WINE lovers eager to get their hands on some 2005 bordeaux — reportedly the best vintage for 50 years — may be attracted to a new account being launched today by Virgin Wines, writes Clare Francis.

Virgin’s new Wine Bank is advertising a suspiciously high interest rate of 33%. It works like this. Every three months it will match customers’ monthly payments into the account. So, if you pay in £20 a month, Virgin will add £20 to the account every quarter. If you pay in £100 a month, it will pay in £100 quarterly. Customers will also receive a £20 bonus on opening the account.

The money in the account must be used to purchase wine, but the company believes its Wine Bank will prove popular with Virgin Wines’ 400,000 members as well as attracting new customers.

Rowan Gormley at Virgin Wines said: “Up until now, if you buy wine you can either buy the wine you want and pay full price for it, or you can buy at a discount, but you probably won’t get the exact wine that you want. We are therefore giving the discount directly to the customer so that they can pick the wines they really want.”

Virgin has been piloting the Wine Bank with a number of customers. One of those is Alex Stitt, a 41-year-old internet entrepreneur from north London. Stitt said: “Wine has always been sold on a continuity basis — you sign up to a wine club and receive a mixed case every three months, but the wines have been chosen for you.

“I save £20 a month into my Wine Bank account and it’s great because for every £60 I put away in a three-month period, I’ve got £80 to spend on wine. It encourages me to experiment a bit more and use their services more. It’s clever marketing because you feel that you are being rewarded for your loyalty — but it has encouraged me to spend more.”

Virgin Wines said it would still have special offers, many of which would be available to those with a Wine Bank account. But some promotions, such as recruitment drives to attract new customers with buy-one-get-one free deals, would not be open to account holders.

Although Virgin Wines is the only merchant at present that offers an account that pays interest on money held in it, other clubs do allow you to put money away or spread your payment so you do not have to find the full amount at the time of purchase. The Sunday Times Wine Club and Laithwaites allow members to spread payments over three months. And Berry Brothers & Rudd allows you to pay by direct debit.

All wine clubs have special offers. The Wine Society is offering £27 off each case you buy, if you purchase two or more. Berry Brothers will give new members a case worth £130, although you will not receive this until it has received your first direct debit — and you must buy a case every two months.

Wine clubs also offer mixed cases at a discount, and most will have further discounts on certain wines. For example, the Sunday Times Wine Club is offering £13.74 off if you buy six bottles of Vieux Chateau Guibeau 2003 and £12 off six bottles of Wiseman’s Crossing Oak-Aged Semillon 2005.

If you like the idea of joining a club, compare the deals on offer to see which suits you best.

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