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What is a basic bank account?

A basic bank account lets you do things like:

  • receive payments like wages and benefits
  • pay for things with a debit card
  • transfer money to pay bills or other people
  • set up Direct Debits

So you don't spend more than you have, a basic bank account does not come with an overdraft or cheque book.

Check out M Account

  • It's super straightforward and free to use
  • You can open the M Account with little or no credit history and we accept non-standard ID
  • It comes with our handy mobile app and a linked savings account

Who's it for?

It's a good bank account for bad credit or if you've experienced financial difficulties.

If you’re 16 or over and we’re unable to offer you one of our standard current accounts, this could be a good alternative.

Get in touch if you'd like to chat about your options.

Speak to an adviser

You get a straightforward current account

View the rates and fees

Linked to an instant savings account

Savings account


AER1 (2.48% gross2 per annum variable) on savings balances up to £25,000, and 2.00% AER1 (1.99% gross2 per annum variable) on any balances above £25,000. Interest paid quarterly.

Please read the Summary Box

Manage your day-to-day spending

With the Virgin Money app and online banking

Track your transactions
See where you spend the most money and when.
Keep up to date
Set up instant alerts for when your balance changes.
Start saving
Grow your cash in Savings Pots.
Budget better
Set a budget for your spending and track your progress.
Discover our app

Virgin Money Cashback

Money back in your hands when you shop with top brands

Discover Cashback

Frequently asked questions

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 Link opens in a new window. 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 Store to understand what ID you can provide.

View all frequently asked questions

The serious bits

Rates and Fees
See the rates and fees of this account and read our straight-up small print.
Rates and fees
We're all over your online transactions to mkae sure it's really you making them.
More about security
Current Account Terms
Read and download our Current Account Terms
Current Account Terms

Protecting your money

Your eligible deposits with Virgin Money are covered up to £85,000 per person.

View the FSCS guarantee

Before you apply

Before applying please make sure you have read the following:

Account Summary

Account name

M Saver

What is the interest rate?

BalanceGross rate (%)AER (%)
Balances up to and including £25,0002.48%2.50%
Balances over £25,0001.99%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 openingBalance after 12 months

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.

Ready to apply?

You can apply for the M Account by phone or in Store. Or if you'd rather apply online you'll need to apply for our M Plus Account. If you don't qualify, but you are still eligible for the M Account, we'll offer you that instead.

Apply over the phone

0800 678 3654

Or if you're abroad, call us on +44 141 221 7300

We’re here Monday to Friday 8am - 6pm, Saturday 9am - 5pm, Sunday 10am - 5pm. Calls may be recorded for training and quality purposes.

Call charges and information
03 numbersSame as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way.
084 numbersMaximum of 7p per minute, plus your phone company's access charge.
087 numbersMaximum of 13p per minute, plus your phone company's access charge.
0800 numbersFree from UK landlines and personal mobile phones.

Calls may be recorded for training and quality purposes.

Apply in store

Request an appointment and chat with us face to face at your local Store.

Find a Store

Need some help?

Get support

See the key ways we support our current account customers when they need us.

Learn more

Find answers

See the answers to the questions we get asked most about our M Account.

Frequently asked questions

Ask questions

0800 121 7365

Or if you're abroad, call us on
+44 141 221 7300

We're here 24 hours a day, 7 days a week

Calls may be recorded for training and quality purposes.

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[1]AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.

[2]Interest will be paid gross. Gross rate interest is the interest payable without taking account of any tax payable.