Virgin Red – the new app which gives you additional possibilities for earning and spending Virgin Points – has brought back its Virgin Money current account offer.
You can earn 15,000 Virgin Points by switching your current account to the Virgin Money ‘M Plus’ account. It also applies to the ‘monthly fee’ ‘Club M’ account.
You will also receive a debit card with 0% FX fees on overseas transactions.
How do I earn Virgin Points with a Virgin Money current account?
You need to apply via the Virgin Red app or website. If you are not already a member you can register here, for free.
The offer is not available directly on the Virgin Money website – the website has an alternative offer of a £150 Virgin Experience Day or a £150 luxury case of Virgin Wines. I would see these as being equivalent value to 15,000 Virgin Points.
Open an account in the usual way after clicking through from the Virgin Red app or website.
Within 45 days of opening the account, do the following:
- Complete a full bank switch using the ‘Current Account Switch Service’
- Download and register for the Virgin Money mobile banking app
- Transfer or set-up at least two Direct Debits to your new account and don’t cancel them until Virgin Money sends the Virgin Red promo code
- Credit your linked Instant Access Savings Account with at least £1,000 and keep this in your account until Virgin Money sends the Virgin Red promo code
You do not qualify if you have an existing M Account, Virgin Money, Yorkshire Bank or Clydesdale Bank current account, or have closed one since 28th February 2021. You also do not qualify if you have taken up any Virgin Red switching offer to Virgin Money in the past.
What special features does the Virgin Money ‘M Plus’ current account have?
0% FX fees on foreign payments
The Virgin Money ‘M Plus’ current account has one very interesting benefit for HfP readers. The debit card you receive has 0% FX fees on purchases and cash withdrawals abroad.
If you don’t currently have a 0% FX fees credit card, you could save substantial sums by using your Virgin Money debit card when travelling.
Earn 2% gross interest
You earn interest on your current account at 2% on balances up to £1,000. This is worth £20 per year.
This offer is clearly nowhere near as generous as the Barclays Avios Rewards package from Barclays Premier, which can earn you 43,000 Avios in your first year and gets you a British Airways upgrade voucher. That said, you may not qualify for Barclays Premier – and in any event applications are currently suspended whilst the Avios IT work is taking place.
The Virgin Money offer may be worth a look if your existing bank is causing you grief – or if you simply like to switch annually to take advantage of sign-up offers.
The inclusion of a debit card with 0% FX fees will also be of interest to those of you who don’t have a 0% credit card in their purse or wallet.
You can sign up for Virgin Red here if you are not already a member. Remember that you need to apply for the account via the link on the Virgin Red website or in the app.
How to earn Virgin Points from UK credit cards (November 2021)
As a reminder, there are various ways of earning Virgin Points from UK credit cards. Many cards also have generous sign-up bonuses.
You can choose from two official Virgin Atlantic credit cards (apply here, one has a bonus of 15,000 points):
You can also earn Virgin Points from various American Express cards – and these have sign-up bonuses too.
American Express Preferred Rewards Gold is FREE for a year and comes with 20,000 Membership Rewards points, which convert into 20,000 Virgin Points:
The Platinum Card from American Express comes with 30,000 Membership Rewards points, which convert into 30,000 Virgin Points:
(Want to earn more Virgin Points? Click here to see our recent articles on Virgin Atlantic and Flying Club and click here for our home page with the latest news on earning and spending other airline and hotel points.)