Virgin Money account changes with new interest rate of 5.02% | Personal finance | Finance
With Virgin Money Club M Plus and Virgin Money Club M accounts, savers can take advantage of a variable rate of 2.02% of the Annual Equivalent Rate (AER). This is in addition to a fixed rate premium of 3%, applicable for the first 12 months.
Overall, this means that savers can benefit from a current rate of 5.02% AER for the first year.
To get the offer, customers must switch their current account to the Virgin Money M Plus account or the Virgin Money Club M account.
The new Brighter Money Bundle includes a £100 Virgin Experience Day gift card.
This allows those switching current accounts to choose from hundreds of different gifting experiences.
This could include adrenaline-pumping adventures such as helicopter rides and flying lessons, as well as track days in super cars.
It even includes spa days, afternoon teas, gourmet dining experiences and UK getaways.
In addition to this, switchers will have the opportunity to earn cashback on their daily expenses.
This gives current account customers the same benefits as Virgin Money credit card holders who also get cash back on their debit card spending for everyday online and/or in-store purchases.
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The cashback promotion only applies to participating retailers.
Participating UK retailers include Costa, Anthropologie, L’Occitane, WHSmith, Sweaty Betty and LNER.
Customers can transfer the cashback to their Virgin Money checking account.
The Brighter Money Bundle offer requires individuals to apply online for a Virgin Money M Plus account or a Virgin Money Club M account.
They must then make a full change using the current account change service.
This includes setting up two direct debits on the account and downloading and logging into the mobile app.
It is mandatory to deposit at least £1,000 into the linked savings account within 45 days of opening the account.
A person must not have an existing Virgin Money, B, Clydesdale or Yorkshire Bank account or have closed one since November 30, 2021
Customers should keep their account open until interest payment has been received as it cannot be transferred to any other internal or external account.
Bonus interest will be paid in one installment in June 2023.
M Plus and Club M accounts come with debit cards with no foreign spending or withdrawal fees, full digital service, mobile check deposits, linked savings account, savings pots, budgeting and transaction tagging tools, as well as expense and balance alerts.
The Brighter Money Bundle offer started on January 28, 2022.