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Virgin Money current accounts

Say hello to our current accounts

Best Current Account Provider - Moneyfacts awards 2022 - 2023. Current Account Switch Guarantee. FSCS protected.

Important Information

From 1 August 2024 we will be reducing our M Plus and Club M Account rates from 2.02% AER1 (2.00% Gross1 per annum) to 1.00% (Gross1/AER1 per annum) on balances up to £1,000. If you opened an M, M Plus or Club M Account between 1 and 31 May 2024 and use the Current Account Switch Service to switch your current account from another provider including two direct debits by 26 June 2024, you’ll get: 10% Gross1/10.47% AER1 fixed rate bonus on balances up to £1,000 from 1 July 2024 to 30 June 2025. M Plus or Club M customers who qualify for the 10% bonus offer will receive an additional 1.00% Gross1/AER1 bonus on balances up to £1,000 from 1 August 2024 - 30 June 2025. Switch offer Terms apply.

Current account FAQs

Can I open a bank account online?

Yes, you can open a bank account online or by downloading our app. Simply choose an account and click "Get started".

What do I need to open a bank account?

You'll need to be over 18 and living in the UK. Over 16s can open an account in Store.

You'll need your phone and ID (such as drivers license) to run though some verification checks.

We'll also ask some generic questions about your income and recent addresses.

What is a current account?

A current account is a bank account that you can put your money into to keep it safe.

Your income or salary is usually paid into your current account. A current account usually comes with a debit card that you can use for spending.

Many current accounts like those at Virgin Money come with extras. These extras can be things like interest on your balance, an app, cashback on your spending, and more.

Is a debit card a current account?

A debit card is a card you get when you open a current account. You can use the debit card in a shop or online to pay for goods and services.

You can now add your debit card to the Wallet in your phone with Apple Pay or Google Pay. You can then use your phone to make secure payments in apps, on the web, and in shops.

More current account FAQs
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Android 8.0 or above

Your money in your hands

You can manage your account in the app or online. It's packed with super-smart tools to put you in control of your cash.

virgin money icon
  Link opens in a new window

Android 8.0 or above

Your money in your hands

You can manage your account in the app or online. It's packed with super-smart tools to put you in control of your cash.

Your money in your hands

You can manage your account in the app or online. It's packed with super-smart tools to put you in control of your cash.

Service to make you smile

We're here to help you feel happier about money. If you need us please get in touch.

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Independent service quality survey results

Personal Current Accounts - published February 2024

As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,000 customers of each of the 16 largest personal current account providers if they would recommend their provider to friends and family.

The results represent the view of customers who took part in the survey.

View the full set of results

Overall service quality

We asked customers how likely they would be to recommend their personal current account provider to friends and family.

Ranking

Overall service quality: Virgin Money is ranked at 15th place for overall service quality with 48% compared to; Monzo at 80%, Starling Bank at 78%, first direct at 77%, Nationwide at 69% and Halifax at 66%.

Overall service quality - Published February 2024.

Authorised push payment (APP) fraud rankings in 2022

Published October 2023

Authorised push payment (APP) fraud happens when someone is tricked into transferring money to a fraudster's bank account.

These charts use data given to the Payment Systems Regulator (PSR) by major banking groups in the UK in 2022.

You can read the full report by visiting www.psr.org.uk/app-fraud-data Link opens in a new window.

Share of APP fraud refunded

This data shows the proportion of total APP fraud losses that were reimbursed, out of 14 firms. Higher figure is better.

Chart displaying the Share of APP fraud refunded by firm. Rank 1 TSB 91%, rank 2 Nationwide 78%, rank 3 HSBC/First Direct 73%, rank 4 Barclays 70%, rank 10 Virgin Money/Clydesdale bank 38% Link opens in a new window

APP fraud sent per £million transactions

This data shows the amount of APP fraud sent per million pounds of transactions, out of 14 firms. Lower figure is better.

Chart displaying the Share of APP fraud sent per £million transactions by firm. Rank 1 TSB £348, rank 2 Santander £322, equal rank 3 Metro Bank £280, equal rank 3 Monzo £280, rank 9 Virgin Money/Clydesdale bank £156 Link opens in a new window

APP fraud received per £million transactions: smaller UK banks and payment firms

This data shows the amount of APP fraud received per million pounds of transactions, ranked out of 20 firms. Lower figure is better.

Chart displaying the APP fraud received per £million transactions: smaller UK banks and payment firms. Rank 1 Clear Junction £10,355, rank 2 BCB Group £7,079, rank 3 Cashplus £5,916, rank 4 PayrNet £5,765, rank 5 PPS an Edenred Company £4,814 Link opens in a new window

APP fraud received per £million transactions: major UK banks and building societies

This data shows the amount of APP fraud received per million pounds of transactions, ranked out of 20 firms. Lower figure is better.

Chart displaying the APP fraud received per £million transactions: major UK banks and building societies by firm. Rank 9 Metro Bank £696, rank 10 TSB £605, rank 12 Starling Bank £307, rank 13 Monzo £227, rank 15 Virgin Money/Clydesdale Bank £205 Link opens in a new window

1. AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest is the interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account.

2. Interest rate of 2.02% AER (2.00% gross per annum variable) interest rate, paid monthly, on your M Plus Account balance up to £1,000. Rates are variable.
AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account.

3. Interest rate of 2.50% AER (2.48% gross per annum variable) on savings balances up to £25,000, and 2.00% AER (1.99% gross) on any balances above £25,000. Interest paid quarterly. Rates are variable.
AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account.