Virgin Money M Plus current account review
- Incentive
- Cashback with participating retailers.
- Account fee
- £0
- Interest (AER)
- 1% AER
- Representative example
- If you use an arranged overdraft of £1,200, you'll be charged interest at 19.9% EAR variable.
Our verdict
Find out more about the Virgin Money M Plus current account to see if it suits your banking needs.
If you're looking for a straightforward bank account that also pays interest on balances, the Virgin M Plus current account could be right for you. It could also be a good option if you regularly travel abroad thanks to its fee-free foreign transactions.
However, if you're looking for an account that offers a little more, such as cashback on purchases or an interest-free overdraft, this account falls a little short and it is well worth comparing what else is on offer first. Visit Virgin Money's website to apply or compare other Virgin Money accounts here.
Check out our guide to best bank accounts in the UK.
Pros
-
No monthly fee
-
Pays interest on in-credit balances
-
Fee-free foreign transactions
-
Easy to apply for and manage account online or via the ap
Cons
-
High interest charged on overdrafts
-
Interest only payable on small balances
-
You’ll need a good credit score to apply
Details
Product overview
| Account name | M Account |
| Incentive | Cashback with participating retailers. |
| Provider | Virgin Money |
| Account fee | £0 |
| Interest (AER) | 0% AER |
| ATM withdrawal limit | £350 |
| Debit network | Mastercard |
| Card type | Cash / Debit |
| Minimum eligibility age | 16 Years |
| Minimum operating balance | £0.01 |
| Minimum opening balance | £0.01 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | £0 |
| Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) | £0 |
| Foreign cash transaction fee in Europe | £0 |
| Foreign cash transaction fee in rest of world | £0 |
Overdraft information
| Arranged overdraft available |
Virgin Money was founded in 1995 by Richard Branson. In 2012 it bought Northern Rock and in 2018 it agreed to a takeover by CYBG plc. Virgin Money was merged into Clydesdale Bank the following year. Nationwide acquired Virgin Money in 2024.
Virgin Money offers savings and current accounts, loans, insurance, investments, credit cards, pensions and mortgages.
What is the Virgin Money M Plus account?
The Virgin Money M Plus account offers everything you’d expect from a standard bank account but it also pays interest on in-credit balances. There is no monthly fee for the account which can be opened individually or jointly and comes with a Mastercard debit card.
How does it work?
- Interest on in-credit balances. Earn a small amount of interest on balances up to £1,000.
- Exclusive linked savings account. Account is linked to the M Plus Saver which pays a variable rate of interest.
- Fee-free foreign spending. Fee-free debit card payments and cash withdrawals abroad.
- Cashback. If you sign up via the app, you can earn cashback at certain brands when you use your debit card.
How does it compare with other popular banking apps?
Finder Score for bank accounts
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.
Read the full methodologyWho is it for?
The Virgin Money M Plus account could be a good option for those looking to earn interest on their current account or those who regularly travel abroad. To apply you’ll need to be at least 16 years old. But it’s important to note you can only open an account online if you are 18 or over.
What are the benefits?
The main benefit of the Virgin Money M Plus account is that it pays interest on in-credit balances, though this is only up to £1,000. Customers can also benefit from fee-free foreign transactions.
What does the Virgin Money app look like?
How to apply
The easiest way to apply for the Virgin Money M Plus account is online. Simply click through to the application form and answer a few questions about where you’ve lived, what you do for a living and general information about your income, expenditure and financial history.
Pros and cons of the account
Pros
- Pays interest on in-credit balances up to £1,000
- Fee-free foreign transactions
- Easy to apply for and manage account online/in app
- No monthly fee
Cons
- Interest is only payable on small balances
- Overdraft rates vary but can be up to 39.9% EAR
- You’ll need a good credit score to apply
Frequently asked questions
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