Virgin Money Business Banking

About Virgin Money

Virgin Money are a traditional bank that offer banking services to small and medium UK businesses, as well as non-business services. The challenger bank, founded in 1995 as Virgin Direct, merged with high street favourites Yorkshire Bank and Clydesdale Bank in 2018 to bring their combined six million plus customers a no-nonsense approach to their finances.

See our full Virgin Money business bank account review of features, fees and how they compare against other online and high street bank accounts.

Virgin Money pros & cons

Pros of Virgin Money

• Free account available to small business
• Online, mobile, telephone & in-branch banking
• Competitive business savings rates available
• Free banking period for switchers

Cons of Virgin Money

• Critical Trustpilot reviews
• Limited branch locations

Virgin Money business current accounts

Virgin Money have three business current accounts available:

• M Account for Business - their free current account designed for sole traders and startups that turnover less than £1 million.
• Business Current Account - this is for new and switching businesses that generate less than £6.5 million annual turnover. Virgin Money offer a 25 month free banking period to all new customers.
• Business Choice Account - for businesses that earn over £6.5 million turnover per annum. There is no introductory offer but you'll have access to loads of expert advice and business-led tools.

Here's a summary of fees for Virgin Money's business accounts:

Eligibility

To be eligible for a Virgin Money account you must:

• Be a sole trader or be the director(s) of a registered business
• Have the right to live in the UK
• Provide proof of address
• Be at least 18 years old

During your application you will also need the following:

• Personal details for each business owner (including address, date of birth and contact details)
• Business details (including business address and contact details, if applicable)
• Your Companies House registration number (if your business is a Limited Company)

Opening an account

Here's how to open a Virgin Money business account:

1. To open online download Virgin's app from the App Store or Google Play or sign up from their website
2. To open in store find your nearest Virgin Money and head on in
3. Complete their application - Virgin will confirm your eligibility
4. Verify your ID - with photo ID such as a passport or photocard driving licence
5. Once approved you can start banking

Overdrafts

Virgin Money offer an automatic unsecured overdraft of up to £1,000 with their M Account for Business

The interest rate for their planned overdrafts, up to £25,000, is 12.20% representative EAR at 11.50% variable interest per year. You'll be charge a 2.5% establishment fee or a minimum of £120.

Businesses that require larger overdrafts may be subject to further eligibility criteria.

Virgin Money business savings accounts

Virgin Money offer three types of business savings, instant access, notice and fixed term accounts:

• Instant Access Accounts - savings accounts that give you complete control and access to your money whenever you need it. Both of the options can be opened with just £1.
  • Business Cash Management Account - this instant access account works with a Virgin current account and has no maximum balance restrictions. Interest is paid at 1.35% AER quarterly.
  • Business Access Savings Account - a standalone account that offers a better interest rate of 3.25% AER, but is limited to a maximum £2 million balance.
• Notice Accounts - these require a notice period to be completed before you can access your money, the notice periods Virgin Money offer range from 30 to 120 days. The rate you receive varies depending on the notice period, from 3.04% to 4.55% AER. You can start saving from £1.
• Fixed Term Deposit - you can't make any deposits or withdrawals to these accounts for the specified term - ranging from three to 24 month. There is a minimum opening deposit requirement of £5,000 and the most you can save is £25 million. The interest varies from 1.91% to 4.50% AER, depending on the term.
• Fixed Term Savings - choice of one or two year fixed rate business savings. Standalone accounts that don't link to your business current account. No withdrawals can be made during the terms and the accounts can't be closed early. The maximum deposit for both is £2 million and the interest you'll get is either 4.30% or 4.50% AER fixed.

Virgin Money reviews

Virgin Money have a bad 1.3 stars on Trustpilot, based on over 6,600 reviews, with 89% rating them 1-star.

While Virgin on the App Store gets a much higher 4.6 stars, from over 122,500 ratings.

Users of Virgin Money's Google Play app score them 3.9 out of 5, from over 22,900 reviews.

Information correct as of 6th January 2024.