin Easy Access Saver and Virgin Easy Access Cash ISA will be available from this Thursday in Northern Rock branches across the country.