I would switch too, but I’m excluded as I already have an M Plus account and have done for ages.
Perhaps I should have closed it and waited a couple of years, then used one of their offers, but I didn’t want to miss out on the best interest-paying current account available - so I didn’t.
I also have several accounts from back when opening multiple was allowed, but that is now not allowed under the T&Cs so I wouldn’t be able to get them all back if I closed and re-opened.
Ah well, at least I got £250 from CYBG for switching to B back in the day (an account which has now become one of my M Plus Virgin Money accounts) so I can’t complain too much.
Payment in cash is also far better than Virgin Red points or wine, as far as I’m concerned, so most of their recent switch offers haven’t been as good.
I’m open minded about points - I stay with Hilton a lot, I value their Honors points as worth about 0.3p each and you can exchange 1 Virgin point for 2 Honors points. The issue was that 20,000 Virgin points is only about £120’s worth of them which isn’t enough for a (potentially) once-per-lifetime bonus. 35,000 and I’d bite.
I did quite well out of Yorkshire Bank on their original offer which didn’t limit the amount of times a switching bonus would be paid but none of those accounts remain open, and then as you say they did that £250 switch briefly which is the biggest single switch bonus I’ve seen in my time doing this. My gut is they can afford more than £160.
