You’ll get
- Two accounts. The M Plus Account and the M Plus Saver.
- 1.00% AER1.00% gross p.a. variable. interest rate, paid monthly. interest on your M Plus Account balance up to £1,000.
- 1.75% AER1.74% gross p.a. variable. Interest paid quarterly. on your M Plus Saver balance, up to £25,000. 1.25% AER1.24% gross p.a. variable. Interest paid quarterly. on balances above £25,000.
- FSCS (Financial Services Compensation Scheme) protection on deposits up to £120,000.
- Hassle-free switching with the Current Account Switch Guarantee.
Account name
M Plus Saver
What is the interest rate?
| Balance | Gross rate (%) | AER (%) |
|---|---|---|
| Balances up to and including £25,000 | 1.74% | 1.75% |
| Balances over £25,000 | 1.24% | 1.25% |
Interest is calculated on a daily basis and paid on the last working day of each calendar quarter.
Can Virgin Money change the interest rate?
Yes, if we decrease your rate we’ll provide at least two months’ notice as described in your Terms. We may increase your rate without giving you notice
What would the estimated balance be after 12 months based on:
| Initial deposit at account opening | Balance after 12 months |
|---|---|
| £1,000.00 | £1,017.52 |
| £25,000.00 | £25,437.03 |
| £50,000.00 | £50,748.48 |
This is only an example and doesn't take into account your individual circumstances.
The example assumes that:
- no further deposits or withdrawals are made;
- any interest earned stays in the account; and
- there is no change to the interest rate.
How do I open and manage my account?
You may only open an M Plus Saver if you have an M Plus Account with us in the same name(s). The M Plus Saver will stay open, as long as the M Plus Account is maintained as described in the Terms.
The account can be opened in Branch or online, virginmoney.com/current-accounts/pca, or call us on 0800 121 7365, someone from our team will be available 24/7.
There are no minimum or maximum balance restrictions or need to pay in on a regular basis. The M Plus Account is available to anyone from the age of 16. Subject to status.
If you want to apply online, you'll need to be at least 18. Subject to status.
Can I withdraw money?
You may only withdraw funds by transfer to your M Plus Account or any other account that we allow you to make a transfer into using online/telephone banking, the Virgin Money Mobile Banking app or in Branch.
Additional Information
Interest will be paid gross.
Gross rate interest is the interest payable without taking account of any tax payable.
AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.
An unarranged overdraft is when you spend more money than you have in your account. It's 'unarranged' because we didn't agree to it before it happened.
You'll be charged interest on the amount you're overdrawn by. This is a variable rate. If you don't have enough money to cover a payment, we may also charge you a 'Refusing a payment due to lack of funds fee'.
It's important to repay any overdraft quickly, as it will affect your credit score.
Virgin Money is now part of Nationwide
Following Court approval on 23 February 2026, Virgin Money’s business transferred to Nationwide on 2 April 2026. This means that a maximum of £120,000 of your combined eligible deposits with Virgin Money and Nationwide are protected under the Financial Services Compensation Scheme (FSCS).
Understand what this means for youImportant documents:
Interest explained
- AER stands for Annual Equivalent Rate, and illustrates what the interest rate would be if interest was paid and compounded once each year.
- Gross is the interest payable without taking account of any tax payable.
- p.a. stands for per annum, which means every year.
- Credit interest is calculated daily on the cleared credit balance in your account.