Virgin Money

Virgin Money business bank account comparison and review

Virgin Money business accounts offer a range of helpful tools for tech-savvy business owners.

Virgin Money launched in 1995 with the aim of making personal banking simpler. The Virgin Money brand was bought by Clydesdale Bank in 2018. In recent years Virgin Money has beefed up its business banking offering with a range of current and savings accounts.

Let’s take a look at what they can offer business customers.

Compare Virgin Money’s business accounts

Table: sorted by promoted deals first
Name Product Account fee Bank transfers Interest (AER) Accounting integrations Arranged overdraft Account management Key benefits Link
Business Choice Account - Business Tariff
£6.50 per month
£0.30
0% AER
QuickBooks, Xero
Branch, online, app & phone
View details
Business Charity Choice Account - Turnover £1m and over
£6.50 per month
Free
0% AER
QuickBooks, Xero
Branch, online, app & phone
View details
Professional Firms Client Account - Designated Clients Funds
Free
Free
0% AER
QuickBooks, Xero
Branch, online, app & phone
View details
Business Charity Choice Account - Turnover up to £1m
Free
Free
0% AER
QuickBooks, Xero
Branch, online, app & phone
View details
Business Current Account  - Business Tariff
£6.50 per month
£0.30
0% AER
QuickBooks, Xero
Branch, online, app & phone
View details
Offset Business Current Account - Business Tariff
£6.50 per month
£0.30
0% AER
QuickBooks, Xero
Branch, online, app & phone
View details
Professional Firms Client Account - General Clients Monies
£6.50 per month
£0.30
0% AER
QuickBooks, Xero
Branch, online, app & phone
View details
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What types of business account does Virgin Money offer?

Virgin Money offers 3 accounts, each tailored to different sized businesses and their particular needs:

  • Business Current Account. For both new and established businesses with a turnover of less than £6,500,000. It comes with 25 months of fee-free banking.
  • Business Choice Account. Designed for larger established firms with turnover of over £6,500,000.
  • Professional Firms Client Account. This account is only available for firms that need to securely hold and manage their clients’ funds, like solicitors, accountants and insolvency practitioners.

What kinds of fees do Virgin Money business accounts charge?

Once the introductory deal is over, both Business Current Account and Business Choice Account customers are charged the following types of fee:

  • Monthly fee. This is fixed and isn’t influenced by how much you use the account.
  • Transaction charges. There is a charge for each transaction into and out of the account.
  • Overdraft fees. There are charges for both planned and unplanned borrowing using the account.
  • Returned item fee. The business will be charged when there isn’t enough money in the account, or within an agreed overdraft limit, to cover a payment over £35.
  • Overseas spending and withdrawal fees. If you use your business debit card to spend or withdraw money overseas, then you’ll be charged a percentage fee on each transaction.

The benefits of a Virgin Money business account

  • Strong online and app-based banking. The Virgin Money app allows business banking customers to manage their firm’s money easily from the palm of their hand, including the ability to create saving pots and deposit cheques by scanning them.
  • In-credit interest. Virgin Money Business Choice Account customers get in-credit interest paid on their account balance.
  • Cashback and offers on debit card transactions. Business account customers can earn cashback on a range of debit card transactions, as well as discounts with certain retailers.

How to apply for a Virgin Money business account

You can apply online or in person at a Virgin Money branch. Here’s a basic list of the documents you’ll need:

  • Your personal details, proof of identity, nationality and address
  • 3 years of address history
  • Details of any other director of your business
  • Your business’s details, including a proof of address
  • Business registration number
  • Date and certificate of incorporation
  • Registration forms for any recently appointed directors
  • Business turnover and tax information
  • Previous banking details if you have them and are looking to switch

What kind of savings accounts does Virgin Money offer?

Virgin Money currently offers 2 business savings accounts.

These are:

  • Instant-access business savings account
  • 1-year fixed-rate business savings account

The key differences between these accounts is how long you have to wait to access your funds, plus the interest rate on offer.

If you want to maximise your interest, go for the 1-year fixed-rate account. If you prefer being able to instantly access your savings, the instant-access account should be your choice.

With either account, you can keep a balance between £1 and £2 million.

Virgin business lounges

Virgin Money customers are granted free access to its hundreds of lounges across the UK. Here, you can enjoy free Wi-Fi, newspapers, TVs and complimentary refreshments.

This is your opportunity to work away from the office, or perhaps for work-from-home entrepreneurs to host business meetings outside of their house. Some lounges even offer luxury features like a cinema area, children’s play areas or a bowling alley.

How to open an account

You can apply for a business savings account on the Virgin Money website.

You’ll provide a few basic details including your full name, business address, business number, the personal details of all business owners, plus some financial details.

Once the account is ready for you to open, you’ll be emailed your new account details, plus instructions for how to deposit funds.

Pros and cons of a Virgin Money business account

Pros

  • Free trial available.
  • Ability to bank online, on mobile, by telephone or in a branch.
  • Dedicated account support from a business management team.
  • Option to apply for overdrafts.

Cons

  • Once the free trial is over there’s a monthly charge.
  • Other fees apply, such as for depositing cash and cheques or for making international transactions.
  • Virgin Money has fewer branches than most other large high street banks.

Our verdict

If you’re happy to do most of your business banking online, then Virgin Money is a great option for you. You’ll be able to do most of the things you’ll need to manage your account from the bank’s smartphone or tablet app and through your online account.

For businesses trying to keep costs at a minimum, the Business Current Account has a long trial period compared to many of its larger rivals.

If your business makes heavy use of cash and needs to make deposits, it’s worth noting that most of the bank’s physical branches are based in the north of England, the Midlands and Scotland. If your business is based in one of those regions then you can make cash deposits relatively easily.

Get started by visiting Virgin Money’s website and sign up for an account. If you have read this review and decided that Virgin Money’s current accounts are not for you, you can also compare other business bank accounts on the market.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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