Virgin Money M Plus Account

• Virgin Money M Plus Account Terms (PDF, 2.9MB)
• Digital Banking Services Terms (PDF, 143KB)
• Virgin Money M Plus Account Tariff (PDF, 257KB)

An Arranged or Unarranged Overdraft is a way to borrow money from the bank and is intended for occasional use. Here's a quick overview of how they work:

Arranged Overdraft

This is a borrowing limit on your account that we agree with you in advance, so it's there when you need it. You'll pay Arranged Overdraft interest on the amount you choose to use.

Unarranged Overdraft

This is where you borrow from us when there is no money left in your account (or when you have gone past your Arranged Overdraft limit) and this has not been agreed with us in advance. You will pay Unarranged Overdraft interest.

If you don't have enough money in your account to cover a payment, we may charge a Refusing A Payment Due To Lack Of Funds Fee. You should aim to repay your overdraft borrowing as quickly as possible and use it responsibly as your usage will be reflected in your credit file.

Will you get an arranged overdraft?

Use our eligibility calculator and find out. It won’t leave a mark on your credit file.

Who can take up this offer?

• New M Plus Account and Club M Account customers who:
  • are 18+;
  • are resident in the UK;
  • don’t already have an M, M Plus or Club M current account, and haven’t closed one recently (since 31 January 2022); and
  • haven’t previously taken up a Brighter Money Bundle or Virgin Red Points offer for switching to Virgin Money.

How do you take up this offer?

• Apply online for our M Plus or Club M Account.
  • You won’t be able to take up this offer if we need to decline your application. This could happen for example, if you aren’t eligible due to your financial circumstances. This includes where we offer you the M Account instead of the M Plus or Club M Account.
• Once your new current account is open, you must complete the following steps within 45 days of your account opening date.
  1. Fully switch your existing current account to us using the 'Current Account Switch Service', with at least two direct debits.
     • A full switch means that all your regular outgoing payments from your existing current account will be transferred to your new current account and your existing account will be closed on the date you select to switch. Note, this doesn't include any recurring payments set up on your old debit card, such as film and music streaming subscriptions.
     • As part of the switch any direct debits will be transferred to your new account for you. If you don’t have two direct debits you can set these up as soon as your account is open.
     • If you are switching from a joint account, you’ll need to make sure both account holders agree to a full switch.
     • You can find out more about the 'Current Account Switch Service' process here.
  2. Download and login to the Virgin Money Mobile Banking app. You can do this as soon as your account is open.
  3. Both our M Plus and Club M Accounts come with a linked savings account. You must pay in at least £1,000 into your linked M Plus Saver or Club M Saver, and keep this in your account until we send you your Virgin Red promo code.

What is the offer?

• Virgin Red is a rewards club that turns your everyday spending into Virgin Points.
• If you meet the offer conditions, we will e-mail you a Virgin Red promo code to get 20,000 Virgin Points on us. If you haven’t already, you’ll need to join Virgin Red to get the points. It’s quick and easy to sign-up and the best bit, it’s totally free. Head here to join Virgin Red now. Link opens in a new window
• Virgin Points can be spent on a wide range of exciting rewards ranging from Everyday Treats to Extraordinary Experiences and everything in between. Log in to the Virgin Red app or look at the Virgin Red website and discover all the different options.
• We’ll send you an e-mail with your promo code within 14 days of you meeting the offer conditions. We’ll send your promo code to the e-mail you gave during your account application. The e-mail will provide instructions on how to sign-up (if you aren’t already a Virgin Red member) and redeem the promo code within the Virgin Red app or website.
• Your Virgin Red promo code can be used until 30 April 2023. Make sure to redeem your promo code before then.
• After you’ve redeemed your Virgin Red promo code, the points are added to your Virgin Red account. There is no specific expiry date for using the points. You’ll be free to use them in line with Virgin Red’s programme terms. Link opens in a new window
• We thought we should highlight a few key things from Virgin Red’s programme terms:
  1. the points don’t have a cash value and they can’t be swapped for cash or transferred to anyone else (except as set out in the Virgin Red terms).
  2. The number of Virgin Points you can earn or the number of Virgin Points you need to spend to obtain a reward may change at any time.
• Although we’ll be working closely with our friends at Virgin Red on this promotion, we aren't responsible for their terms, their marketing, or any of the offers available through Virgin Red. Just contact Virgin Red if you have any questions about these topics.

When can you take up the offer?

• The offer will be available on an ongoing basis until we withdraw it. We can withdraw the offer without giving you any advance notice, but we’ll try to give some notice if we can.
• You don’t need to worry if we withdraw the offer when you’re part way through meeting the offer conditions. As long as you’d submitted your account application before we withdraw the offer, you can still qualify. You’ll just need to continue to meet the rest of the conditions.

What else do you need to know?

• You can only benefit from this offer once. If you are a joint account holder, you can only take part once between you and your joint account holder.
• Applications for the M Plus Account and Club M Account are subject to status and eligibility criteria.
• We’ll use your personal information to help us run the offer.
• English law applies to the offer.
• If something goes wrong, we’ll try to fix it. If we can’t because it’s something we can’t control, or it’s not our fault, then we may have to change the offer. This includes suspending the offer or ending it early. We can make such changes without giving you notice. However, we’ll try our best to avoid making changes. And we’ll try to minimise any disappointment to you when we make changes.

Who is the promoter?

• We are Clydesdale Bank PLC trading as Virgin Money.
• Our company number is SC001111.
• Our registered office is 30 St Vincent Place, Glasgow, G1 2HL.