Virgin Money launched in 1995 with the aim of making personal banking simpler. The Virgin Money brand was bought by Clydesdale Bank in 2018. In recent years Virgin Money has beefed up its business banking offering with a range of current and savings accounts.
Let’s take a look at what they can offer business customers.
Virgin Money offers 4 accounts, each tailored to different sized businesses and their particular needs:
Once an introductory deal is over, Virgin Money business customers are charged the following types of fee. The types of fee charged will vary between account types. But generally, customers can expect to be charged the following:
You can apply online or in person at a Virgin Money branch. Here’s a basic list of the documents you’ll need:
Virgin Money currently offers 6 types of business savings accounts.
These are:
The key differences between these accounts is how long you have to wait to access your funds, plus the interest rate on offer.
If you want to maximise your interest, go for the 2-year fixed-rate account. If you prefer being able to instantly access your savings, the instant-access account should be your choice.
With either account, you can keep a balance between £1 and £2 million.
Virgin Money customers are granted free access to its hundreds of lounges across the UK. Here, you can enjoy free Wi-Fi, newspapers, TVs and complimentary refreshments.
This is your opportunity to work away from the office, or perhaps for work-from-home entrepreneurs to host business meetings outside of their house. Some lounges even offer luxury features like a cinema area, children’s play areas or a bowling alley.
You can apply for a business savings account on the Virgin Money website.
You’ll provide a few basic details including your full name, business address, business number, the personal details of all business owners, plus some financial details.
Once the account is ready for you to open, you’ll be emailed your new account details, plus instructions for how to deposit funds.
Virgin Money scored 4.5 out of 5 stars in our 2023 customer satisfaction survey, with 91% of users surveyed saying that they would recommend the bank’s business offering. Its users highlighted the bank’s friendly service and reasonable charges. Here’s what some of those Virgin Money business customers had to say in our survey:
“I can do most banking online and their website and account dashboard are easy to navigate.”
“Excellent customer service and good rates.”
“They have always been helpful and friendly.”
On the Apple App Store, Virgin Money scored 4.6 out of 5 stars based on 99,000 reviews. On the Google Play Store, the app scored 3.4 out of 5 stars, from a total of 18,400 reviews (last updated March 2023).
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If you’re happy to do most of your business banking online, then Virgin Money is a great option for you. You’ll be able to do most of the things you’ll need to manage your account from the bank’s smartphone or tablet app and through your online account.
For businesses trying to keep costs at a minimum, the Business Current Account has a long trial period compared to many of its larger rivals.
If your business makes heavy use of cash and needs to make deposits, it’s worth noting that most of the bank’s physical branches are based in the north of England, the Midlands and Scotland. If your business is based in one of those regions then you can make cash deposits relatively easily.
Get started by visiting Virgin Money’s website and sign up for an account. If you have read this review and decided that Virgin Money’s current accounts are not for you, you can also compare other business bank accounts on the market.
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
To find out more, read our full methodology.
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