Virgin Money

Virgin Money was launched by Sir Richard Branson back in the mid 1990s, starting out in the savings and investments market before slowly expanding into mortgages, credit cards and insurance.

Virgin Money acquired its banking license in 2010 through the acquisition of Church House Trust, although at this time it had no branches. In 2012, it bought itself a high street presence, by acquiring Northern Rock and in 2014 the bank was floated on the London Stock Exchange.

In 2018 Virgin Money was bought by Clydesdale and Yorkshire Banking Group - which owns Clydesdale Bank and Yorkshire Bank.

Virgin money offers a full range of banking and insurance products including: bank accounts, credit cards, pet insurance and travel insurance. Its travel insurance is provided by the Spanish insurer Mapfre, while its pet insurance is provided by the Direct Line Group.

Virgin Money
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Gold ribbon: first place

Bank accounts

Ranked 7th of 33 providers reviewed.

Customer happiness 58%
Customer trust 59%
Complaints performance 71%
Transparency rating 83%
Fairer Finance score
Reviewed Autumn 2020
68%
Gold ribbon: first place

Credit cards

Ranked 12th of 29 providers reviewed.

Customer happiness 60%
Customer trust 48%
Complaints performance 71%
Transparency rating 56%
Fairer Finance score
Reviewed Autumn 2020
59%
Gold ribbon: first place

Life insurance

Ranked 4th of 24 providers reviewed.

Claims score 94.28%
Complaints performance 91.25%
Transparency rating 57.65%
Fairer Finance score
Reviewed Autumn 2020
81%

Mortgages

Ranked 14th of 21 providers reviewed.

Customer happiness 47.69%
Customer trust 42.37%
Complaints performance 74.33%
Transparency rating 71.62%
Fairer Finance score
Reviewed Autumn 2020
59%
Gold ribbon: first place

Savings accounts

Ranked 18th of 47 providers reviewed.

Customer happiness 51.79%
Customer trust 46.09%
Complaints performance 70.78%
Transparency rating 87.4%
Fairer Finance score
Reviewed Autumn 2020
64%

Travel insurance

Ranked 24th of 69 providers reviewed.

Customer happiness 51.8%
Customer trust 43.82%
Complaints performance 64.42%
Transparency rating 40.29%
Fairer Finance score
Reviewed Autumn 2020
50%

Bank accounts

Current accounts

Virgin Money

Current Account

4 stars
Annual fee i £0
Maximum cash machine withdrawal per day i £500
Part of FSCS i
Cash withdrawal fee in UK (own bank) i £0
Card payment fee (£) i £0
App capability? i

Foreign use bank accounts

Virgin Money

Current Account

5 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i

Overdrafts

Virgin Money

Current Account

2 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0
Arranged overdraft interest rate (representative EAR) i 29.90%

Credit cards

0% balance transfer credit cards

Virgin Money

20 month Balance Transfer

4 stars
Duration of balance transfer offer period i 20 months
Balance transfer fee during promotional period i 1%
Representative APR i 21.90%
Balance transfer rate during promotional period i 0%
Representative balance transfer rate i 1.67%
Risk based? i

Virgin Money

Travel

4 stars
Duration of balance transfer offer period i 12 months
Balance transfer fee during promotional period i 2%
Representative APR i 21.90%
Balance transfer rate during promotional period i 0%
Representative balance transfer rate i 1.67%
Risk based? i

Virgin Money

22 month Balance Transfer

3 stars
Duration of balance transfer offer period i 22 months
Balance transfer fee during promotional period i 3%
Representative APR i 21.90%
Balance transfer rate during promotional period i 0%
Representative balance transfer rate i 1.67%
Risk based? i

Virgin Money

All round

3 stars
Duration of balance transfer offer period i 18 months
Balance transfer fee during promotional period i 2.90%
Representative APR i 21.90%
Balance transfer rate during promotional period i 0%
Representative balance transfer rate i 1.67%
Risk based? i

Virgin Money

Atlantic Reward

2 stars
Duration of balance transfer offer period i 6 months
Balance transfer fee during promotional period i 3%
Representative APR i 22.90%
Balance transfer rate during promotional period i 0%
Representative balance transfer rate i 1.74%
Risk based? i

Virgin Money

Atlantic Reward+

1 stars
Duration of balance transfer offer period i 6 months
Balance transfer fee during promotional period i 3%
Representative APR i 63.90%
Balance transfer rate during promotional period i 0%
Representative balance transfer rate i 1.74%
Risk based? i

0% purchase credit cards

Virgin Money

Travel

5 stars
Duration of purchases offer period i 12 months
Representative APR i 21.90%
Highest APR i 21.90%
Purchase rate during promotional period i 0%
Representative purchase rate i 1.67%
Number of days before interest is charged on purchases i 50 days
Risk based? i

Virgin Money

All round

4 stars
Duration of purchases offer period i 15 months
Representative APR i 21.90%
Highest APR i 21.90%
Purchase rate during promotional period i 0%
Representative purchase rate i 1.67%
Number of days before interest is charged on purchases i 50 days
Risk based? i

Virgin Money

22 month Balance Transfer

3 stars
Duration of purchases offer period i 3 months
Representative APR i 21.90%
Highest APR i 21.90%
Purchase rate during promotional period i 0%
Representative purchase rate i 1.67%
Number of days before interest is charged on purchases i 50 days
Risk based? i

Virgin Money

20 month Balance Transfer

3 stars
Duration of purchases offer period i 3 months
Representative APR i 21.90%
Highest APR i 21.90%
Purchase rate during promotional period i 0%
Representative purchase rate i 1.67%
Number of days before interest is charged on purchases i 50 days
Risk based? i

Cashback and reward credit cards

Virgin Money

Atlantic Reward

3 stars
Reward extras i Either an upgrade to Premium or a Companion ticket if £20k in a year is spent and up to 15% cashback at selected retailers.
Estimated amount of money customers get back in the 1st year (minus annual fee) i £129.01
Estimated amount of money customers get back after the 1st year (minus annual fee) i £129.01
Risk based? i
Annual fee after 1st year i £0
Foreign purchase fee i 2.99%

Virgin Money

Atlantic Reward+

3 stars
Reward extras i Either an upgrade to Premium or a Companion ticket if £10k in a year is spent and up to 15% cashback at selected retailers.
Estimated amount of money customers get back in the 1st year (minus annual fee) i £218.02
Estimated amount of money customers get back after the 1st year (minus annual fee) i £98.02
Risk based? i
Annual fee after 1st year i £160
Foreign purchase fee i 2.99%

Foreign use credit cards

Virgin Money

Travel

3 stars
Foreign purchase fee i 0%
Foreign withdrawal fee i 3%
Representative APR i 21.90%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.67%

Virgin Money

22 month Balance Transfer

1 stars
Foreign purchase fee i 2.99%
Foreign withdrawal fee i 5%
Representative APR i 21.90%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.67%

Virgin Money

All round

1 stars
Foreign purchase fee i 2.99%
Foreign withdrawal fee i 5%
Representative APR i 21.90%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.67%

Virgin Money

20 month Balance Transfer

1 stars
Foreign purchase fee i 2.99%
Foreign withdrawal fee i 5%
Representative APR i 21.90%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.67%

Virgin Money

Atlantic Reward

1 stars
Foreign purchase fee i 2.99%
Foreign withdrawal fee i 5%
Representative APR i 22.90%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.74%

Virgin Money

Atlantic Reward+

1 stars
Foreign purchase fee i 2.99%
Foreign withdrawal fee i 5%
Representative APR i 63.90%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.74%

Money transfer credit cards

Virgin Money

22 month Balance Transfer

3 stars
Money transfer rate during promotional period i 0%
Duration of money transfer offer period i 12 months
Money transfer fee during promotional period i 4%
Representative APR i 21.90%
Risk based? i
Representative cash transaction interest rate i 2.08%

Virgin Money

All round

3 stars
Money transfer rate during promotional period i 0%
Duration of money transfer offer period i 12 months
Money transfer fee during promotional period i 4%
Representative APR i 21.90%
Risk based? i
Representative cash transaction interest rate i 2.08%

Virgin Money

20 month Balance Transfer

3 stars
Money transfer rate during promotional period i 0%
Duration of money transfer offer period i 12 months
Money transfer fee during promotional period i 4%
Representative APR i 21.90%
Risk based? i
Representative cash transaction interest rate i 2.08%

Virgin Money

Travel

3 stars
Money transfer rate during promotional period i 0%
Duration of money transfer offer period i 12 months
Money transfer fee during promotional period i 4%
Representative APR i 21.90%
Risk based? i
Representative cash transaction interest rate i 2.08%

Virgin Money

Atlantic Reward

3 stars
Money transfer rate during promotional period i 0%
Duration of money transfer offer period i 6 months
Money transfer fee during promotional period i 3%
Representative APR i 22.90%
Risk based? i
Representative cash transaction interest rate i 2.08%

Virgin Money

Atlantic Reward+

2 stars
Money transfer rate during promotional period i 0%
Duration of money transfer offer period i 6 months
Money transfer fee during promotional period i 3%
Representative APR i 63.90%
Risk based? i
Representative cash transaction interest rate i 2.08%

Travel insurance

Annual multi-trip insurance

4 stars
Cancelling before travel cover limit i £5,000
Medical excess i £50
Personal Possessions and Baggage - damaged, lost or stolen- cover limit i £2,000
Cutting trip short cover limit i £5,000
Abandoning your trip cover limit i £5,000
Emergency medical cover and repatriation cover limit i £15,000,000
Mental health cover i
Lost or stolen cash i £300
Combined passport & travel cover limit i £200
Natural disaster relocation cover i Optional
Natural disaster baggage cover i
Max trip duration i 90 days

Virgin Money

Black

4 stars
Cancelling before travel cover limit i £7,500
Medical excess i £0
Personal Possessions and Baggage - damaged, lost or stolen- cover limit i £2,500
Cutting trip short cover limit i £7,500
Abandoning your trip cover limit i £7,500
Emergency medical cover and repatriation cover limit i Unlimited
Mental health cover i
Lost or stolen cash i £500
Combined passport & travel cover limit i £250
Natural disaster relocation cover i Optional
Natural disaster baggage cover i
Max trip duration i 90 days
3 stars
Cancelling before travel cover limit i £2,000
Medical excess i £100
Personal Possessions and Baggage - damaged, lost or stolen- cover limit i £1,250
Cutting trip short cover limit i £2,000
Abandoning your trip cover limit i £2,000
Emergency medical cover and repatriation cover limit i £10,000,000
Mental health cover i
Lost or stolen cash i £200
Combined passport & travel cover limit i £100
Natural disaster relocation cover i Optional
Natural disaster baggage cover i
Max trip duration i 31 days

Virgin Money

Silver

3 stars
Cancelling before travel cover limit i £3,000
Medical excess i £60
Personal Possessions and Baggage - damaged, lost or stolen- cover limit i £1,500
Cutting trip short cover limit i £3,000
Abandoning your trip cover limit i £3,000
Emergency medical cover and repatriation cover limit i £12,500,000
Mental health cover i
Lost or stolen cash i £200
Combined passport & travel cover limit i £100
Natural disaster relocation cover i Optional
Natural disaster baggage cover i
Max trip duration i 45 days

Single trip insurance

4 stars
Cancelling before travel cover limit i £5,000
Medical excess i £50
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i £2,000
Cutting trip short cover limit i £5,000
Abandoning your trip cover limit i £5,000
Emergency medical cover and repatriation cover limit i £15,000,000
Lost or stolen cash i £300
Combined passport & travel cover limit i £200
Missed departure cover limit i £1,000

Virgin Money

Black

4 stars
Cancelling before travel cover limit i £7,500
Medical excess i £0
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i £2,500
Cutting trip short cover limit i £7,500
Abandoning your trip cover limit i £7,500
Emergency medical cover and repatriation cover limit i Unlimited
Lost or stolen cash i £500
Combined passport & travel cover limit i £250
Missed departure cover limit i £1,500
3 stars
Cancelling before travel cover limit i £2,000
Medical excess i £100
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i £1,250
Cutting trip short cover limit i £2,000
Abandoning your trip cover limit i £2,000
Emergency medical cover and repatriation cover limit i £10,000,000
Lost or stolen cash i £200
Combined passport & travel cover limit i £100
Missed departure cover limit i £500

Virgin Money

Silver

3 stars
Cancelling before travel cover limit i £3,000
Medical excess i £60
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i £1,500
Cutting trip short cover limit i £3,000
Abandoning your trip cover limit i £3,000
Emergency medical cover and repatriation cover limit i £12,500,000
Lost or stolen cash i £200
Combined passport & travel cover limit i £100
Missed departure cover limit i £500

Travel insurance add-on: cruise cover

5 stars
Missed port departure cover limit i £1,000
Re-joining a cruise cover limit i £1,000
Cabin confinement cover limit i £1,000
Missed port departure excess i £50
Timetable/itinerary change cover limit i £500
Unused excursions cover limit i £500

Virgin Money

Black

5 stars
Missed port departure cover limit i £1,000
Re-joining a cruise cover limit i £1,000
Cabin confinement cover limit i £1,000
Missed port departure excess i £0
Timetable/itinerary change cover limit i £500
Unused excursions cover limit i £500

Virgin Money

Silver

4 stars
Missed port departure cover limit i £1,000
Re-joining a cruise cover limit i £1,000
Cabin confinement cover limit i £1,000
Missed port departure excess i £60
Timetable/itinerary change cover limit i £500
Unused excursions cover limit i £500
3 stars
Missed port departure cover limit i £1,000
Re-joining a cruise cover limit i £1,000
Cabin confinement cover limit i £1,000
Missed port departure excess i £100
Timetable/itinerary change cover limit i £500
Unused excursions cover limit i £500

Travel insurance add-on: winter sports

Virgin Money

Black

5 stars
Ski equipment owned cover limit i £1,500
Single owned item cover limit i £750
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £750
Avalanche closure cover limit i £750
Piste closure cover limit i £500
Ski equipment owned excess i £0
Ski equipment hired i £750
Single item limit for hired equipment i £750
Unused ski pass due to illness or injury i £510

Virgin Money

Gold (Comparison Site)

4 stars
Ski equipment owned cover limit i £1,000
Single owned item cover limit i £500
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £500
Avalanche closure cover limit i £500
Piste closure cover limit i £400
Ski equipment owned excess i £50
Ski equipment hired i £500
Single item limit for hired equipment i £500
Unused ski pass due to illness or injury i £450
4 stars
Ski equipment owned cover limit i £1,000
Single owned item cover limit i £500
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £500
Avalanche closure cover limit i £500
Piste closure cover limit i £400
Ski equipment owned excess i £50
Ski equipment hired i £500
Single item limit for hired equipment i £500
Unused ski pass due to illness or injury i £450

Virgin Money

Silver (Money Supermarket)

3 stars
Ski equipment owned cover limit i £500
Single owned item cover limit i £250
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £200
Avalanche closure cover limit i £250
Piste closure cover limit i £200
Ski equipment owned excess i £60
Ski equipment hired i £250
Single item limit for hired equipment i £250
Unused ski pass due to illness or injury i £300

Virgin Money

Silver (Comparison Site)

3 stars
Ski equipment owned cover limit i £500
Single owned item cover limit i £250
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £200
Avalanche closure cover limit i £250
Piste closure cover limit i £200
Ski equipment owned excess i £100
Ski equipment hired i £250
Single item limit for hired equipment i £250
Unused ski pass due to illness or injury i £300

Virgin Money

Silver

3 stars
Ski equipment owned cover limit i £500
Single owned item cover limit i £250
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £200
Avalanche closure cover limit i £250
Piste closure cover limit i £200
Ski equipment owned excess i £60
Ski equipment hired i £250
Single item limit for hired equipment i £250
Unused ski pass due to illness or injury i £300

Virgin Money

Essential (Money Supermarket)

1 stars
Ski equipment owned cover limit i £200
Single owned item cover limit i £100
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £100
Avalanche closure cover limit i £150
Piste closure cover limit i £100
Ski equipment owned excess i £200
Ski equipment hired i £100
Single item limit for hired equipment i £100
Unused ski pass due to illness or injury i £200

Virgin Money

Essential Extra (Money Supermarket)

1 stars
Ski equipment owned cover limit i £200
Single owned item cover limit i £100
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £100
Avalanche closure cover limit i £150
Piste closure cover limit i £100
Ski equipment owned excess i £100
Ski equipment hired i £100
Single item limit for hired equipment i £100
Unused ski pass due to illness or injury i £200

Virgin Money

Essential Plus (Comparison Site)

1 stars
Ski equipment owned cover limit i £200
Single owned item cover limit i £100
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £100
Avalanche closure cover limit i £150
Piste closure cover limit i £100
Ski equipment owned excess i £60
Ski equipment hired i £100
Single item limit for hired equipment i £100
Unused ski pass due to illness or injury i £200
1 stars
Ski equipment owned cover limit i £200
Single owned item cover limit i £100
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £100
Avalanche closure cover limit i £150
Piste closure cover limit i £100
Ski equipment owned excess i £60
Ski equipment hired i £100
Single item limit for hired equipment i £100
Unused ski pass due to illness or injury i £200

Travel Insurance Covid-19 Cover

2 stars
Cancellation cover for if policy holder has covid (confirmed either by test result or doctor's note) within 14 days of departure date? i
Cover for change in the FCDO advice whilst on trip? e.g. between when you fly out and come home?
Does the policy cover medical cover if you catch Covid-19?
Cancellation cover for if travel companion has covid-19 (confirmed either by test result or doctor's note) within 14 days of departure date? i
Cancellation cover due to a close relative having covid-19 and is admitted to hospital (this person is not travelling but you cancel trip to stay near them)
Cancellation/curtailment: bereavement of a close relative due to Covid
Cancellation/curtailment cover if denied boarding by airline because displaying symptoms?
Cover for all aspects of the policy, (EXCEPT cancellation and curtailment) for change in the FCDO advice between when you book and departure?
No additional premium to extend policy due to getting covid-19 (for days of trip extended)

Virgin Money

Silver

2 stars
Cancellation cover for if policy holder has covid (confirmed either by test result or doctor's note) within 14 days of departure date? i
Cover for change in the FCDO advice whilst on trip? e.g. between when you fly out and come home?
Does the policy cover medical cover if you catch Covid-19?
Cancellation cover for if travel companion has covid-19 (confirmed either by test result or doctor's note) within 14 days of departure date? i
Cancellation cover due to a close relative having covid-19 and is admitted to hospital (this person is not travelling but you cancel trip to stay near them)
Cancellation/curtailment: bereavement of a close relative due to Covid
Cancellation/curtailment cover if denied boarding by airline because displaying symptoms?
Cover for all aspects of the policy, (EXCEPT cancellation and curtailment) for change in the FCDO advice between when you book and departure?
No additional premium to extend policy due to getting covid-19 (for days of trip extended)
2 stars
Cancellation cover for if policy holder has covid (confirmed either by test result or doctor's note) within 14 days of departure date? i
Cover for change in the FCDO advice whilst on trip? e.g. between when you fly out and come home?
Does the policy cover medical cover if you catch Covid-19?
Cancellation cover for if travel companion has covid-19 (confirmed either by test result or doctor's note) within 14 days of departure date? i
Cancellation cover due to a close relative having covid-19 and is admitted to hospital (this person is not travelling but you cancel trip to stay near them)
Cancellation/curtailment: bereavement of a close relative due to Covid
Cancellation/curtailment cover if denied boarding by airline because displaying symptoms?
Cover for all aspects of the policy, (EXCEPT cancellation and curtailment) for change in the FCDO advice between when you book and departure?
No additional premium to extend policy due to getting covid-19 (for days of trip extended)

Virgin Money

Black

2 stars
Cancellation cover for if policy holder has covid (confirmed either by test result or doctor's note) within 14 days of departure date? i
Cover for change in the FCDO advice whilst on trip? e.g. between when you fly out and come home?
Does the policy cover medical cover if you catch Covid-19?
Cancellation cover for if travel companion has covid-19 (confirmed either by test result or doctor's note) within 14 days of departure date? i
Cancellation cover due to a close relative having covid-19 and is admitted to hospital (this person is not travelling but you cancel trip to stay near them)
Cancellation/curtailment: bereavement of a close relative due to Covid
Cancellation/curtailment cover if denied boarding by airline because displaying symptoms?
Cover for all aspects of the policy, (EXCEPT cancellation and curtailment) for change in the FCDO advice between when you book and departure?
No additional premium to extend policy due to getting covid-19 (for days of trip extended)