Savers have been disheartened over the last two years by low interest rates, but things appear to be on the up. Virgin Money is drawing attention to its M Plus account, which it describes as its “most popular” offering.

One of the most attractive elements of this account is the interest rate - 2.02 percent.

This is available, and paid monthly, on balances up to £1,000.

But the account is also linked to the M Plus Saver, offering a 1.00 percent AER rate on savings up to £25,000.

Any balances above £25,000 will have an interest rate of 0.50 percent.

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They also must not have closed one recently - since November 30, 2021.

For the switch offer, a person must also have not previously taken up a Brighter Money Bundle or Virgin Red points offer for switching.

To take up the offer, individuals must apply online and then follow key steps within 45 days of their account opening date.

They must fully switch their existing current account to Virgin Money using the Current Account Switch Service.

Then people should download and login to the Virgin Money Mobile Banking app.

Finally, they will need to pay at least £1,000 into their linked saver account and keep it there until they receive a reward email.