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Get 20,000 Virgin Points by opening a Virgin Money current account

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Virgin Money has brought back a strong Virgin Points offer for its Virgin Money current account. This is the highest bonus ever offered.

You can earn 20,000 Virgin Points by switching your current account to the Virgin Money ‘M Plus’ account. It also applies to the ‘monthly fee’ ‘Club M’ account which comes with travel insurance, breakdown cover and mobile and gadget insurance.

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?

These offers are usually only available via the Virgin Red app. However, for once, you can apply directly via the Virgin Money website here.

Within 45 days of opening your account, you need to do the following to qualify for the 20,000 Virgin Points:

  • 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 you a redemption code to claim your points
  • Credit your linked Saver Account with at least £1,000 and keep this in your account until Virgin Money sends the redemption code

You do not qualify if you have an existing M Account or Virgin Money current account, or have closed one since 31st January 2022. You also do not qualify if you have taken up any Virgin Red switching offer to Virgin Money in the past.

20000 Virgin Points Virgin Money M current account

What special features does the Virgin Money ‘M Plus’ current account have?

0% FX fees on foreign payments

The free 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.

Earn 1% gross interest on a linked savings account

Your current account comes with a linked savings account which pays 1% on the first £25,000. The rate above this is a weak 0.5%.


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 due to the income requirement.

(Click here for our introductory article to earning Avios and an upgrade voucher from Barclays Premier.)

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 your purse or wallet.

You can find out more on the Virgin Money website here.

How to earn Virgin Points from UK credit cards

How to earn Virgin Points from UK credit cards (May 2022)

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 30,000 points until 6th June 2022):

Virgin Rewards Plus credit card

Virgin Atlantic Reward+ Mastercard

30,000 points bonus (SPECIAL OFFER) and 1.5 points for every £1 you spend Read our full review

Virgin Rewards credit card

Virgin Atlantic Reward Mastercard

A generous earning rate for a free card at 0.75 points per £1 Read our full review

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:

American Express Amex Gold

American Express Preferred Rewards Gold

Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review

The Platinum Card from American Express comes with 30,000 Membership Rewards points, which convert into 30,000 Virgin Points.

The Platinum Card has doubled its sign-up bonus to 60,000 Membership Rewards points, which convert to 60,000 Virgin Points, if you apply by 1st June 2022.

American Express Platinum card Amex

The Platinum Card from American Express

60,000 points (SPECIAL OFFER) and an unbeatable set of travel benefits – for a fee Read our full review

Small business owners should consider the two American Express Business cards. Points convert at 1:1 into Virgin Points.

Amex Platinum Business American Express

American Express Business Platinum

40,000 points sign-up bonus and a long list of travel benefits Read our full review

American Express Business Gold

20,000 points sign-up bonus and free for a year Read our full review

Click here to read our detailed summary of all UK credit cards which earn 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.)

Comments (36)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Si says:

    I’ve done this previously for my account and it worked really well. Therefore I’m interested in my wife transferring her account as well. My question is…my wife’s account is actually a joint account for me and her, will the fact that I am on that joint account and have previously benefited from this offer on my sole account prevent my wife from getting the 20,000 points? Any help appreciated. Thanks

  • pbcold says:

    Handle with extreme care. I did the switch and within a week VM had lost £4,000 of my money. After two weeks of endless emails and `phone calls they realised their mistake and sent me £100 as an apology. I took the points and fled. Never again.

  • Lady London says:

    Have the Virgin lounges gone?

    • Rob says:

      It does seem so – they were all closed during covid and have not reappeared. I think part of the issue is that since they bought Yorkshire Bank and Clydesdale, those branches simply don’t work for putting in lounges due to size. Let’s see though.

  • Jo says:

    This is a free account right? So it’s surely not that comparable to Barclays premier Avios that you have to pay for?

    • Rob says:


      HSBC Premier is free, however, if you want a free ‘high end’ bank account.

  • Lynda Reavey says:

    I recently applied for and received the Barclaycard Avios card for which in addition to spending £1000 in the first three months (which I won’t be able to do) to get 5000 points, they were also giving an additional 5000 points for new members. My question is does anyone know when the 5000 points not requiring any spending will be awarded?

    • Rob says:

      The T&C said ‘within 60 days of the end of the offer’ so another 45 days or so to go. Barclaycard is hoping it will be faster. They may not show in the Barclaycard app and just be dropped directly into your BA account.

  • John Y says:

    Has anybody actually managed to set this up? The online process told me they need to check some things and it would take “up to 3 working days”. That was two weeks ago. Why would you give a new customer a timescale that you’re not going to keep?

    After over half an hour on hold, I was told I needed to upload ID documents. The operator wouldn’t stay on the line until the email with the link arrived — and it’s a non-working link?

    How is a clownshoes outfit like this even allowed a banking licence?

This article is closed to new comments. Feel free to ask your question in the HfP forums.

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