Dedicated account support from a business management team
Fewer branches than most other large high street banks
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.
What types of business account does Virgin Money offer?
Virgin Money offers 4 accounts, each tailored to different sized businesses and their particular needs:
M Account for Business. For both new and established businesses with an annual turnover of less than £1 million. It comes with an automatic £1,000 planned overdraft facility and no monthly account fee.
Business Current Account. For both new and established businesses with a turnover of any size. It comes with 25 months of fee-free banking. Account holders can also grab 0.35% cashback when using their debit card (subject to conditions).
Business Choice Account. Designed for larger established firms with turnover of over £6,500,000.
Professional Firms Client Account. This account is only available for firms that need to securely hold and manage their clients’ funds, like solicitors, accountants and insolvency practitioners.
What kinds of fees do Virgin Money business accounts charge?
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:
Monthly fee. This is fixed and isn’t influenced by how much you use the account.
Transaction charges. There is a charge for each transaction into and out of the account.
Overdraft fees. There are charges for both planned and unplanned borrowing using the account. Unlike personal current accounts, business account providers are allowed to charge different rates of interest for planned and unplanned overdrafts.
Returned item fee. The business will be charged when there isn’t enough money in the account, or within an agreed overdraft limit, to cover a payment over £4 in the case of M Account for Business customers and over £16 for all other Virgin Money business account holders.
Overseas spending and withdrawal fees. If you use your business debit card to spend or withdraw money overseas, then you’ll be charged a percentage fee on each transaction, unless you’re in the European Economic Area and paying in pounds, euros, Swedish Krona or Romanian Leu.
International Payment fees. M Account for Business customers transferring money overseas using their internet banking services are charged £15 per transaction when making SEPA payments to European countries and £17.50 per transaction when making SWIFT payments. These fees are higher is the payments are made in-branch.
The benefits of a Virgin Money business account
Strong online and app-based banking. The Virgin Money app allows business banking customers to manage their firm’s money easily from the palm of their hand, including the ability to create saving pots and deposit cheques by scanning them.
In-credit interest. Virgin Money Business Choice Account customers get in-credit interest paid on their account balance.
Cashback and offers on debit card transactions. Business account customers can earn cashback on a range of debit card transactions, as well as discounts with certain retailers.
How to apply for a Virgin Money business account
You can apply online or in person at a Virgin Money branch. Here’s a basic list of the documents you’ll need:
Your personal details, proof of identity, nationality and address
3 years of address history
Details of any other director of your business
Your business’s details, including a proof of address
Business registration number
Date and certificate of incorporation
Registration forms for any recently appointed directors
Business turnover and tax information
Previous banking details if you have them and are looking to switch
What kind of savings accounts does Virgin Money offer?
Virgin Money currently offers 6 types of business savings accounts.
These are:
Instant-access business savings accounts
Notice business accounts (allowing you to make withdrawals with 30, 65, 95 or 120-day notice periods).
Fixed-rate business savings account (terms ranging from 3 months to 2 years)
Instant-access charity savings account
Notice charity accounts (again, offering a choice of 30, 65, 95, or 120-day notice withdrawals)
Fixed-rate charity savings accounts (terms ranging from 3 months to 2 years)
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 business lounges
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.
How to open an account
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 business account customer reviews
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).
Pros and cons of a Virgin Money business account
Pros
Free trial available.
Ability to bank online, on mobile, by telephone or in a branch.
Dedicated account support from a business management team.
Option to apply for overdrafts.
Cons
Once the free trial is over there’s a monthly charge.
Other fees apply, such as for depositing cash and cheques or for making international transactions.
Virgin Money has fewer branches than most other large high street banks.
Customer service information for Virgin Money
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict: Is a Virgin Money business account worth it?
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.
Frequently asked questions
Yes, Virgin Money offers integrations with a range of online bookkeeping systems including Quickbooks and Xero, allowing you to automatically download your account transactions to those platforms.
You’ll need to be at least 18 years old and the director of a partnership or company (or a sole trader). View full eligibility on Virgin Money’s website.
Yes, it pays interest on Business Choice Account balances.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Nick Renaud-Komiya has been a writer and reporter for nine years, covering a range of consumer issues from energy suppliers to banking and mortgage issues. He enjoys helping people take control of their personal finances and better understand their consumer rights. Nick’s consumer writing and money journalism has been featured in a range of outlets including MoneySavingExpert.com, The Sunday Mirror, The Independent and Money.co.uk. Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full bio
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