Virgin launches new UK savings bond

Wed, 31 Aug 2005

Virgin Money has launched a guaranteed equity bond (GEB) for the first time.

The GEB UK savings bond offers investors 130 per cent growth over a five-year period and with no risk of them losing any of their capital .

Virgin Money claims that the UK savings bond will offer peace of mind to consumers as if the stock market were to fall during the period, investors would have their capital returned.

Mark Hodgkinson, managing director of Virgin Money UK, comments: "In today's savings climate, some savers are increasingly seeking investments with a money back guarantee."

The GEB's terms and conditions do however include the fact that money invested in the UK savings bond cannot be withdrawn – neither can any additional funds be added to it. This means that those who choose to invest with Virgin should be prepared to lose access to their money for the five-year period.

The deal itself is not ongoing– Virgin is offering the deal for a limited period between 31st August and October 10th, with the "strike date", which is when the bond starts, set for October 25th.

Virgin expects that many savers will be drawn to the UK savings bond as its own research shows that many people are attracted to safer saving options.

Mr Hodgkinson adds: "Our GEB offers cast iron security for your capital but with the opportunity for stock market style performance."

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