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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.
In its M Account for Business, it offers an account with no monthly fees to start ups and small businesses with an annual turnover of less than £1 million, complete with a £1,000 overdraft (subject to application) and cashback on debit card purchases.
Promotion
Virgin Money M Account for Business
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Monthly FeeFree
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Card Purchase FeesFree
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Bank Transfer FeesFrom freeDirect debits/automated payments: Free | CHAPS payments: £17.50
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OfferFree insights dashboard M-TrackManage all your business data in one place, including data from Sage, Xero, Google, Shopify and more.
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
- FCA regulatedVirgin Money business banking is regulated by the Financial Conduct Authority (FCA
Virgin Money Business Account pros & cons
Pros
- Virgin Money offers a free business account, M Account for Business.
- Eligible deposits of up to £85,000 will be protected by the Financial Services Compensation Scheme (FSCS).
- Over a third of customers were able to open a Virgin Money business account on the same day as their application.
- Virgin Money business banking app available on Android and iOS.
Cons
- Although Virgin Money offers 24-hour self-service over the phone, it does not offer 24/7 customer support.
- Virgin Money’s completely free M Account is only available for businesses with an annual turnover of less than £1 million.
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and Cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
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 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, alongside a £1,000 overdraft (subject to a lending assessment). You can 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 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 |
| Transaction fees | No, for day-to-day banking. Yes, for other transactions | No for day-to-day banking for the first 25 months. Yes, for other transactions | 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 | Potential for same-day set-up | Potential for same-day set-up | Potential for same-day set-up |
| Cash deposits | Yes (90p per £100) | Yes (65p per £100) | Yes (65p per £100) |
| Cheque deposits | Yes (free via app) | 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 | Yes | Yes | Yes |
| Create and send invoices | Yes | Yes | Yes |
| Integration with accounting software tools | Yes | Yes | Yes |
Where Virgin Money business account stands out
- FSCS protection: Your eligible deposits, up to £85,000 across all accounts, are covered by the Financial Services Compensation Scheme (FSCS).
- Account perks: Virgin Money offers a number of account perks, including cashback per transaction on your business debit card, and 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.
- 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 service options: While Virgin Money offers a 24-hour telephone self-service option, its full customer service phone lines are only open from 8am to 6pm Monday to Friday.
- Customer reviews: According to Virgin Money, only 45% of its business current account customers would recommend the service to other organisations. Similarly, the provider as a whole has a ‘Bad’ Trustpilot score of 1.2 out of 5 (as of 19 April 2023).
- 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.
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 100,000 reviews
- Google Play: 2.3 out of 5, based on over 18,800 reviews
- Trustpilot: 1.2 out of 5, based on over 5,600 reviews
This information is correct as of 19 April 2023.
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 Great Britain
- 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:
- Submit an application, either online or at a branch.
- 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/
Review methodology
At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.
You can view our review methodology here.
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