Virgin Money is preparing to launch a raft of new savings accounts in January, the FT reports.
Sir Richard Branson’s banking business currently has just one deposit account paying 0.1 per cent interest. The FT says Virgin Money will launch a number of new accounts with more competitive rates next year.
The move comes despite the National Audit Office launching an inquiry into Virgin Money’s £1bn acquisition of Northern Rock.
The deal gives Virgin Money 75 new branches and access to Northern Rock’s product range.
However, the sale has been criticised by Labour because the state-owned bank was sold for less than the £1.4bn of support it received from the Government.