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- The interest rate will stay the same at 2.02% AER (Variable) on the first £1,000, and is currently boosted to 5.02% for a year (a 3% fixed bonus) if you switch into the account as a new customer. However, the big change here is that it’s no longer (as of 18 February 2022) possible to open up more than one of these accounts in your own name.
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Does Virgin Money pay interest on current accounts?
Can you beat other interest rates with Virgin Money?
How much interest can I earn from a Virgin Money account?
Does Virgin Money have a savings account?
What changes are coming to the Virgin Money savings account?
How much money can I earn with a virgin M account?
We work out how much interest to pay you at the end of each day. This is based on the money in your account. If your balance is £1,000 or less, we'll pay interest on the whole balance. If it's higher we'll pay interest on the first £1,000 of your balance.
If your balance is £1,000 or less, we'll pay interest on the whole balance. If it's higher we'll pay interest on the first £1,000 of your balance. We'll add any interest to your account on the last working day of the month. Overdraft interest rates. We'll work out the interest you need to pay using the amount you're borrowing at the end of ...
You can find the interest rate for any of your Savings accounts here. If you have an online account, you can also sign in to check your interest rate – it’ll be at the top of your online statement once you click on ‘View account’.
May 1, 2024 · New customers need to fully switch their current account from another provider to one of Virgin Moneys three current account options along with two direct debits using the 'Current Account Switch Service' by 26 June 2024 to receive the bonus interest rate. Full details about the eligibility criteria can be found on the Virgin Money website.
- What Is The Virgin Money M Plus Current account?
- What Is The Virgin Money M Saver account?
- What It Means For Existing Account Holders
- How Virgin Money Compares to Other Savings Accounts
- How Virgin Money Compares to Premium Bonds
- Is The £25,000 Limit Enough?
Launched in late 2020, the M Plus Current account has been one of my top picks for interest rates held in the main current account paying 2.02%, though only on balances of up to £1,000. You were able to open multiple accounts to increase the balance at this rate. The bank also offers fee-free spending abroad and runs regular switching offers, which...
With any Virgin Money current account (there’s also the basic M Account and packed Club M account) you also get a linked savings account. This currently pays a lower rate of 0.35%, but with no limit on how much you’d earn this on. If you have multiple Virgin Money current accounts you’ll get one with each account.
If you already have a Virgin Money current account and linked M Saver you’ll get all the new rates on your account. If you already have multiple M Plus current accounts these won’t be closed down. But you won’t be able to open any further ones. I’ve had confirmation from the Virgin Money press office that existing additional M Plus Saver accounts w...
Apart from a handful of regular savers, the 2.02% rate still can’t be beaten, though the Claro app pays 2% on £3,000 (iOS only) and Nationwide’s FlexDirectpays 2% on £1,500 (though only for one year). And if you’re new to the bank, that switching offer boosts you to 5.02% for a year. And now the 1% rate beats what’s on offer everywhere else too. Th...
I’ve been a big fan of Premium Bonds for the last year. With rates so poor, balances over £5,000 would typically earn the same as or beat rates from the highest paying easy-access accounts. Of course, there’s never any guarantee, but I felt it was worth the punt. You never know, you could even win big (though it’s unlikely). The Virgin Money increa...
Of course, the £25,000 limit on the linked Virgin Saver means it’s not an exact comparison to other easy access accounts (effectively up to £85,000) or Premium Bonds (up to £50,000). So will you need to have additional accounts on top of Virgin Money if you have extra cash? Maybe in some cases, but for most people no – you really could just have al...
May 2, 2024 · Virgin Money is paying 10% interest on current account balances up to £1,000 for the next year if you sign up to one of its three current accounts; M, M Plus and Club M. If you meet the offer conditions you’ll start earning the bonus fixed interest rate of 10% gross/10.47% AER (fixed) on balances up to £1,000 from 1 July 2024 to 30 June 2025.
Jun 4, 2021 · The Virgin Money M Plus Account currently pays 2.02 percent AER (two percent gross per annum variable) on certain amounts. This on balances up to £1,000, and the interest is paid monthly. If...
