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 and travel insurance. Its travel insurance is provided by the Spanish insurer Mapfre.

Virgin Money
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Gold ribbon: first place

Bank accounts

Ranked 8th of 34 providers reviewed.

Customer happiness 60.52%
Customer trust 63%
Complaints performance 70.94%
Transparency rating 80.55%
Fairer Finance score
Reviewed Spring 2021
69%
Gold ribbon: first place

Credit cards

Ranked 13th of 28 providers reviewed.

Customer happiness 61.08%
Customer trust 52.54%
Complaints performance 70.89%
Transparency rating 59.27%
Fairer Finance score
Reviewed Spring 2021
61%
Gold ribbon: first place

Life insurance

Ranked 3rd of 25 providers reviewed.

Claims score 94.28%
Complaints performance 90%
Transparency rating 58.43%
Fairer Finance score
Reviewed Spring 2021
81%

Mortgages

Ranked 18th of 21 providers reviewed.

Customer happiness 45.38%
Customer trust 40.39%
Complaints performance 71.17%
Transparency rating 64.9%
Fairer Finance score
Reviewed Spring 2021
55%

Savings accounts

Ranked 36th of 50 providers reviewed.

Customer happiness 51.15%
Customer trust 46.58%
Complaints performance 70.89%
Transparency rating 80.15%
Fairer Finance score
Reviewed Spring 2021
62%

Travel insurance

Ranked 32nd of 53 providers reviewed.

Customer happiness 47.93%
Customer trust 41.98%
Complaints performance 56.71%
Transparency rating 46.26%
Fairer Finance score
Reviewed Spring 2021
48%

Bank accounts

Basic bank accounts

Virgin Money

M Account

4 stars
Faster Payment limit i £100,000
Annual fee i £0
Maximum cash machine withdrawal per day i £350
Part of FSCS i

Current accounts

Virgin Money

M Plus 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

M Account (Inside Europe)

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

Virgin Money

Club M 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

Virgin Money

M Plus 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

Virgin Money

M Account

1 stars
Foreign cash withdrawal fee i 3.75%
Foreign cash withdrawal additional charge i £0
Foreign purchases fee i 2.75%
Is there a limit on free cash withdrawals? i

Overdrafts

Virgin Money

M Plus Account

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

Virgin Money

Club M Account

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

Premium bank accounts

Virgin Money

Club M Account

4 stars
Annual reward and cost scenario i £159.16
Add-ons, cashback and rewards i AIG Worldwide travel insurance with winter sports cover, Green Flag UK breakdown cover, Assurant mobile and gadget insurance.
Part of FSCS or international equivalent i

Credit cards

0% balance transfer credit cards

Virgin Money

26 month Balance Transfer

4 stars
Duration of balance transfer offer period i 26 months
Balance transfer fee during promotional period i 1.25%
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

29 month Balance Transfer

3 stars
Duration of balance transfer offer period i 29 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 19 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

Travel

3 stars
Duration of balance transfer offer period i 9 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

0% purchase credit cards

Virgin Money

All round

4 stars
Duration of purchases offer period i 19 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

Travel

4 stars
Duration of purchases offer period i 9 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

29 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

26 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

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

29 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

26 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%

Money transfer credit cards

Virgin Money

29 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

26 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

2 stars
Money transfer rate during promotional period i 0%
Duration of money transfer offer period i 9 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%

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
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

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
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

3 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

3 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)
3 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

3 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)