Whether you are a start up with a small annual turnover, a bigger company bringing in millions of pounds a year, or an organisation that needs to manage client funds, Virgin Money likely has an account to suit your needs if your business is based in Great Britain.
Its M Account for Business offers an account with no monthly fees to start ups and small businesses with an annual turnover of less than £1 million, complete with overdraft option (on application) and cashback on debit card purchases.
» MORE: Compare business bank accounts
Virgin Money M Account for Business
- Available for eligible businesses with up to £1m annual turnover
- Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
- All owners, directors, senior managers and account signatories must be over 18 years old
NerdWallet's Review Summary
Virgin Money’s M Account is a great all-rounder. For starters, no monthly charges and free basic transactions make it a cost-effective choice that won’t eat into your cash flow.
Plus, you get everything you expect from a traditional bank, while saving time on admin with integrated accounting software and an online hub for your business’s data.
Virgin Money key features:
- No monthly fees
- No basic transaction fees
- 3-month free trial with Xero or QuickBooks
- Track cash flow and more business data with the M-Track dashboard
- FSCS protected
- Earn cashback on debit card purchases
- Bank online, via app, over the phone or in branch
- Enhanced deals for tradespeople
Who can apply?
Applicants must have a turnover of less than £1 million. Businesses should be based in the UK (excluding Northern Ireland, the Channel Islands and the Isle of Man) and have owners, directors, senior management and account signatories above 18 years old.
NerdWallet's Pros & Cons
Pros
- No monthly fee
- Free basic transactions
- Great for managing your money with the M-Track dashboard
Cons
- Free account only for companies with annual turnover under £1 million
- No branches in the South of England, Wales or Northern Ireland
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Learn more about how we bring you our review.
Key features
- Free and paid accountsVirgin Money offers accounts with no monthly fee and accounts with a monthly charge
- Deposits protected by FSCSEligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme
- Business loans and overdraft facilitiesVirgin Money offers both business loans and overdraft facilities
- Account perksGet free accounting software trials with Xero and QuickBooks, as well as discounts from business merchants.
Virgin Money business account full review
Launched in 1995, Virgin Money is a UK-based retail bank, which claims it’s on a mission to make you happier about money. Virgin Money merged with Clydesdale Bank and Yorkshire Bank in 2018 and both banks began operating under the Virgin Money brand in 2020.
Virgin Money offers accounts that can be used by start ups, sole traders, partnerships, limited liability partnerships and limited companies.
M Account for Business
This is Virgin Money’s free business account for organisations with a turnover of less than £1 million a year. This means it may be a good option if you are a start up or smaller business.
The M Account for Business has free day-to-day online banking, including standing orders, direct debits, and ATM deposits. You can apply for an overdraft and also get 0.25% cashback on eligible debit card purchases, and discounts on selected business merchants.
Business Current Account
If your annual turnover is less than £6.5 million, you can open a Virgin Money Business Current Account. It offers free banking for new customers for the first 25 months and comes with free day-to-day banking during that period.
After the introductory offer has ended, it costs £6.50 a month, while you will be charged a transaction fee for certain functions, such as 30p charges for incoming and outbound standing orders and direct debits. You can also get 0.35% cashback on eligible debit card purchases and receive Mastercard discounts at selected merchants.
Business Choice Account
If your business’s turnover is more than £6.5 million a year, you are eligible for a Virgin Money Business Choice Account. It costs £6.50 a month, and you will be charged transaction fees for certain banking functions. As with the current account, you can get 0.35% cashback on certain debit card purchases and discounts on select business merchants.
Professional Firms Client Account
Virgin Money also offers a Professional Firms Client Account for businesses that need to hold client money. This account has no monthly fees or transaction charges.
Virgin Money business account features: at a glance
| M Account for Business | Business Current Account | Business Choice Account | |
| Monthly fee | Free | Free for 25 months, then £6.50 a month | £6.50 a month |
| Basic transaction fees | No | Yes | Yes |
| Account management | At a branch, in-app, online and over the phone | At a branch, in-app, online and over the phone | At a branch, in-app, online and over the phone |
| FSCS protection | Yes | Yes | Yes |
| Set-up time | 2 days | 2 days | 2 days |
| Cash deposits | Yes (90p per £100) | Yes (65p per £100) | Yes (65p per £100) |
| Cheque deposits | Yes (free via app, 55p in branch) | Yes (30p per cheque) | Yes (30p per cheque) |
| Access to other banking services | Yes (overdrafts and business loans) | Yes (overdrafts and business loans) | Yes (overdrafts and business loans) |
| International payments | Yes | Yes | Yes |
| Customer service | 0800 756 0800 (8am to 6pm Monday to Friday) | 0800 756 0800 (8am to 6pm Monday to Friday) | 0800 756 0800 (8am to 6pm Monday to Friday) |
| Multiple user access/Joint account capabilities | Yes | Yes | Yes |
| Create and send invoices | Yes | Yes | Yes |
| Integration with accounting software tools | Yes | Yes | Yes |
Duncan Ferris, Lead Writer and Business Expert at NerdWallet
What our Nerds say…
“While Virgin Money’s M Account for Business has no monthly fee, the considerably lower fees for cash and cheque deposits that come with the provider’s Business Current and Business Choice accounts could still make them cheaper options for businesses that regularly deal with non-card payments.”
Where Virgin Money business account stands out
- Account perks: Virgin Money offers a number of account perks, including cashback per transaction on your business debit card, free three-month trial periods with QuickBooks and Xero, as well as discounts with selected business merchants.
- Free UK bank transfers: Virgin Money offers free UK bank transfers – something that isn’t the case with all business bank accounts.
- Great for trades: The M Account for Business includes additional perks for those in the construction trades, including improved cashback, discounted insurance and even monthly Costa Coffee vouchers.
- Charities: Virgin Money offers dedicated current accounts to charities. Charities with a turnover of less than £1 million a year are also eligible for free day-to-day banking.
Where Virgin Money business account falls short
- Customer reviews: According to Virgin Money, only 59% of its business current account customers would recommend the service to other organisations. Similarly, the provider as a whole has an ‘Average’ Trustpilot score of 3.4 out of 5 (as of 1 September 2025).
- Turnover requirements for free accounts: Although the standard Business Current Account is free for 25 months, Virgin Money’s permanent free account is only for businesses that have a turnover of less than £1 million a year.
- Regional restrictions: You cannot open a Virgin Money business bank account if you are based in Northern Ireland, the Channel Islands, or the Isle of Man. In addition, there are no Virgin Money branches in Wales or the South of England, though businesses based there can still open an account.
Take a look at some of the other business banking providers we review.
Virgin Money business account customer reviews
Virgin Money’s customers have left reviews on a range of sites. Generally, these reviews are mixed.
It is worth remembering that these reviews are from all Virgin Money customers, and not just for its business banking services.
- App Store: 4.6 out of 5, based on over 159,600 reviews
- Google Play: 4.3 out of 5, based on over 30,100 reviews
- Trustpilot: 3.4 out of 5, based on over 11,900 reviews
This information is correct as of 1 September 2025.
Virgin Money business account eligibility
In general, to be eligible for a Virgin Money business account, you will need to:
- be based and operating in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
- be over the age of 18
- not be currently bankrupt
- have never been disqualified as a company director
There are then specific turnover requirements for each business current account:
- M Account for Business: Your turnover needs to be less than £1 million a year.
- Business Current Account: Your turnover must be less than £6.5 million a year.
- Business Choice Account: Your turnover needs to be more than £6.5 million a year.
How to apply for a Virgin Money business account
To apply for a Virgin Money business account, you will need to take the following steps:
- Click the See Deal button at the top of the page.
- Provide Virgin Money with the information and documentation required, including Companies House name or registration number (if applicable), business turnover, business contact details, and your personal address history.
- Virgin Money will share your information with credit reference agencies to help determine what services they can provide to your business.
- Wait to hear back if you have been approved for an account.
Warning: The Financial Conduct Authority (FCA) is warning there is a Virgin Money ‘clone firm’, where fraudsters use the details of the genuine, authorised company to mislead customers. If you are not sure you’re dealing with the genuine company, its official website and contact details can be found at https://www.virginmoneyukplc.com/
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