Virgin Money Business Account Review

Virgin Money offers accounts that can be used by start-ups, sole traders, partnerships and limited companies. Read on to discover more about the features of a Virgin Money business account and how these compare with other business account providers.

Pros and cons of the Virgin Money Business Account

There are several factors to consider before deciding whether a Virgin Money business account is right for your company.

Pros of the Virgin Money Business and Virgin Money M Account

(these exclude the Business Choice and Firms Client Accounts)

The Virgin Money Business Account offers a range of benefits, including:

• 25 months’ free day-to-day banking
• cashback and discounts on debit card purchases
• free UK bank transfers
• cheque scanning via the app
• up to eight MasterCard debit cards
• cash deposits and withdrawals, cheque deposits available at Post Offices

The Virgin Money Business Account has some drawbacks to consider too, such as:

• a monthly account charge kicks in after the trial ends (except on the M account)
• fees for international payments, admin charges and extra cards
• Virgin Money has far fewer bank branches compared to other high street providers
• no 24/7 customer support

What business accounts do Virgin Money offer?

Virgin Money offers several business accounts for companies of varying sizes and types. These include:

• M Account for business: This account is designed for companies with an annual turnover of less than £1 million.
• Business Current Account: Businesses must have an annual turnover of less than £6.5 million to qualify for this account.

They also offer:

• Business Choice Account: Companies need an annual turnover of over £6.5 million to qualify for this account.
• Professional Firms Client Account: This account is for firms that hold and manage funds on their clients’ behalf, such as solicitors, accountants and insolvency practitioners.

What are the fees of the Virgin Money Business Account?

Virgin Money’s business bank account charges a monthly fee of £6.50 once the introductory 25-month, fee-free period ends. Companies with a Virgin Money Business Choice account pay a monthly account fee of £6.50.

The Virgin Money M Account for Business doesn’t charge a monthly account fee. Similarly, the Professional Firms Client Account has no monthly account fee for designated client accounts.

What features does the Virgin Money Business Account offer customers?

The Virgin Money business bank account includes the following features:

• option to add eight debit cards to the business bank account
• free UK bank transfers
• 0.35% cashback
• cheque scanning via the app
• exclusive Virgin StartUp benefits
• automated business spending categorisation
• receipt capture
• integration with accounting apps from Sage, Xero and QuickBooks
• Mastercard discounts when purchases are made at selected retailers

What do other Virgin Money Business Account reviews say?

Virgin Money has mixed reviews, performing better on its apps than on Trustpilot. It’s worth noting that these reviews include personal banking services as well as its business accounts as there is no separate business banking app.

Trustpilot: 1.2 out of 5, based on 3,567 reviews, with 5% rating it excellent and 88% rating it as bad. Apple Store: 4.6 out of 5, based on 67,385 reviews. Google Play: 3.5 out of 5, based on 11,471 reviews.

This information is correct as of 3 May 2022.

Conclusion

The Virgin Money Business Account offers free day-to-day banking for the first 25 months. It also offers a range of rewards such as cashback and discounts, which may be suitable for companies that regularly make business purchases.

With fewer branches available than some traditional banks, banking with Virgin Money may be more suited to businesses that prefer to manage business accounts online.

The Virgin Money business bank account is designed for companies with an annual turnover of less than £6.5 million. That means businesses with a higher turnover won’t be eligible for an account. The M account is free for businesses with a turnover under £1 million.

It’s important to think about your business’ priorities and needs when deciding what business bank account features are best suited.

Virgin Money Business Banking FAQs