Basic bank account
M Account
A fee-free bank account with no overdraft— a simple and straightforward way to manage your money.
Who the M Account is for
You might be eligible for the M Account if you:
- are 16 or over and live in the UK
- have little or no credit history, or your credit score has been affected
- don’t currently hold another UK current account, or don’t qualify for our other current accounts
- can provide standard or non-standard ID
- don’t need an arranged overdraft or a chequebook
Before you apply
You can’t apply online for the M Account.
You can apply:
- by phone
- in a Virgin Money branch
The highlights
Designed for people building credit
You don’t need a strong credit history to apply.
Non-standard ID accepted
We can often accept alternative forms of ID.
A free linked savings account
Get 2.00% AER/1.99% grossRates are variable. Interest paid quarterly. on your M SaverOpen an M Account and you'll get a free linked savings account. balance up to £25,000. 1.50% AER/1.49% grossRates are variable. Interest paid quarterly. on balances above £25,000.
Brilliant basics
A bank account is nothing without the essentials. You’ll get:
- a contactless debit card that works worldwide
- an app to check your balance, see transactions, make payments and manage Savings Pots
- no feesWhen you’re abroad, some cash machines might charge a fee. when you use your card abroad or shop online in other currencies
- online, phone and in-branch banking
- Apple Pay and Google Pay
Good to know
Need an overdraft?
The M Account doesn’t come with an overdraft or chequebook. If you need either, explore our other current accounts.
Protecting your money
Your deposits are covered up to £120,000 by the Financial Services Compensation Scheme (FSCS).
Switch your current account
Move your account to us in less than 7 days with the Current Account Switch Guarantee.
Exclusive offers
Open the M Account and get access to exclusive accounts and offers.
Explore our exclusives
Important info
If you apply for an account, you’ll need to read the important info below:
Account name
M Saver
What is the interest rate?
| Balance | Gross rate (%) | AER (%) |
|---|---|---|
| Balances up to and including £25,000 | 1.99% | 2.00% |
| Balances over £25,000 | 1.49% | 1.50% |
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 | £1,020.05 |
| £25,000 | £25,500.31 |
| £50,000 | £50,874.90 |
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 Branch 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 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.
Ready to apply?
Apply by phone
Or if you're abroad, call us on +44 141 221 7300
We’re here Monday to Friday, 8am to 6pm. And Saturday, 9am to 1pm.
Calls may be recorded for training and quality purposes.
| Number | Cost |
|---|---|
| 03 numbers | Same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. |
| 084 numbers | Maximum of 7p per minute, plus your phone company's access charge. |
| 087 numbers | Maximum of 13p per minute, plus your phone company's access charge. |
| 0800 numbers | Free from UK landlines and personal mobile phones. |
Calls may be recorded for training and quality purposes.
Apply in branch
Request an appointment and chat with us face-to-face.
Find a branchGet support
If you have questions about the M Account, call us on:
Or if you’re abroad, call +44 141 221 7300
We’re here 24 hours a day, 7 days a week.
Calls may be recorded for training and quality purposes.
Help with money worries
Money worries can make banking feel harder. If you need extra support, we’re here to help.
Visit our financial wellbeing hub
Frequently asked questions
A basic bank account is a simple, fee-free current account that helps you manage everyday money. You can receive payments, pay bills and use a debit card. It doesn’t come with an arranged overdraft or a chequebook.
It’s designed for people who may not qualify for other current accounts or who prefer a straightforward way to bank.
No. We’ll check your credit file as part of our verification checks when you apply but we won’t use this information to decide if you can have the M Account.
If you apply for our standard account - the M Plus Account - or one of our other accounts, we’ll check your credit file to see if it’s right for you. If we can’t offer you one of these, we’ll see if you’d like the M Account instead.
There’ll be a footprint (a record of the search, in case you were wondering) on your credit file so other providers, like banks and building societies, can see that you’ve applied for an account.
Yes, absolutely. The M Account is there to help people who might not be eligible for a standard account – this could be due to credit history or current circumstances. Talk to us about your situation and we’ll tell you about our products so you can decide which one’s right for you.
There are no fees for day-to-day services and you won’t be charged for a refused payment. You can find out what we do charge for here.
If you’re over 18, we’ll try and identify you electronically. If this doesn’t work, we’ll ask you to provide identification documents to open the account. You’ll find a list of identification document options here. We know it’s not always an option to share passports and utility bills so we’re usually ok with alternatives. If that’s the case, we’ll need to talk to you in Branch to understand what ID you can provide.
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.
- APR stands for Annual Percentage Rate. If you have a credit card, the APR is the cost of using your card to borrow money over a 12 month period.
- Credit interest is calculated daily on the cleared credit balance in your account.
- Gross is the interest payable without taking account of any tax payable.
- p.a. stands for per annum, which means every year.
- The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.