13th Feb 2020
Virgin Money is set to provide a boost for consumers with poor credit ratings, courtesy of a new bank account offering that is set to launch this spring.
As reported in the Mail on Sunday, the new account is designed to cater to customers with poor credit histories, who may not otherwise qualify for personal loans.
There are various features available with the account, including an ability to allow customers to pay large payments via staggered instalments.
The account will also link to a savings account with an interest rate of 1%, which will automatically top up the current account when customers are in danger of going into the red.
Budgeting features will also be available, in order to help curb spending and allow users to better manager their finances in both the short term and long term.
A Virgin Money spokesman told the Mail on Sunday: “We believe we have a vital role to play in providing services and tools to make customers happier and more confident about managing their money.
“Our new basic bank account will offer a host of features that no other basic bank account offers.”