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 underwritten by the ERGO Travel Insurance Services Ltd.

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Bank accounts

Ranked 15^th of 30 providers reviewed.

Customer happiness score	59.68%
Customer trust score	54.37%
Complaints performance	61.89%
Transparency rating	85.85%
Fairer Finance score Reviewed Autumn 2023	65%

Credit cards

Ranked 20^th of 34 providers reviewed.

Customer happiness score	56.3%
Customer trust score	52.52%
Complaints performance	61.87%
Transparency rating	66.87%
Fairer Finance score Reviewed Autumn 2023	59%

Life insurance

Ranked 7^th of 24 providers reviewed.

Claims score	93.76%
Complaints performance	79.69%
Transparency rating	60.5%
Fairer Finance score Reviewed Autumn 2023	78%

Mortgages

Ranked 11^th of 23 providers reviewed.

Customer happiness score	53.88%
Customer trust score	52.45%
Complaints performance	69.32%
Transparency rating	75.25%
Fairer Finance score Reviewed Autumn 2023	63%

Personal loans

Ranked 21^st of 27 providers reviewed.

Customer happiness score	57.08%
Customer trust score	50.94%
Complaints performance	62.01%
Transparency rating	71.49%
Fairer Finance score Reviewed Autumn 2023	60%

Savings Accounts

Ranked 38^th of 53 providers reviewed.

Customer happiness score	55.31%
Customer trust score	52.01%
Complaints performance	62.01%
Transparency rating	78.75%
Fairer Finance score Reviewed Autumn 2023	62%

Travel insurance

Ranked 37^th of 44 providers reviewed.

Customer happiness score	44.82%
Customer trust score	40.09%
Complaints performance	60.55%
Transparency rating	57.85%
Fairer Finance score Reviewed Autumn 2023	51%

Cash withdrawal fee in UK (own bank) i	£0.00
Annual fee i	£0.00
Part of FSCS i
Bankers draft/cheque fee i	Not available
Unpaid transaction fee i
Faster Payment limit i	£100,000.00
Maximum cash machine withdrawal per day i	£350.00
Can you use your card to pay for items overseas? i

Foreign cash withdrawal fee i	0%
Foreign cash withdrawal additional charge i	£0.00
Foreign purchases fee i	0%
Is there a limit on free cash withdrawals? i	Unlimited

Risk based overdraft? i
Arranged overdraft interest free amount i	£0.00
Arranged overdraft interest rate (representative EAR) i	14.9%

Add-ons, cashback and rewards i	AIG worldwide travel insurance with winter sports cover for holder and family (includes 24 hour access to a doctor at home or abroad), Green Flag UK breakdown cover, Assurant mobile and gadget insurance for holder and family
Part of FSCS or international equivalent i

Duration of 0% balance transfer offer period i	12 months
Balance transfer fee during promotional period i	1%
Representative APR i	23.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	1%
Representative balance transfer rate i	1.805%
Risk based? i

Duration of 0% balance transfer offer period i	24 months
Balance transfer fee during promotional period i	3%
Representative APR i	23.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	3%
Representative balance transfer rate i	1.8053%
Risk based? i

Duration of 0% balance transfer offer period i	20 months
Balance transfer fee during promotional period i	2%
Representative APR i	23.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	2%
Representative balance transfer rate i	1.805%
Risk based? i

Duration of 0% balance transfer offer period i	9 months
Balance transfer fee during promotional period i	2%
Representative APR i	23.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	2%
Representative balance transfer rate i	1.805%
Risk based? i

Duration of 0% balance transfer offer period i	16 months
Balance transfer fee during promotional period i	3%
Representative APR i	23.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	3%
Representative balance transfer rate i	1.805%
Risk based? i

Duration of 0% balance transfer offer period i	14 months
Balance transfer fee during promotional period i	2.5%
Representative APR i	29.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	2.5%
Representative balance transfer rate i	2.2072%
Risk based? i

Duration of 0% balance transfer offer period i	18 months
Balance transfer fee during promotional period i	3%
Representative APR i	29.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	3%
Representative balance transfer rate i	2.2072%
Risk based? i

Duration of purchases offer period i	13 months
Representative APR i	23.9%
Highest APR i	26.9%
Purchase rate during promotional period i	0%
Representative purchase rate i	1.805%
Number of days before interest is charged on purchases i	50 days
Risk based? i

Duration of purchases offer period i	3 months
Representative APR i	23.9%
Highest APR i	26.9%
Purchase rate during promotional period i	0%
Representative purchase rate i	1.805%
Number of days before interest is charged on purchases i	50 days
Risk based? i

Foreign purchase fee i	0%
Foreign withdrawal fee i	3%
Representative APR i	23.9%
Number of days before interest is charged on non-sterling cash transactions i	0 days
Risk based? i
Representative purchase rate i	1.805%

Foreign purchase fee i	2.99%
Foreign withdrawal fee i	5%
Representative APR i	23.9%
Number of days before interest is charged on non-sterling cash transactions i	0 days
Risk based? i
Representative purchase rate i	1.805%

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	23.9%
Risk based? i
Representative cash transaction interest rate i	2.2072%

Accidental loss cover i
Mechanical breakdown cover i
Maximum single-item cover limit i	£2,000.00
Tablets i
Territorial limits restriction i
Accidental damage cover i
Mechanical breakdown cover replacement limit i	£2,000.00
Theft Cover i
Theft replacement limit i	£2,000.00
Malicious damage cover i
Unauthorised usage cover i	£1,200.00
Unauthorised usage cover (E-wallet) i	£0.00
Accessories cover limit i	£250.00
How is the excess charged? i	Standard excess applied to all gadgets and claim types
Lowest excess i	£25.00
Liquid damage excess i	£25.00
Theft & loss claims excess i	£25.00
Accidental damage and breakdown claims excess i	£25.00
Cancellation fee i	£0.00
Arrangement fee i	£0.00
Additional excess charge i	£0.00
Immediate cover with no additional excess in the first 30 days of the policy i	TRUE
High end smartphones (>£1,000) minimum excess i	£75.00
High end tablets (>£1,200) minimum excess i	£25.00
High end laptops (>=£1,500) minimum excess i	£50.00
High end MacBooks (>=£1,500) minimum excess i	£50.00
Rapid replacement i
Pro-rata refund i	N/A (No Annual Option)
Claim under warranty i
Replacement claims limit per Item for accidental damage/mechanical failure i	Unlimited
Replacement claims limit per Item for theft or loss i	Unlimited
Replacement warranty i	12 Months
International cover limit (Days) i	Unlimited
Type of product i	Stand-Alone
Universal gadget policy? i
Family cover i
Multi cover discounts i
Underwriter i	Assurant General Insurance Limited
Age of customer requirement i	18
No claims period i	Immediate Cover
Refurbished device cover i
Second hand device cover i
Territorial limits restriction i	UK Only
Maximum age of phones i	60 Months
Maximum age of gadgets eligible for cover i	60 Months
Smartphones i
Smart watches i
Game Consoles i
Headphones i
Cameras i
E-readers i
Sat-Navs i
MP3 Players i
MacBooks Or Laptops

Theft from outbuildings i	£2,000.00
Matching sets (contents) i
Alternative accommodation cover limit for buildings i	£40,000.00
Escape of water excess i	£50.00
Additional escape of water excess i	£0.00
Flood excess i	£50.00
Cover away from home offered for: jewellery	Optional
Keys/locks if lost or stolen (Buildings) i	£750.00
Trace and access i	£0.00
Buildings cover limit i	£400,000.00
Money in the home i	£500.00
Contents sum insured i	£50,000.00
Visitor's possessions i	£500.00
Office equipment i	£5,000.00
Alternative accommodation cover limit for contents i	£10,000.00
Escape of water excess (minimum) i	£50.00
Cancellation fee after 14 days i	£0.00
Cancellation fee within 14 days i	£0.00
Contents compulsory excess i	£50.00
Property owner liability i	£2,000,000.00
Liability to domestic employees i	£10,000,000.00
Liability as a tenant i	£10,000.00
Replace belongings new for old i

Matching sets (Buildings) i
Escape of water excess (minimum) i	£50.00
Buildings compulsory excess i	£50.00
Escape of water excess i	£50.00
Unoccupied period i	60.00
24hr helpline i
Cancellation fee after 14 days (buildings) i	£0.00
Amendment fee (telephone) i	£0.00
Property owner liability i	£2,000,000.00

Cost (Year 1) i	£375.00
Account closure fee	£0.00
Charge for transferring investments to another platform i
Does the provider have a mobile app?
Charge for selling holdings if not enough money in account for charges
Completing paper applications	£0.00
Cash withdrawal by BACs	£0.00
Same day payment/payment by CHAPs	£25.00
Early account closure fee	£0.00
Cost of receiving paper statements for a year	£0.00
Charge for transferring cash to another platform i	£0.00

Virgin Money

Bank accounts

Basic bank accounts

Current accounts

Foreign use bank accounts

Overdrafts

Premium bank accounts

Credit cards

0% balance transfer credit cards

0% purchase credit cards

Foreign use credit cards

Money transfer credit cards

Gadget insurance

Home insurance (building and contents)

Buildings insurance

Contents insurance

Investing and pensions

Ready-made General Investment Accounts

Ready-made Stocks and Shares ISAs

Personal loans

Savings Accounts

1 Year Fixed Rate Accounts

Representative APR (on £5,000 loan, 36 month term)	7.4%
Unpaid Repayment Fee i	£0.00
Early settlement fee (Days interest)	58 days
Available to new customers? i
Eligibility checker
Minimum borrowing amount	£1,000.00
Maximum borrowing amount	£35,000.00
Minimum borrowing length	12 months
Maximum borrowing length	84 months

Interest Rate (AER) i	5.06%
Minimum Opening Balance i	£1.00
What happens at maturity? i	The provider will contact you before the account matures. If you don't instruct them the money will be transferred into a variable rate account until you instruct them further or withdraw the funds.
Part of FSCS i
Maximum Balance i	£1,000,000.00
Minimum Age to Open Account i	16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Can you make early withdrawals? i
Withdrawal Penalty (days) i

Interest Rate (AER) i	3.55%
Minimum Opening Balance i	£0.00
Maximum Balance i	£0.00
Part of FSCS i
Withdrawal Penalty i
Minimum Age to Open Account i	18
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i	Must be a Virgin Money Club M current account customer
Penalty free withdrawals? i
Additional Information i

Interest Rate (AER) i	3%
Maximum Balance i	£3,500.00
Withdrawal Penalty i
Minimum Monthly Investment i	£1.00
Maximum Monthly Investment i	£250.00
Minimum Opening Balance i	£1.00
Minimum Age to Open Account i	16
Sharia Account i
Part of FSCS i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i	Only available to first-time buyers using the Virgin Money Home Buying Coach app.
Notice Period i
Fixed Term Length i	1 Year Bond
Additional Information i

Interest Rate (AER) i	5.65%
Minimum Opening Balance i	£0.00
What happens at maturity? i	The provider will contact you before the account matures. If you don't instruct them the money will be paid into a variable rate account until you instruct them further or withdraw the funds.
Part of FSCS i
Minimum Age to Open Account i	16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i	New and existing Virgin Money current account customers or existing customers that originally opened a Clydesdale Bank, Yorkshire Bank or B current account.
Can you make early withdrawals? i
Withdrawal Penalty (days) i	60 day loss of interest.
Can you transfer in funds from another cash ISA?
Can you transfer in funds from a stocks and shares ISA?

Interest Rate (AER) i	4.76%
Minimum Opening Balance i	£0.00
Part of FSCS i
Withdrawal Penalty i
Minimum Age to Open Account i	16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i	Must be a Virgin Money current account customer
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA?
Can you transfer in funds from a stocks and shares ISA?

Medical excess i	£75.00
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i	£2,000.00
Cancelling before travel cover limit i	£5,000.00
Emergency medical cover and repatriation cover limit i	£12,500,000.00
Mental health cover i
Personal money i	£750.00
Combined passport & travel documents cover limit i	£300.00
Cutting trip short (curtailment) cover limit i	£5,000.00
Abandoning your trip (abandonment) cover limit i	£5,000.00
Natural disaster relocation cover i
Natural disaster baggage cover i
Max trip duration i	45 days

Medical excess i	£100.00
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i	£1,250.00
Cancelling before travel cover limit i	£3,000.00
Emergency medical cover and repatriation cover limit i	£10,000,000.00
Mental health cover i
Personal money i	£500.00
Combined passport & travel documents cover limit i	£200.00
Cutting trip short (curtailment) cover limit i	£3,000.00
Abandoning your trip (abandonment) cover limit i	£3,000.00
Natural disaster relocation cover i
Natural disaster baggage cover i
Max trip duration i	31 days

Cancelling before travel cover limit i	£7,500.00
Medical excess i	£50.00
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i	£3,000.00
Cutting trip short curtailment cover limit i	£7,500.00
Missed departure cover limit i	£1,500.00
Abandoning your trip (abandonment) cover limit i	£7,500.00
Emergency medical cover and repatriation cover limit i	£15,000,000.00
Personal money i	£1,000.00
Combined passport & travel documents limit i	£500.00

Missed port departure cover limit i	£500.00
Re-joining a cruise cover limit i	£0.00
Cabin confinement cover limit i	£250.00
Missed port departure excess i	£0.00
Timetable/itinerary change cover limit i	£0.00
Unused excursions cover limit i	£300.00