1. Home
  2. Business Bank Accounts in the UK
  3. Virgin Money Business Account Review
Published 05 May 2023

Virgin Money Business Account Review

Virgin Money offers both free and paid business bank accounts. Read more about the bank’s pros, cons and key features.

Many or all of the products and brands we review are from our partners who compensate us. This may influence which products we write about and the product we choose in our ‘promotion’. However it doesn’t influence our reviews. Our opinions are our own.

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.


Virgin Money M Account for Business

  • Monthly Fee
  • Card Purchase Fees
  • Bank Transfer Fees
    From free
  • Offer
    Free insights dashboard M-Track
Learn More

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 accounts
    Virgin Money offers accounts with no monthly fee and accounts with a monthly charge
  • Deposits protected by FSCS
     Eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme
  • Business loans and overdraft facilities
    Virgin Money offers both business loans and overdraft facilities
  • FCA regulated
     Virgin Money business banking is regulated by the Financial Conduct Authority (FCA

Virgin Money Business Account pros & cons


  • 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.


  • 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 BusinessBusiness Current AccountBusiness Choice Account
Monthly feeFreeFree for 25 months, then £6.50 a month£6.50 a month
Transaction feesNo, for day-to-day banking. Yes, for other transactionsNo for day-to-day banking for the first 25 months. Yes, for other transactionsYes
Account management At a branch, in-app, online and over the phoneAt a branch, in-app, online and over the phoneAt a branch, in-app, online and over the phone
FSCS protectionYesYesYes
Set-up timePotential for same-day set-upPotential for same-day set-upPotential for same-day set-up
Cash depositsYes (90p per £100)Yes (65p per £100)Yes (65p per £100)
Cheque depositsYes (free via app)Yes (30p per cheque)Yes (30p per cheque)
Access to other banking servicesYes (overdrafts and business loans)Yes (overdrafts and business loans)Yes (overdrafts and business loans)
International paymentsYesYesYes
Customer service0800 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 YesYesYes
Create and send invoicesYesYesYes
Integration with accounting software toolsYesYesYes

Where Virgin Money business account stands out

Where Virgin Money business account falls short

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.

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:

There are then specific turnover requirements for each business current account:

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:

  1. Submit an application, either online or at a branch.
  2. 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.
  3. Virgin Money will share your information with credit reference agencies to help determine what services they can provide to your business. 
  4. 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

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.

About the Author

Connor Campbell

Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The…

Read More
Back To Top