Virgin Money — fees, features, catches and eligibility
Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. You can check a firm’s details on the FCA Register.
Quick answer
Virgin Money’s everyday M Plus Account has no monthly fee, pays 1.00% AER variable on balances up to £1,000 and comes with a linked M Plus Saver paying 1.75% AER variable up to £25,000, as of 4 October 2026. It has no Virgin Money fees when you use your card abroad.
Virgin Money is now part of Nationwide, so FSCS protection is shared across the two brands.
Who it’s for
- People who want an everyday account with no fees abroad and branch access
- Savers who’d use exclusive accounts such as the M Access ISA
- Small businesses with turnover under £1 million wanting 0.25% cashback on card spend
Who should avoid it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You also hold more than £120,000 across Nationwide and Virgin Money — the FSCS limit is shared
- You want a switch bonus — we didn’t see one on 4 October 2026
- You want a high rate on a large current account balance — interest stops at £1,000
Key features
- M Plus: no monthly fee, 1.00% AER on up to £1,000, linked M Plus Saver
- Club M: £14 a month with family travel, mobile and gadget insurance and UK and Europe breakdown cover
- M Account: a basic account for people with little or no credit history
- No fees from Virgin Money on card use abroad (cash machines may charge)
- Exclusives for current account customers, including the M Access ISA
- Current Account Switch Service in under seven days
- M Account for Business with 0.25% uncapped cashback
Eligibility
- 18 or over and UK resident to apply online (M Plus is available from 16 in branch, subject to status)
- Proof of ID, address or income may be requested
- Joint accounts available on M Plus, Club M and M Account
Fees and rates
| Item | Detail |
|---|---|
| M Plus monthly fee | £0 |
| Club M monthly fee | £14 |
| M Plus current account interest | 1.00% AER variable up to £1,000 |
| M Plus Saver | 1.75% AER up to £25,000; 1.25% AER above (variable) |
| Card use abroad | No Virgin Money fees |
| M Access ISA (exclusive) | 3.25% AER variable |
| M Account for Business | £0 monthly fee, 0.25% cashback on debit card spend |
Figures as of 4 October 2026, taken from the provider’s own website. Rates and fees can change.
The catch
Club M costs £14 a month for travel, gadget and breakdown cover. It’s only worth it if you’d otherwise pay more for that cover and you meet the eligibility rules, such as travellers being under 75.
Double Take savings accounts limit you to two withdrawals a calendar year.
Check the latest terms on Virgin Money’s site.
These go straight to each provider’s own website. They aren’t referral links and we don’t earn from them.
FAQs
Does Virgin Money charge a monthly fee?
No fee on M Plus or M Account. Club M costs £14 a month, as of 4 October 2026.
What interest does the M Plus Account pay?
1.00% AER variable on balances up to £1,000, paid monthly.
What is the M Plus Saver?
A free linked savings account paying 1.75% AER on up to £25,000 and 1.25% AER above that (variable), with interest paid quarterly.
Does Virgin Money charge fees abroad?
Virgin Money says there are no fees when you use your card abroad or shop online in other currencies. Some cash machines may charge.
Is Virgin Money part of Nationwide?
Yes. Virgin Money’s site says it’s now part of Nationwide.
Is my money safe with Virgin Money?
Virgin Money is now part of Nationwide. Its site says your combined deposits with Virgin Money and Nationwide are covered by the FSCS up to £120,000 per person — one limit, not two (source: FSCS).
Does Virgin Money pay a switching bonus?
We didn’t see one on 4 October 2026.
How long does switching to Virgin Money take?
Virgin Money says less than seven days, under the Current Account Switch Guarantee.
What are Virgin Money exclusives?
Offers for M, M Plus and Club M customers, such as the M Access ISA at 3.25% AER variable and cashback offers in the app.
Can I get a Virgin Money account with poor credit?
The M Account is designed for people with little, poor or no credit history.
Does Virgin Money have a business account?
Yes. M Account for Business has no monthly fee and pays 0.25% cashback on debit card spend for businesses with turnover under £1 million.
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