Virgin Money is one of the newer UK banks, occupying a space between the traditional high street banks and digital-only challengers. It has developed a comprehensive current account offering, which includes interest on your balance and free overseas card use. We’ve rounded up its benefits and drawbacks, so you can find out more about whether this current account is what you’re looking for.
What types of bank account does Virgin Money offer?
Virgin Money has been around since 1995 (when it was know as Virgin Direct) and is now part of a wider banking group that includes Clydesdale Bank and Yorkshire Bank.
Virgin Money started out specialising in savings accounts, ISAs and mortgages, but it now also offers a basic bank account, a packaged account and a full personal current account, the latter of which we focus on here.
The packaged account, Club M, offers travel insuance, roadside breakdown cover and mobile phone insurance for a monthly fee. You can learn more about its features in our review.
The benefits of banking with a Virgin Money current account
No monthly fees. There are no charges for having this account.
Managed digitally. You can view and manage your account both online and through a mobile banking app.
Secure sign-in. Use your face, fingerprint or passcode to log in.
Contactless debit card. It’s free to make purchases in the UK and abroad, and free to withdraw money at ATMs in the UK and overseas.
Spending categorisation. View and sort your daily spending by category.
Spending pots. Create savings pots to set money aside for any financial goals or luxury items you’re saving up for.
It pays interest. You can earn 2.02% (AER), paid monthly on current account balances of up to £1,000.
Linked savings account. You can earn interest of 2.52% (AER), paid quarterly on your savings balance.
Overdraft available. You have the option to apply for an arranged overdraft.
Telephone banking. Lines are open 7am-9pm Monday to Saturday and 10am-5pm on Sunday.
Access to Virgin Money “stores” on the high street. These are more like lounges rather than bank branches – and there aren’t many of them around. But you can enjoy a comfy seat, a drink and some free Wi-Fi, as well as talk to in-store staff about your banking products (although notably, you can’t carry out physical banking transactions in all stores).
Can I pay cash and cheques into a Virgin Money current account?
Yes you can, although not at all of its high street stores (use Virgin Money’s store finder to check). If you can’t get to a store that does let you pay in cash, you can instead head to your local Post Office, where you can pay money into your Virgin Money current account for free.
For cheques, you can pay in those worth up to £500 via your banking app, where you can deposit it by taking a photo of it. Once you’re logged in, go to “More”, select ‘Account Services’, then ‘Deposit a cheque’ and follow the on-screen instructions. Alternatively, you can post your cheque to Virgin Money or pay the cheque in at your local Post Office using a paying in slip.
Hands-on test: I tried out Virgin Money’s current account
"I have tried several mobile banking apps and Virgin Money’s is my least favourite. I find that the app often crashes or cuts your journey off. Even when I was trying to take out a new product, I kept receiving an error message. When I phoned and spoke to customer service they were helpful, but I would have preferred to have been able to complete the transaction on the app.
One positive with the Virgin Money account is earning cashback. Although, as this is quite specific to which offers are available at the time, the cashback I’ve earned hasn’t been significant."
How can I open a current account with Virgin Money?
To open one of these current accounts, Virgin Money says:
You must be aged over 18
You should have a reasonably good credit history
You can apply online or over the phone
You’ll need to supply your name and address
You’ll need a form of ID such as a passport or driving licence
How safe is a Virgin Money current account?
Virgin Money is a fully licensed UK bank, which means that as well as being regulated by the PRA and FCA, any customer deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
Virgin Money customer reviews
In our independent 2024 customer satisfaction survey, 88% of Virgin Money’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s competitive rates and easy to use app. However, some cited poor customer service. Here’s what some of those Virgin Money’s customers had to say:
“I’m both a personal and business customer, very easy application, prompt responses and regular reminders of anything you need to pay”
“It has been easy to use. The app is also very user friendly”
“Great app, easy transactions, good interest rate”
On the Apple App Store, Virgin Money is rated 4.6 out of 5 stars from almost 125,000 reviews. On the Google Play Store, Virgin Money is rated 2.5 out of 5 stars, from a 23,000 reviews (February 2024).
Pros and cons of a Virgin Money current account
Pros
Can apply for and manage the account digitally
Pays interest on balances of up to £1,000
Fee free spending and cash withdrawals in the UK and abroad
Online, mobile and telephone banking available
Post Offices and Virgin Money stores for some in-person banking
Option to apply for an overdraft
Cons
The stores are good lounge spaces but you can’t carry out all your physical banking transactions there
Our verdict
Virgin Money has a really decent current account offering. It’s one of the few current accounts to pay any notable interest (albeit only on balances of up to £1,000) as well as offer fee-free card spending and ATM withdrawals both in the UK and abroad.
The stores, which act more as lounges, are also a nice touch (if there’s one near you). You can kick back with a free magazine or latte, or even meet up with a guest there. But it’s not a traditional bank branch – so if you’re looking for a big branch network option, where you can cary out any transaction, one of the bigger high street players might be better for you.
That said, you can still use online banking, mobile banking, telephone banking and Post Office counter services with a Virgin Money current account, so there’s still plenty of ways to manage your finances. The spending categorisation features and savings pots should also help with your day-day-day budgeting.
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Michelle Stevens is a deputy editor at Finder, specialising in banking, finance, credit and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio
Michelle's expertise
Michelle has written 131 Finder guides across topics including:
Nick Renaud-Komiya has been a writer and reporter for nine years, covering a range of consumer issues from energy suppliers to banking and mortgage issues. He enjoys helping people take control of their personal finances and better understand their consumer rights. Nick’s consumer writing and money journalism has been featured in a range of outlets including MoneySavingExpert.com, The Sunday Mirror, The Independent and Money.co.uk. Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full bio
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