Virgin Money accounts

@N26throwaway @Recchan

I now have 4 Virgin Money M Plus current accounts. As @ndrw makes clear, you do incur a hard credit search on your file when you open one. Just a few other things to mention:

  • It’s 2.02% on £1000 currently. But it’s variable.
  • You get a debit card for each current account.
  • When you open a M Plus current account you also get a new M Plus saver that earns 0.35% on any amount
  • Having all these accounts makes their app a bit unwieldy to use.
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Quite a few mentions of Virgin recently so here’s its own thread.

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If you max out each account, you will earn about £1.70 most months. I received £1.70 for March and £1.64 for April.

I skim the interest off my four accounts into one of the four attached instant savers. Other three remain unused.

Yes, I could get an extra 0.15% interest in my Atom account, or 0.30% with my Skipton one (no longer available), but not worth the messing around with moving to their respective nominated accounts first for the literal pennies involved.

You can rename all the accounts in your app.

You can get a cleaner view in the respective Yorkshire Bank or Clydesdale Bank apps.

By cleaner, I mean they do not include the Jars / Pots / Spaces feature that the Virgin Money app does.

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This is actually very funny though; doesn’t it require a monthly pay-in etc? (from a non-virgin money or Clydesdale account)

No pay-in, no DDs, nothing.

Basically a saving account with a debit card.

It’s hilarious :rofl: :man_facepalming:

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Instant access by all accounts too! How is the interest calculated and accrued?

May be able to game this

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It is added on the last working day of the month.

Just watch those hard searches on your credit file.

Destroyed my fictional number with Experian from 910 to 612.

Not that I care what that number is :man_shrugging: :rofl:

Included a couple of CASS though, and account closures always affect your fictional score.

I didn’t even bother with the wine as there were none in the batch to my liking lol.

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Hi All,

I hope all is well with everyone?

Just curious, the Virgin M Plus current account gives 2.02% on balances up to £1000. Has anyone taken advantage of this with opening a few accounts? I can’t see any TC’s stating one account only!

Thanks all, and stay safe.

:wink:

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I have four, but be warned that if you are likely to be seeking credit soon, each application applies a hard search to your credit report, regardless of whether you have an overdraft or not.

I spaced mine a week apart, not knowing each subsequent one suffered a further hard search.

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Perfect. I’m up to my 3rd now. Might wait a week then go for a 4th. Every little helps when it comes to interest.

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I ended up with a lot but that was because I had a few old Clydesdale and Yorkshire accounts which got automatically converted.

I don’t put the full £1,000 in all of them and I make sure to occasionally use the accounts for other things so Virgin Money don’t take offence and decide they don’t want me as a customer. You don’t have to do any of that, as no T&Cs require it, but I would recommend at least spacing out the applications so it isn’t obvious that you are only in it for the interest.

I read a few reports on MSE that some people did get phoned up and questioned on why they had opened multiple accounts in quick succession, and although they were allowed to keep them I’m not sure they would have been if they didn’t have a “good excuse”.

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Just be aware Virgin are changing their terms and conditions from the 1st September

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Seems pretty reasonable tbh

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With a grand in each of them and withdrawal of the interest each month, I think mine will be safe :smiley:

I may need to double check the T&Cs of some of my other current accounts though to confirm if they have similar inactivity conditions.

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£20 a year interest on a balance of £1000 is that even worth

Is £80 on £4,000?

Where can you match that with easy access included???

Stablecoins, at 8.88%

Alternatively investments, but there’s a risk you make a loss if you need instant access

I don’t touch crypto.

Right… so not really comparable with an instant access account then?

I see instant access accounts as a totally different proposition, yes the returns will be tiny but that isn’t really the point. It’s a place to store whatever money you can’t keep locked up in investments, and the interest rate that Virgin is offering, while won’t make you rich, at least means your cash savings won’t be actively loosing value while sitting there.

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Depends on your tax bracket but yes, potentially, the 1k in the account won’t actively decline in value (might even gain a whole 0.2-0.3% in value), but any further amount you hold… will. So in reality your money as a whole unless you open 5-10 of these accounts is still losing value overall

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