Virgin Money launches switch offer worth £100 – find out how to qualify

Virgin Money has just launched a limited-time switching offer for new M, Plus M, and Club M customers who open an account by May 31, 2024. If you switch your bank account to an eligible Virgin Money account and complete the required steps, you can benefit from a 10% bonus interest rate on current account balances up to £1,000 for a year, equivalent of up to £100. The bonus interest rate will run from July 1, 2024, to June 30, 2025.

There was a flurry of switching offers earlier this year with banks like Lloyds and NatWest offering financial incentives for new and existing switchers. With so many switching offers being withdrawn in recent months, the Virgin Money offer represents an opportunity for keen switchers to cash in - so long as they're willing to stick around for a year to benefit from the bonus interest rate. Find out what you need to do to qualify and more about the eligible Virgin Money accounts below.

Who is eligible for the Virgin Money switching offer?

To be eligible for the Virgin Money Switching offer you must be a new M, M Plus, or Club M customer and:

• Be at least 16 years old (but if you're under 18, you can only open an account in-branch)
• Currently live in the UK
• Not already have an eligible account

You may be eligible for the offer if you have previously had an eligible account, however, it must have been closed prior to April 30, 2024.

If you're eligible for the offer based on the criteria above, you'll need to complete a few steps to qualify.

How to qualify for the Virgin Money switching offer

To qualify for the Virgin Money Switching offer, you must open a Virgin M, Virgin M Plus, or Virgin Club M account by May 31, 2024. You can do this either online or in person via a local branch. Once you have opened an eligible Virgin Money account, simply complete the following steps before June 26, 2024.

• Complete a full switch of an existing current account via the Current Account Switch Service (CASS) - This can include a Virgin Money Current Account, a Virgin Money Essential Current Account, or an account with a different provider.
• Transfer at least two direct debits - The two direct debits must be transferred to your new account as part of the switch.
• Ensure all account holders agree to the switch - This is relevant if you're switching a joint account.

The key thing to remember is that you have to complete a full switch via the Current Account Switch Service (CASS). This means that your balance and regular outgoing and incoming payments will be transferred to your new account and your old account will be closed. You'll be able to choose the exact date when you want to make the switch to allow you to save any old bank statements and cancel any existing subscriptions that you don't wish to carry over to the new account.

What is the switching incentive With Virgin Money?

If you complete all of the above steps, eligible customers will receive a bonus interest rate of 10% gross on their current account balance up to £1,000, which is equivalent of up to £100. The bonus interest rate period will run from July 1, 2024 to June 30, 2025.

Virgin Money will calculate the interest owed at the end of every day and the accrued interest is paid on the last working day of each month. Money is added to the linked Virgin M savings account.

Essentially, to make the most of the offer, customers should try to have at least £1,000 in their new current account at all times during the 12-month bonus rate period.

What are the eligible Virgin M Accounts?

You can choose from three eligible Virgin M accounts to benefit from this offer. These include the M, M Plus, or Club M Account. You can open your new Virgin Money account online or in branch. The table below sums up what each account offers.

	M	M Plus	Club M Account
Monthly fee	FREE	FREE	£12.50
Interest rate on linked saver balance		2.50% AER on balances up to £25,000	2.50% AER on balances up to £25,000
Cashback
Fee-free spending abroad
Worldwide family travel insurance
Breakdown cover
Mobile cover
Open with no credit history
Non-standard ID for application

What are the best bank account switching offers?

There aren't many current account switching offers on the market right now. That being said, new offers are constantly being introduced. We have a list of the best bank account switching offers, cashback and incentives to help you make the most of what's available right now. It's a good idea to bookmark it and refer to it often, as we constantly update it as new deals crop up.