The Regular Saver Account, which offers an interest rate of 1.75%, is part of the lender’s recently launched app, Home Buying Coach, which aims to help simplify the home buying process for those hoping to take their first step on the property ladder.

Users of the app receive exclusive access to the savings account via a new feature called Coach Credits. This allows them to earn credits for completing items on their checklist and reading articles in the app which enhance their knowledge of the process.

It unlocks access to other benefits and products and credits can also be used to access exclusive Virgin Money mortgage deals. This includes an 85% loan-to-value (LTV) mortgage which offers £250 cashback.

Simon Wallace, head of mortgage transformation at Virgin Money, said: “We’ve had great feedback since we launched Home Buying Coach earlier this year, with over 10,000 sign-ups, which tells us that first-time buyers really value the app.

“We’ve added some great new benefits and features, such as the exclusive savings account which will help first-time buyers work towards home ownership even faster.

“The new benefits sit alongside the app’s existing access to expert insight and coaching – tools to calculate what’s affordable and by when, which means homebuyers have a clear plan to work to.”

Ben Leonard, CEO and co-founder of Life Moments, added: “In these difficult times it is so encouraging to see Virgin Money further invest in the Home Buying Coach to help and support more first-time buyers.

“The speed at which the app has compelled over 10,000 people to download it is a testament to the need and also the Virgin Money brand reach.

“At Life Moments we are delighted with how our digital coaching platform, and the insights it provides, are being used to further evolve this much needed proposition including coach credits and the addition of a great new savings product.”