Account nameM Account
Rewards in-app, access to monthly prize draw, offers and discounts.
ProviderVirgin Money
Account fee£0
ATM withdrawal limit£350
Debit networkMastercard
Card typeCash / Debit
Minimum eligibility age16 Years
Minimum operating balance£0.01
Minimum opening balance£0.01
Direct debits
Current account switch guarantee
Cheque Book

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.

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 2.02% AER on balances up to £1,000.
  • Exclusive linked savings account. Account is linked to the M Plus Saver which pays 0.35% AER.
  • Fee-free foreign spending. Fee-free debit card payments and cash withdrawals abroad.
  • Switching incentive. You’ll receive a £150 Virgin Experience Days gift card if you switch to the account using the Current Account Switch Service with at least two direct debits, download and log in to the Virgin Money mobile app, and pay at least £1,000 into your linked M Plus Saver account.

Who 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 18 years old and have a good credit history.

What are the benefits?

The main benefit of the Virgin Money M Plus account is the competitive rate of interest it pays on in-credit balances, though this is only up to £1,000. Customers can also benefit from fee-free foreign transactions.

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


  • Pays interest on in-credit balances up to £1,000
  • Fee-free foreign transactions
  • Easy to apply for and manage account online/in app
  • £150 gift card switching incentive
  • No monthly fee


  • 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

Our verdict

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.

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