M Power Account jargon buster

This is on the back of your debit card and in your app. It's 8 numbers long and it appears next to your sort code. It’s generally ok to give someone your name, account number and sort code so they can pay into your account. Be smart about fraud though and don't give out personal details like your address to people you don't know.

AER stands for Annual Equivalent Rate. When you see an advert for a savings account that shows an interest rate, you will see the AER. You can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

If you've got an iPhone you can set up Apple Pay^[1] when you’re 13. Apple Pay stores your card details on your iPhone. You can use your card through your phone to pay when you’re out and about or online.

Your balance is the amount of money you have in your account. You can see your M Power Account balance in your app. CR means credit – you have money in your account. DR means debit – your balance is below zero.

This is the three numbers that are on the back of your debit card by the strip you sign. You’ll enter these digits when buying things online. Generally, it’s best to keep this number to yourself but if you’re paying for something over the phone, like booking a hotel, you can give your CVV.

This is a piece of paper that someone gives you that acts like money. You can pay it into your account by scanning it in the M Power app. If you lose a cheque let the person know so they can cancel it.

Compound interest is when you earn interest on the interest you’ve already earned. For example, if you put money into an account, it’ll earn interest in the first month. The next month you earn interest on the money you put in plus the interest you’ve already received in month one.

This is making a payment with your debit card where you tap it on the card reader and you don’t use a PIN. You can also use your mobile phone or smart watch if you’re the age to have Apple Pay^[1] or Google Pay^[2] enabled.

There is a contactless limit. It’s £50 for M Power customers. If you make a payment over this, you’ll need to enter your PIN. Sometimes we’ll ask you to enter your PIN for lower spends – just to keep you safe.

Cookies are small files that stay on your device and track your activity. Cookies collect data, such as your choices and other details. You can read our cookie policy for more info.

This is money coming into your account. Sometimes you’ll see this as CR in your statement.

This is the interest we pay you. We work out how much to pay you at the end of every day based on the money in your account.

This is money going out of your account. Sometimes you’ll see this as DR in your statement.

A debit card is the card that you get with your account. You can use it to pay for things in shops, online, abroad and over the phone. You can also use it to withdraw money from your account at a cash machine.

This is interest you pay if your balance goes below zero. The M Power Account does not offer an Arranged Overdraft. If a payment is made which takes your balance below zero and into an Unarranged Overdraft we will not charge any interest. We’ll be in touch to put it right. To find out more about our rates and fees check out your Tariff which has everything you need to know.

This is money paid into your account. Anyone can pay a deposit into your account. They’ll need your name, account number and sort code. You can find these in the app or on your debit card. Money can be paid into your account online or if it's cash you can pop into a Virgin Money Store or Post Office. If you have a part-time job, your wages can be paid directly into your account.

This is when you ask your bank to let a business collect money from your account. It’s really safe and will only happen once you’ve been told how much, and when, the money will be collected. If the business you’re paying wants to change an amount or date of collection, they have to let you know first. The money leaves your account automatically, so it’s a convenient way to pay bills – such as for a mobile phone.

This is when someone takes your money or personal information without you knowing about it. Learn about different types of fraud.

This stands for the Financial Services Compensation Scheme. This scheme protects your savings up to £85,000 with Virgin Money. If we were to go out of business, you would get your money back through FSCS.

If you've got an Android device, you can set up Google Pay^[2] when you’re 16. You can use your card through your phone to pay when you’re out and about, or online.

This is the rate of interest you’ll be paid without tax taken off.

Interest is the money we pay you for saving your money with us. The amount we pay is based on how much money you have in your account and the rate we’re offering at that time.

Sometimes for security purposes we will ask you to confirm the last 4 digits of your card number. This is the final four numbers of your 16 digit long card number.

This means an amount of money. We may refer to monies paid in to an account or monies paid to you.

A one-time passcode is a number we text you for added security – you then enter it on the website that you’re buying from. This means, if a fraudster tries to use your card and they don't have the one-time passcode then they cannot make the payment. Never share your one-time passcode with anyone – even if they say they work at Virgin Money.

This is the 16 digit number on your card. This is the number you’ll use when shopping online.

This can be money paid into your account from some else or money you send out of your account to someone else.

These are payments you’ve recently made.

Your PIN (Personal Identification Number) is a 4 digit number that only you know. You'll receive it from us in the post but you can change it at a cash machine to a number you can easily remember. For security, don't choose an obvious number like your birthday, or write it down or tell it to anyone.

Your privacy notice Link opens in a new window tells you about how we use your personal info.

Like a Direct Debit, this is a regular payment that you have set up yourself. It’s often used for subscriptions and streaming services. You set it up using your card details (the long 16-digit number on your card), rather than your account number and sort code. You can’t see recurring payments in your app but give us a call if you need to check whether you have any.

Savings Pots are a great way to save for the stuff you really want. They’re easy to set up in your app, plus you can set up as many as you want. Give them a name, the quirkier the better! They help you figure out how much you need to save to hit your goal. Then just put money away whenever you can or set up regular payments. And there’s a progress checker to keep you on track!

This is when someone tricks you into giving away money or your personal information, like your name, birthday, address or school.

Shoulder surfing is when fraudsters look over your shoulder to steal your information. Always be careful when you enter your PIN or look at personal information in public places.

Your sort code is on the back of your card. It's 6 numbers long and appears like this: 00-00-00.

A standing order is a fixed, regular payment that you have set up, to go to a certain person, for a set amount, on a pre-agreed day.

This is a monthly summary of where you spent your money and the money that came into your account.

This has important info on your M Power Saver and how you can use it.

Your account tariff is a table that shows your interest rates, payment limits and any fees relating to your account.

Your account terms are the rules of your account.

This is when we send you a notification or text about your spending. You can set these alerts up in your app under ‘Alerts and notifications’.

We check all the money going in and out of everyone’s accounts. If we spot something unusual, for example a large payment or lots of new activity we'll take a closer look. If we think it’s fraud, we’ll contact you.

If you spend more money than what’s in your account you’ll go into an ‘unarranged overdraft’. Typically, you’ll pay interest to a bank if you go into an unarranged overdraft. The M Power Account does not offer an Arranged Overdraft. If a payment is made which takes your balance below zero and into an Unarranged Overdraft we will not charge any interest. We’ll be in touch to put it right. To find out more about our rates and fees check out your Tariff which has everything you need to know.