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Interest we pay you

Interest rate up to 31 July 2024
Balance (% p.a.)Gross2 (% p.a.)AER1 (% p.a.)
M Plus Account - up to £1,0002.00%2.02%
M Plus Account - over £1,0000%0%

From 1 August 2024 we will be reducing our M Plus Current Account rates from 2.02% AER1 (2.00% gross2 per annum) to 1.00% (AER1 gross2 per annum) on balances up to £1,000.

Interest rate from 1 August 2024
Balance (% p.a.)Gross2 (% p.a.)AER1 (% p.a.)
M Plus Account - up to £1,0001.00%1.00%
M Plus Account - over £1,0000%0%

We work out how much interest to pay you at the end of each day. This is based on the money in your account. If your balance is £1,000 or less, we'll pay interest on the whole balance. If it's higher we'll pay interest on the first £1,000 of your balance. We'll add any interest to your account on the last working day of the month.

Balance (% p.a.)Gross2 (% p.a.)AER1 (% p.a.)
M Plus Saver Account - up to £25,0002.48%2.50%
M Plus Saver Account - over £25,0001.99%2.00%

Interest is calculated on a daily basis and paid on the last working day of each calendar quarter.

Representative example

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.

Interest and fees you pay us

At the end of each month, we'll let you know how much interest and fees you need to pay. We'll always give you at least 14 days' notice before we take interest and fees from your account.

Monthly Fee for Maintaining The AccountNone
Overdraft ratesPer annum (%)EAR3 (%)
Arranged Overdraft18.29 - 34.05%19.90 - 39.90%
Unarranged Overdraft18.29 - 34.05%19.90 - 39.90%

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.

We will advise you of your debit interest rate when your application for the account is approved. Your rate will range between the rates displayed and will be dependent on your financial circumstances.

Refusing A Payment Due To Lack Of Funds Fee£4.00

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.

Monthly Maximum Charge£20.00 per calendar month

The Monthly Maximum Charge (MMC) is a monthly cap on Unarranged Overdraft interest and Refusing A Payment Due To Lack Of Funds fees. The MMC is the most you'd pay each month in such interest and fees combined.

  1. Each current account will set a monthly maximum charge for:
    1.1. going overdrawn when you do not have an Arranged Overdraft; or
    1.2. going over your Arranged Overdraft limit (if you have one).
  2. This cap covers any:
    2.1. interest for going over your Arranged Overdraft limit; and
    2.2. fees for each time we Refuse A Payment Due To Lack Of Funds.
Cancelling a cheque£10 for each cheque
Lost or stolen cheque feeNone
Duplicate Statement Fee£5 per statement

If you have opted out of receiving paper statements then no fee will be charged.

Cash withdrawalFee
Cash withdrawal in pounds in the UKNone
Cash withdrawal in foreign currency outside the UKNone
Cash withdrawal in pounds outside the UKNone
Debit card paymentFee
Debit card payments in poundsNone
Debit card payment in a foreign currencyNone
Debit card payment to a company based outside the UKNone

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.

Sending money within the UKFee
Direct DebitNone
Standing orderNone
Faster payments (FPS) (Limits Apply)None
CHAPS Payment£25.00
Bankers Draft Fee (up to and including £100,000)£30
Sending Money Outside The UKFee
SEPA Payment£20
SWIFT Payment£25
Transaction TypeCurrencyFee
SWIFT (within the EEA4)All currencies including Sterling up to £100 (or equivalent)None
Currency is Euro, Swedish Krona or Romanian Leu over £100 (or equivalent)None
All remaining currencies including Sterling over £100 (or equivalent)£7
SWIFT (outside the EEA4)All currencies up to £100 (or equivalent)None
All currencies over £100 (or equivalent)£7
Foreign Currency Cheques drawn on a non-UK accountAll currencies up to £100 (or equivalent)£5
All currencies over £100 (or equivalent)0.25% (£7 min-£40 max, plus agent Fees where applicable)

Frequently asked questions

We can change your interest rates. The M Plus Account Terms give you more details about when we can do this and how we'll let you know. If it's the kind of change that we need to publish in a newspaper, we'll usually use The Daily Mail, The Daily Record and The Yorkshire Post.

The account can be opened online, in Store or call us on 0800 121 7365.

  • If you're 18 or over, you can apply for this account online or over the phone.
  • Or, if you're 16 or 17, you can open it in some of our stores - please phone us and we'll tell you which ones.

In any case, your application is subject to status.

When we open your M Plus Account, we will open a linked M Plus Saver in the same name(s). Your M Plus Saver will stay open, as long as the M Plus Account is maintained as described in the Terms.

You have the option to apply for an Arranged Overdraft when you apply for the M Plus Account. You can check if you are eligible on our website before you apply – it won’t leave a mark on your credit file.

If you already have a current account with us and wish to apply for an Arranged Overdraft, you can give us a call on 0800 678 3654, or visit your local Store.

The Arranged Overdraft has a rate of 19.90% EAR and is subject to status. Applicants must be 18 years or over. Find out more.

Glossary of terms

The AER is the equivalent rate if interest was paid and compounded once a year.

The gross rate is the rate of interest we pay you without deducting income tax. We don't take any tax away from the interest we pay you (which would be called the 'net rate').

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, Link opens in a new window.

The EAR is used to show the cost of borrowing on current accounts. This takes into account the rate of interest charged, how often it's charged, and that if interest is not paid you'll pay interest on interest (also known as 'compound interest').

The EAR doesn't include overdraft fees and t's variable - so it can change.

The EEA includes EU countries and also Iceland, Liechtenstein and Norway. It allows them to be part of the EU's single market.

List of countries within the EEA:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

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.

Protecting your money

As we are covered by the Financial Services Compensation Scheme, your eligible deposits with Virgin Money are covered up to £85,000 per person.

View the FSCS guarantee

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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 - 1pm

Calls may be recorded for training and quality purposes.

[1] AER (Annual Equivalent Rate) is the equivalent rate if the interest was paid and compounded once a year. Gross rate interest is the interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account.

[2] Gross rate. Gross rate interest is the interest payable without taking account of any tax payable. If you earn interest over your Personal Savings Allowance you will be required to pay any tax due yourself directly to HM Revenue and Customs. If you would like to read more about your Personal Savings Allowance, please visit the government website Link opens in a new window.

[3] EAR (Effective Annual Rate) - The Effective Annual Rate is used to express the cost of borrowing on current accounts. The EAR takes account of the rate of interest charged, the frequency it is levied to accounts and compounding of interest. It does not include overdraft fees and is variable.