Virgin Money is a familiar name on Britain’s high streets, and its latest offer could be suitable to many people, particularly in the current climate. With the Bank of England deciding this week it would keep its base rate at 0.1 percent – a rate it has been at since March 2020 – many savers could be feeling disillusioned. The central bank’s choice has undoubtedly impacted interest rates, making it difficult for savers to earn more on their money.

Any money moved into this account will earn an interest rate of 0.35 percent, with interest paid quarterly.

However, there are also other benefits to those looking to save in this way which are worth considering.

Virgin Money has said Britons can receive a free gift, currently worth £138.

The gift in question is a free luxury 12 bottle case of wine, which can be delivered straight to a person’s door.

But many will be wondering what conditions they are required to meet in order to unlock the benefits of this offer.

Firstly, Britons must apply for, and be accepted into the M Plus Account, online

Next, they must complete a full bank account switch by making use of the official Current Account Switching Service.

Individuals must also transfer or set up at least two direct debits for their new account within 31 days of the account opening date.

Then, people will need to download and register for the Virgin Money Mobile Banking app within the same time frame.

Finally, once the account is opened, Britons must credit their liked saving account within at least £1,000.

To be eligible to open this account, individuals must be 18 or over and resident in the UK.