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 16^th of 28 providers reviewed.

Customer happiness	58.91%
Customer trust	55.44%
Complaints performance	67.62%
Transparency rating	82.19%
Fairer Finance score Reviewed Autumn 2022	66%

Credit cards

Ranked 18^th of 31 providers reviewed.

Customer happiness	57.07%
Customer trust	53.17%
Complaints performance	67.61%
Transparency rating	61.81%
Fairer Finance score Reviewed Autumn 2022	60%

Life insurance

Ranked 6^th of 26 providers reviewed.

Claims score	93.85%
Complaints performance	83.13%
Transparency rating	66.05%
Fairer Finance score Reviewed Autumn 2022	81%

Mortgages

Ranked 15^th of 23 providers reviewed.

Customer happiness	49.2%
Customer trust	47.61%
Complaints performance	82.11%
Transparency rating	67.98%
Fairer Finance score Reviewed Autumn 2022	62%

Personal loans

Ranked 23^rd of 26 providers reviewed.

Customer happiness	50.51%
Customer trust	44.44%
Complaints performance	67.61%
Transparency rating	73.55%
Fairer Finance score Reviewed Autumn 2022	59%

Savings Accounts

Ranked 30^th of 50 providers reviewed.

Customer happiness	49.81%
Customer trust	50.92%
Complaints performance	67.61%
Transparency rating	83.55%
Fairer Finance score Reviewed Autumn 2022	63%

Cash withdrawal fee in UK (own bank) i	£0.00
Annual fee i	£0.00
Part of FSCS 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	20 months
Balance transfer fee during promotional period i	2%
Representative APR i	22.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	2%
Representative balance transfer rate i	1.7366%
Risk based? i

Duration of 0% balance transfer offer period i	28 months
Balance transfer fee during promotional period i	3%
Representative APR i	22.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	3%
Representative balance transfer rate i	1.7366%
Risk based? i

Duration of 0% balance transfer offer period i	12 months
Balance transfer fee during promotional period i	2%
Representative APR i	29.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	2.9%
Representative balance transfer rate i	2.2072%
Risk based? i

Duration of 0% balance transfer offer period i	16 months
Balance transfer fee during promotional period i	1.5% to 3.0%
Representative APR i	22.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	3%
Representative balance transfer rate i	1.7366%
Risk based? i

Duration of 0% balance transfer offer period i	24 months
Balance transfer fee during promotional period i	2.5%
Representative APR i	22.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	2.5%
Representative balance transfer rate i	1.7366%
Risk based? i

Duration of 0% balance transfer offer period i	9 months
Balance transfer fee during promotional period i	2%
Representative APR i	22.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	2%
Representative balance transfer rate i	1.7366%
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 purchases offer period i	16 months
Representative APR i	22.9%
Highest APR i	22.9%
Purchase rate during promotional period i	0%
Representative purchase rate i	1.7366%
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	22.9%
Highest APR i	26.9%
Purchase rate during promotional period i	0%
Representative purchase rate i	1.7366%
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	22.9%
Number of days before interest is charged on non-sterling cash transactions i	0 days
Risk based? i
Representative purchase rate i	1.7366%

Foreign purchase fee i	2.99%
Foreign withdrawal fee i	5%
Representative APR i	29.9%
Number of days before interest is charged on non-sterling cash transactions i	0 days
Risk based? i
Representative purchase rate i	2.2072%

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	22.9%
Risk based? i
Representative cash transaction interest rate i	2.1414%

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

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 amount	84 months

Interest Rate (AER) i	3.95%
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	4.17%
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

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

Personal loans

Savings Accounts

1 Year Fixed Rate Accounts

Interest Rate (AER) i	1%
Maximum Balance i	£250,000.00
Part of FSCS i
Withdrawal Penalty i	If less than 4 withdrawals are made per calendar year a higher rate will be paid
Additional Information i
Minimum Opening Balance i	£1.00
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
Penalty free withdrawals? i

Interest Rate (AER) i	2.52%
Maximum Balance i	Unlimited
Part of FSCS i
Withdrawal Penalty i
Additional Information i
Minimum Opening Balance i	£0.00
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

Interest Rate (AER) i	0.25%
Maximum Balance i	Unlimited
Part of FSCS i
Withdrawal Penalty i
Additional Information i
Minimum Opening Balance i	£1.00
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
Penalty free withdrawals? i

Interest Rate (AER) i	1.75%
Additional Information i
Maximum Balance i	£3,500.00
Withdrawal Penalty i	No Penalty
Minimum Monthly Investment i	£1.00
Maximum Monthly Investment i	£250.00
Penalty free withdrawals? i
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	This account is only available to customers who are registered with the Virgin Money Home Buying Coach app.
Notice Period i
Fixed Term Length i	20.02.24
Additional Information i

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 cover limit i	£300.00
Cutting trip short cover limit i	£5,000.00
Abandoning your trip 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 cover limit i	£200.00
Cutting trip short cover limit i	£3,000.00
Abandoning your trip 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 cover limit i	£7,500.00
Missed departure cover limit i	£1,500.00
Abandoning your trip 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 cover 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

Ski equipment owned cover limit i	£1,000.00
Single owned item cover limit i	£1,000.00
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i	£600.00
Avalanche closure cover limit i	£500.00
Piste closure cover limit i	£600.00
Ski equipment owned excess i	£50.00
Ski equipment hired i	£1,000.00
Single item limit for hired equipment i	£1,000.00
Unused ski pass due to illness or injury i	£600.00