Virgin Money Club M current account review
- Incentive
- Covers account holder, partner and up to 4 dependent children aged under 18.
- Account fee
- £12.5 per month
- Interest (AER)
- 1% AER
- Overseas card transactions
- £0
- Representative example
- If you use an arranged overdraft of £1,200, you'll be charged interest at 19.9% EAR variable. Account fee of £12.5 per month.
Our verdict
Looking for a current account that offers a little extra? Find out how the Virgin Money Club M current account works.
This current account from Virgin Money could be a great option for families who regularly travel abroad, thanks to the wide range of benefits on offer. Not only will you get worldwide travel insurance and gadget insurance for your whole family, but there are also no fees for using your debit card abroad. On top of that, you'll also earn interest on your balance and be able to earn cashback at certain retailers.
However, it's important to check that you do not already have travel, gadget or breakdown cover elsewhere. For example, you might have gadget insurance included in your home insurance policy. You might even want to check whether you can find these insurance policies for less than the annual cost of the account fee to be sure you're getting good value for money.
Make sure you check for exclusions too as well as any other similar accounts out there – for example, the Nationwide FlexPlus account offers similar benefits for a fee of £13 a month.
Check out our guide to best packaged bank accounts for more information.
Pros
-
Range of insurance policies included with the account
-
Interest paid on balances
-
Linked savings account
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Earn cashback at selected retailers
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No fees for using your card abroad
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FSCS protection
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Arranged overdraft available
Cons
-
Account fee of £12.50 per month
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Interest charged on overdraft
-
Interest only paid on balances up to £1,000
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Breakdown cover only applies in the UK
Details
Product overview
| Account name | Club M Account |
| Incentive | Covers account holder, partner and up to 4 dependent children aged under 18. |
| Provider | Virgin Money |
| Account fee | £12.5 per month |
| Interest (AER) | 1% AER |
| ATM withdrawal limit | £500 |
| Debit network | Mastercard |
| Card type | Cash / Debit |
| Minimum eligibility age | 18 Years |
| Minimum operating balance | £0.01 |
| Minimum opening balance | £0.01 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | £0 |
| Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) | £0 |
| Foreign cash transaction fee in Europe | £0 |
| Foreign cash transaction fee in rest of world | £0 |
Overdraft information
| Arranged overdraft available | |
| Arranged overdraft rate | 19.9% |
| Overdraft Grace Period | 15:00 same day |
| Representative example | If you use an arranged overdraft of £1,200, you'll be charged interest at 19.9% EAR variable. Account fee of £12.5 per month. |
Virgin Money was founded by Richard Branson in 1995, and in 2019, it merged into Clydesdale Bank. The bank offers a wide range of financial products, including current accounts.
This review looks at its Club M current account in detail.
What is the Virgin Money Club M current account?
The Virgin Money Club M current account offers everything you’d expect from a bank account, plus a lot more. In return for a monthly fee of £12.50, you’ll benefit from worldwide travel insurance, family mobile and gadget insurance and UK breakdown cover, plus no fees on spending abroad.
The account can be opened on an individual or joint basis and can be managed via the app and online.
How does it work?
The Virgin Money Club M current account offers the following key features:
- Worldwide family multi-trip travel insurance. Including winter sports, golf and weddings cover as well as 24-hour access to a doctor at home or abroad and a concierge service.
- Worldwide family mobile and gadget insurance. Covering loss, theft and accidental damage.
- UK breakdown cover. Vehicle rescue day or night, whether you’re the driver or passenger.
- Interest paid on balances. Earn 2.02% AER (variable) on balances up to £1,000.
- Linked savings account. Paying an interest rate of 1.00% AER (variable) on balances up to £25,000, and 0.50% AER (variable) on balances over this.
- No foreign transaction fees. You won’t be charged for spending on your card or withdrawing cash abroad.
- Arranged overdraft available. You can apply for an overdraft if you need it.
- Earn cashback. Sign up in the app and you’ll earn cashback when you spend with participating retailers or set up a direct debit with them. Transfer the cashback into your account or trade it up for e-gift cards to be used at selected retailers.
Who is it for?
To qualify for the Virgin Money Club M account, you’ll need to be a UK resident and at least 18 years old. Thanks to its range of perks, the account is most likely to suit families who regularly travel.
What are the benefits?
Provided you’re happy to pay a £12.50 monthly fee, there are stacks of benefits with this account. As well as earning interest on the account and being able to earn cashback, you’ll also be able to take advantage of a range of insurance policies for you and your family and benefit from fee-free card transactions abroad.
"I’ll be honest – as far as packaged bank accounts go, the Virgin Money Club M account is one of my favourites. It comes with a fairly high monthly fee of £12.50 (£150 a year), but it’s also crammed full of benefits which could more than make up for the cost.
For a start, the account includes worldwide multi-trip travel insurance for you and your family, as well as worldwide family mobile and gadget insurance. If you have a partner and children and you regularly travel, these insurance policies could be hugely beneficial.
Having said that, it’s worth comparing the cost of standalone travel and gadget insurance policies first to check that paying the account fee is worth it. This is particularly important if you’re single, as it could be cheaper to buy separate insurance policies. According to the ABI, the average single trip travel insurance premium is £40 for someone aged 36-40, so paying £150 a year for your Virgin Money Club M account is unlikely to be worth it.
However, you’ll also get UK breakdown cover thrown in for good measure. Plus the account pays interest of 1.00% on balances up to £1,000 and you’ll get access to a saver account (though more competitive rates can be found elsewhere). Further benefits include no fees when using your debit card abroad and access to exclusive offers, including a children’s bank account.
All in all, if you’re looking for a packaged bank account and you will make use of the insurance benefits available with this account (particularly if you have a family), I think the Virgin Money Club M account is a worthy contender.
But, as with any packaged account that includes insurance, check the terms and conditions carefully and double check whether taking out a standalone policy works out to be better value. That way you can be confident you’re getting the best deal."
How to apply
You can apply for the Virgin Money Club M current account online. You’ll need to fill in a few personal details, including the following:
- Your name and address
- Your date of birth
- Your job
- Your mobile number
- Information about your income and expenditures
- Details of the gadgets and vehicle you want to insure
- Medical history details for you and anyone else you want to be covered by travel insurance
You may also need to provide proof of ID such as a UK passport or driving licence and proof of address such as a recent bank statement or utility bill.
Is it safe?
Yes, Virgin Money is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person (up to £170,000 for joint accounts).
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