Spoiler: It is.
Ready to make your money work harder? Switching your current account is easier than you think – and it could unlock rewards, savings and perks in just 7 working days.
In this article, we’ll explore the benefits of switching, things to consider and how we make the process straightforward and rewarding.
Benefits of switching your current account
Lots of people stick with the same bank or building society for years because switching feels like too much effort. But thanks to the Current Account Switch Service it’s quick, easy and backed by a guarantee that protects you if anything goes wrong.
No lost payments. No paperwork headaches. Just a smooth, simple switch
And the benefits? Switching can unlock rewards, cashback and perks that make your money work harder. Some banks or building societies offer a welcome bonus, like £150 for switching*. Others give you enhanced savings rates that could earn you even more over time. Win-win.
*If you’re switching for a bonus offer, always read the terms and conditions. They’ll explain what you need to do to qualify.
What is the Current Account Switch Service?
The Current Account Switch Service was introduced in 2013 to make moving your account simple and stress-free. Here’s how it helps:
- Fast: Your switch is completed in just 7 working days.
- Hassle-free: Direct Debits and standing orders move automatically.
- Protected: The Current Account Switch Guarantee means you’re covered if anything goes wrong. You'll get a refund of any charges or interest.
Will switching affect my credit score?
Switching itself doesn’t affect your credit score.
But when you open the new account, the bank or building society you're planning to switch to may run a routine credit check. That's normal and usually has very little impact.
Opening multiple accounts close together can have more of an impact, so it’s best to space them out.
How long does it take to switch?
Most switches take 7 working days. Your old account stays open until everything has fully moved across, so your bills and payments continue as normal.
Is there a cost for switching current accounts?
No. Switching with the Current Account Switch Service is completely free in the UK.
Some packaged current accounts charge a monthly fee for maintaining the account, so check the terms thoroughly before switching to these types of accounts.
Benefits you can unlock by switching accounts
Switching your current account isn’t just simple – it’s rewarding. It could unlock real value in your everyday finances.
Here’s what you could enjoy with one of our Virgin Money current accounts:
- Two accounts in one: Enjoy a free linked savings account to help your money grow.
- Cashback with top brands: Use your Virgin Money debit card with selected retailers and pocket cashback on things you were buying anyway. Conditions apply.
- Exclusive offers and perks: Unlock exclusive travel perks, credit card offers and savings accounts.
Find the right account for you
We get that everyone's needs are different and a one-size-fits-all current account just won’t cut the mustard.
That's why we have a choice of three bank accounts:
Everyday | Packaged | Basic | |
|---|---|---|---|
| Account overview | M Plus Account Our most popular account with a free linked savings account and extra perks | Club M Account All M Plus Account benefits, plus wordlwide1 travel, mobile and gadget insurance, and UK and Europe2 breakdown cover | M Account A great account if you have little, poor, or no credit history |
| Monthly fee | None | £14.00 More info You only pay the monthly fee for maintaining your account if your insurance benefits are on. If your insurance benefits are off, you will no longer have insurance cover. | None |
Visit our compare accounts page to see all account features side-by-side. It’ll help you choose an account that suits your lifestyle and financial goals.
How to get started with your switch?
Choose an option below to get started.
You’ll need to open one before you can switch. Here’s how:
- Choose the right account for you - compare our options and pick one that fits your lifestyle.
- Apply online or in the Virgin Money Mobile Banking app - it only takes a few minutes.
- You’re ready to switch - log in to the app and select your new current account, tap on the three dots and choose ‘Switch to Virgin Money’.
- Pick your switch type:
- Full switch - move your balance, Direct Debits and standing orders. Your old account will close automatically.
- Partial switch - just move your payments. Keep your balance and your old account open.
Your switch will be complete in 7 working days, and you’re covered by the Current Account Switch Guarantee for total peace of mind.
Great – now it’s time to move everything over. Switching is easy in our app:
- Log in to the Virgin Money Mobile Banking App
- Select your new current account, tap on the three dots and choose ‘Switch to Virgin Money’.
- Pick your switch type:
- Full switch - move your balance, Direct Debits and standing orders. Your old account will close automatically.
- Partial switch - just move your payments. Keep your balance and your old account open.
Your switch will be complete in 7 working days, and you’re covered by the Current Account Switch Guarantee for total peace of mind.
If you want to switch your joint account, give us a call on 0800 678 3654. We're here Monday to Friday 8am to 6pm and Saturday 9am to 1pm. Calls may be recorded for training and quality purposes.
1. Worldwide cover (except travel in, to, or through Cuba, Iran, Syria, North Korea, the Crimea region, or the Donetsk People's Republic (DNR) or Luhansk People's Republic (LNR) regions of Ukraine, or anywhere the Foreign, Commonwealth & Development Office advises against 'all' or 'all but essential' travel).
2. Europe includes Andorra, Austria, Balearics, Belgium, Bulgaria, Canary Isles, Channel Islands, Corsica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Republic of Ireland, Romania, San Marino, Sardinia, Sicily, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey in Europe, Üsküdar.