M Plus Account fees
Here are the fees for using the main services in the M Plus Account:
|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||FreeWhilst 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||FreeChoosing 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|
You'll be charged this fee when we refuse a payment due to a lack of funds in your account (or Arranged Overdraft). But you'll not be charged this fee if the value of the refused payment is £4.00 or less. This is the Refusing A Payment Due To Lack Of Funds Fee Buffer Amount.
|£4.00 (Buffer £4.00)|
|Monthly Maximum Charge|
The Monthly Maximum Charge (MMC) is a monthly cap on Unarranged Overdraft charges. The MMC is the most you'd pay each month in interest and fees combined.
1. Each current account will set a monthly maximum charge for:
(a) going overdrawn when you do not have an Arranged Overdraft; or
(b) going over your Arranged Overdraft limit (if you have one).
2. This cap covers any:
(a) interest for going over your Arranged Overdraft limit; and
(b) fees for each time we Refuse A Payment Due To Lack Of Funds.
|£40.00 per calendar month|
The amount of the Refusing A Payment Due To Lack Of Funds Fee and debit interest will be notified to you at the end of each calendar month, giving you at least 14 days notice before it is applied to your account.
You'll find full details of our fees in the M Plus Account Fee Information Document.
When we're talking about our current accounts, we have to use certain words and phrases to describe key things (like your Arranged Overdraft). You can find them in our Glossary of Terms.
The interest you earn on your M Plus Account
This is the rate of interest we'll pay on the money in your account.
|Balance (% p.a.)||Gross2 (% p.a.)||AER1 (% p.a.)|
|M Plus Account* - up to £1,000||2.00%||2.02%|
|M Plus Account* - over £1,000||0%||0%|
Overdraft interest rates
We'll work out the interest you need to pay using the amount you're borrowing at the end of each day. We'll charge the interest the next month.
|Overdraft rates||Per annum (%)||EAR3 (%)|
|Arranged Overdraft||18.29 - 34.05%||19.90 - 39.90%|
|Unarranged Overdraft||18.29 - 34.05%||19.90 - 39.90%|
If we offer you an Arranged Overdraft, we will advise you of your debit interest rate when your application is approved. Your rate will range between the rates displayed and will be dependent on your financial circumstances.
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.uk Link opens in a new window.
- EAR. The effective annual rate (EAR) is the cost of borrowing on current accounts. This takes into account the rate of interest charged, how often it’s charged and the fact that if interest is not paid, you'll pay interest on interest. The EAR can change.
Credit Interest Footnotes
*Every day, we work out the interest on your cleared credit balance. Then we pay it into your account on the last working day of each month.
M Plus Saver Summary Box
Account name: M Plus Saver
What is the interest rate?
|Balance||Gross rate2 (%)||AER1 (%)|
|On all balances||0.35%||0.35%|
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 lower your rate we will provide at least 2 months' notice as described in section 12 of the Terms. We may increase your rate without giving you notice.
What would the estimated balance be after 12 months based on a £1000 deposit?
|Initial deposit at account opening||Balance after 12 months|
This is only an example and does not 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 Plus Saver if you have an M Plus Account with us in the same name(s). The M Plus Saver will stay open, as long as the M Plus Account is maintained as described in the Terms.
The account can be opened in Store or online, virginmoney.com/current-accounts/pca, or call us on 0800 121 7365, someone from our team will be available 24/7.
There are no minimum or maximum balance restrictions or need to pay in on a regular basis. The M Plus Account is available to anyone from the age of 16.
If you want to apply online, you'll need to be at least 18. Subject to status.
Can I withdraw money?
You may only withdraw funds by transfer to your M Plus Account or any other account that we allow you to make a transfer into using internet/telephone banking, the Virgin Money mobile banking app or in Store.
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.
To find out more about our interest rates and fees you can download a PDF of the M Plus Account and M Plus Saver Tariff.