Accounts can be opened with just £1 and customers can choose how much they want to save up to a maximum of £250 each calendar month.
There is no requirement to save a fixed amount each month, or the need to save each month at all – the customer is free to choose the saving pattern that suits them best.
Customers can also make withdrawals from their account at any time without charge.
Rajesh Ahuja, savings director at Virgin Money, said: “Getting into the habit of saving regularly is a great way to build a pot of money, whether that is to be used for a holiday, a new car, or just to build a rainy-day fund. Our new Regular Saver is ideal for those new to saving, as well as experienced savers who want to build their savings pot.”
Regular savers will be entered automatically into a quarterly prize draw, with the chance to win a range of prizes on offer from other Virgin companies including Virgin Holidays, Virgin Media, Virgin Experience Days and Virgin Wines.
The more customers contribute to their Regular Saver account, the higher their chances of winning a prize will be, meaning customers get rewarded for saving regularly.