Child bank account
M Power your 11 to 15s
With a free bank account, their own debit card and a nifty app too
How to apply
They’ll get a proper bank account with
A dazzling debit card, made from recycled plastic
Their own app to make the most of their money
A linked M Power Saver with red-hot interest rates
And you’ll get
- No fees - it's free!
- Yes, that's right! You can have 5 free M Power Accounts linked to your account.
- Power in your hands
- In your app you can see when, where and how much they’re spending. Give their account a nickname and set up spend alerts.
- Peace of mind
- Phew! There's no arranged overdraft and we'll block spending on certain over-18 websites. So no gambling on our watch!
- Easy freezy
- ‘I can’t find my card!’ No drama, either of you can freeze it instantly in the app.
Growing super-savvy savers
- Set up a Savings Pot
- They create it, name it and set how much they want to regularly put into it. 'New kicks' - sorted!
- Grab red-hot rates
Grow their money with 1.00% AER1 on balances up to £1,000 with the M Power Account.
They'll also earn 2.50% AER2 on balances up to £25,000 with the linked M Power Saver.
- Start a mindful money mindset for life
- They'll have all the benefits of M Power until they turn 18. Then they'll unlock the golden ticket to our adult M Plus Account.
Who can apply
As a parent or guardian you apply for your child. You’ll need to:
- Have a Virgin Money current accountThis includes M, M Plus, Club M, Private and Current Account Control. If you've got an Essential Current Account or any current account opened with Northern Rock you’ll need to apply for another current account to be eligible.
- Be registered for the Virgin Money Mobile Banking app
And they'll need to:
- Be a UK resident, aged between 11 and 15
- Have their own mobile phone
- Have a valid form of ID such as a passport
Here are the forms of ID we accept
Close Modal- Photo ID
The best option is your child's in-date photo ID. We accept their passport or EU ID card. As part of the application, we'll match it to a real-time video selfie of them. - Birth or adoption certificate
If they don't have in-date photo ID, we'll accept their birth or adoption certificate and a live selfie. We'll then match your photo to your in-date photo ID such as your passport or driving licence. - ID check in store
If neither of you have in-date photo ID you can still apply online. Once you've applied, we'll send you an email to pop your paper ID documents into one of our Stores. - Different surname to your child?
If your surname is different to your child's, you'll need to prove your relationship. We accept full birth certificate, marriage certificate, adoption certificate, legal guardianship, child arrangement order, foster agreement or HMRC benefits letter.
If you're providing additional or paper documentation, we need to carry out a few extra checks so approval may take a little bit longer.
Apply in the app
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Open your Virgin Money Mobile Banking app
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Tap 'Discover' on the bottom of your screen
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Then tap 'Products' and 'M Power your 11 to 15s' to apply
Don't have our app?
Scan the QR code using the camera on your mobile device to download our app.
iOS 14.7 or above
Android 8.0 or above
New to Virgin Money?
The M Power Account is exclusive to M, M Plus and Club M current account customers. As a parent or guardian, open one of these accounts first, then apply for M Power in the app.
View our current accountsGet the lowdown on the M Power linked saver
With super savings rates it’s never too early to start a savings habit
M Power Saver summary box
| Balance | Gross rate* (%) | AER** (%) |
|---|---|---|
| Balances up to and including £25,000 | 2.48% | 2.50% |
| Balances over £25,000 | 1.99% | 2.00% |
Interest is calculated daily and paid on the last working day in March, June, September and December.
Interest is paid gross. Here’s what that means.
*Gross rate interest is the interest payable without taking account of any tax payable.
**AER (Annual Equivalent Rate). The Annual Equivalent Rate shows what the interest rate would be if it was paid and compounded once each year.
Yes. If we lower it, we’ll let you know at least two months before. We might increase your rate without giving you notice. Details are in your Terms.
| Initial deposit at account opening | Balance after 12 months |
|---|---|
| £100 | £102.50 |
| £1,000 | £1,025.04 |
| £25,000 | £25,624.64 |
These are only examples and aren’t based on your circumstances.
They assume that you:
- don’t pay any more money in or take any money out
- any interest earned stays in your account
- there’s no change to the interest rate
The M Power Saver comes with your M Power Account. The M Power Account is available to anyone from age 11–17. Subject to status. It’s opened at the same time in our Virgin Money Mobile Banking app by your parent or guardian.
Your M Power Saver will stay open as long as your M Power Account is used in the way we explain in your Terms.
There’s no minimum or maximum balance and you don’t need to pay in regularly.
Yes, but you’ll need to transfer it to your M Power Account or (sometimes) another account with us. You can do this using the Virgin Money Mobile Banking app, internet/telephone banking, or in Store.
Savings with Virgin Money are covered up to £85,000.
Dive into the details
Check out the M Power Account terms, tariffs and digital banking terms. You'll be accepting these terms on behalf of your child, so it's important to open and read them together.
- M Power Account terms Link opens in a new window
- These are the rules of your account
- (PDF, 850KB)
- M Power Account tariff Link opens in a new window
- Interest rates and fees for your account
- (PDF, 284KB)
- Digital banking services terms Link opens in a new window
- More info on the terms of using your app
- (PDF, 153KB)
Already M Power’d?
If you're an existing customer, get the most from your M Power Account and boost your banking know-how.
M Power customer info
1. 1.00% AER (1.00% gross per annum variable) interest rate, paid monthly, on your M Power Account balance up to £1,000. AER stands for Annual Equivalent Rate. When you see an advert for a savings account that shows an interest rate, you will see the AER. You can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year. Interest is calculated daily on the cleared balance in your account.
Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account.
2. 2.50% AER (2.48% gross per annum variable) on savings balances up to £25,000, and 2.00% (1.99% gross) on any balances above £25,000. Interest paid quarterly. Rates are variable.
AER stands for Annual Equivalent Rate. When you see an advert for a savings account that shows an interest rate, you will see the AER. You can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year. Interest is calculated daily on the cleared balance in your account.
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