Account fees
| Service | Fee |
|---|---|
| Monthly Fee for Maintaining The Account | None |
| Cash withdrawal in pounds in the UK | Free* Maximum £500 per day (subject to account balance)Whilst we won't charge you, some ATM providers may apply a charge. You'll be notified of this before you go ahead with the withdrawal. |
| Cash withdrawal in foreign currency outside the UK | None*Whilst we won't charge you, some ATM providers may apply a charge. You'll be notified of this before you go ahead with the withdrawal. |
| Debit card payment in a foreign currency | None*Choosing to pay in local currency instead of pounds will help you avoid dynamic currency conversion fees and you'll often get a better exchange rate. |
| CHAPS outward payment | £25.00 |
| Refusing A Payment Due To Lack Of Funds Fee We don’t offer an Arranged Overdraft on this account. In certain situations, we may give you a temporary Unarranged Overdraft (see your terms for details). We don’t charge interest or fees for that borrowing and there’s no fee if we refuse a payment due to lack of funds. | None |
You'll find full details of our fees in the M Account Fee Information Document.
The interest you earn on your current account
We don’t pay interest on your M Account.
| Balance | Gross rate2 (%) | AER1 (%) |
|---|---|---|
| On all balances | 0.00 | 0.00 |
When we talk tax
The terms we use are based on current understanding of UK taxation. We're always reviewing our website to make sure that anything we say about tax is up to date.
- AER. The AER (or Annual Equivalent Rate) is the equivalent rate if interest was paid and compounded once a year.
- Gross rate. This is interest we pay without deducting income tax.
We don't deduct tax from any interest we pay you. If your interest is over your Personal Savings Allowance, you'll have to pay any tax directly to HM Revenue and Customs. It'll depend on your circumstances and it might change in the future. For more information please visit, www.gov.uk2.
Overdraft interest rates
We don’t offer an Arranged Overdraft on this account. In certain situations, we may give you a temporary Unarranged Overdraft (see your terms for details). We don’t charge interest or fees for that borrowing and there’s no fee if we refuse a payment due to lack of funds.
Debit card transactions and limits
| Transaction Type | Retailer/ ATM location | Currency | Fees | |
|---|---|---|---|---|
| Debit Card Cash withdrawal | Within the EEA (including UK) | All currencies (including Pound Sterling) | Fee not charged | Where a foreign purchase transaction is refunded by a retailer, the purchase transaction amount will be credited back to the account based on the exchange rate on the day of refund. Any fee charged for the original transaction will not be refunded. For any Foreign Transaction reversals, any fee charged will be reversed. |
| Outside the EEA | All currencies (including Pound Sterling) | Fee not charged | ||
| Debit Card Payments | Within the EEA (including UK) | All currencies (including Pound Sterling) | Fee not charged | |
| Outside the EEA | All currencies (including Pound Sterling) | Fee not charged | ||
Countries within the EEA
To find out what countries are part of the EEA, please visit www.gov.uk/eu-eea
Debit card withdrawal limits
| Service | Cash | Debit card payments in a foreign currency |
|---|---|---|
| Debit Mastercard® Online Contactless | £350 | £5,000 |
| Debit Mastercard Online Non-Contactless (no longer issued) | £350 | £5,000 |
If you are unsure as to your debit card type (limits), please refer to your card carrier or Store.
Daily cash limits apply to withdrawals in the UK or abroad. Higher cash amounts may be available over a bank counter. International purchase limits apply if a card is used outside the UK. Other limits may apply to certain types of transactions from time-to-time.
Charges for our most common additional services
| Service | Charge |
|---|---|
| Bankers draft (up to & including £100,000) | £30.00 per draft |
| Duplicate Statement Fee (if you have opted out of receiving paper statements then no fee will be charged) | £5.00 per statement |
Collections department
If we need to involve our collections department you must pay us for all reasonable costs and expenses which we incur as a result. These could include any costs incurred by us on correspondence or taking steps to trace you or recover money you owe (including legal costs). Further details are available on request from your branch.
Receiving money from outside the UK
| Transaction type | Currency | Fee |
|---|---|---|
| SEPA | No charge | |
| SWIFT | All Currencies including Sterling up to £100 (or equivalent) | No Charge |
| All Currencies including Sterling over £100 (or equivalent) | £7.00 | |
| Copies of confirmations/ advices | N/A | £5.00 per item |
How to open a linked M Saver Account
You may only open an M Saver if you have the M Account with us in the same name(s).
The M Saver will stay open, as long as the M Account is maintained as described in the Terms.
You can open a linked M Saver from the VM mobile app, online, in Store or call us on 0800 121 7365. One of our team would be delighted to help you.
There are no minimum or maximum balance restrictions or need to pay in on a regular basis. The M Account is available to anyone from the age of 16. Subject to status.
M Saver account information
Account name
M Saver
What is the interest rate?
| Balance | Gross rate (%) | AER (%) |
|---|---|---|
| Balances up to and including £25,000 | 2.48% | 2.50% |
| Balances over £25,000 | 1.99% | 2.00% |
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 2 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 | £1,025.04 |
| £25,000 | £25,624.64 |
| £50,000 | £51,125.87 |
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 Saver if you have an M Account with us in the same name(s). The M Saver will stay open as long as the M Account is maintained as described in the terms.
You can open the account in Store or by calling us on 0800 121 7365. Our team are available 24/7. In certain situations, we may also let you open this account online.
There are no minimum or maximum balance restrictions. And there’s no need to pay in on a regular basis. The M Account is available to selected customers from the age of 16. Subject to status.
Can I withdraw money?
You may only withdraw funds by transfer to your M 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 Store.
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.
