Maximise your Avios, air miles and hotel points

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

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Virgin Money is still running a strong Virgin Points offer for its Virgin Money current account. This is the highest bonus ever offered. I wanted to flag this offer again as the interest rate on the linked savings account has just been raised to a market leading 1.71%.

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 2.02% gross interest

You earn interest on your current account at 2.02% on balances up to £1,000. This is worth £20 per year.

Earn 1.71% gross interest on a linked savings account

Your current account comes with a linked savings account which pays 1.71% on the first £25,000. The rate above this is a weak 1.0%.


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 (March 2023)

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, the Reward+ card has a bonus of 15,000 Virgin Points):

Virgin Atlantic Reward+ Mastercard

15,000 points bonus and 1.5 points for every £1 you spend Read our full review

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 Preferred Rewards Gold

Your best beginner’s card – 20,000 points, FREE for a year & four 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 from American Express

30,000 points and unbeatable 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.

Until 30th March 2023, the sign up bonus on American Express Business Platinum is increased to 120,000 Membership Rewards points – click here. The bonus on American Express Business Gold is increased to 60,000 Membership Rewards points – click here. T&C apply, see the application forms for details.

American Express Business Platinum

Crazy 120,000 points bonus (to 30th March) and a £200 Amex Travel credit every year Read our full review

American Express Business Gold

60,000 points sign-up bonus (to 30th March) 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 (40)

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

  • Flightsy says:

    Virgin Money really annoy me. I want to apply for this offer. When I put my personal details in the online application, it says “looks like we’ve met before”. I have a business bank account with Virgin. Reading the T&Cs of the offer, I qualify for it, however I am unable to apply as it asks me to log into Online Banking which takes me to Business Online Banking. It’s beyond irritating. When I called Virgin a few months ago about having issues accessing my Business Online Savings account, it appears that Virgin create a personal customer profile for debit card issuance on a Business Current Account. *eyeroll*

    • BuildBackBetter says:

      Won’t be surprised if business accounts are set up with individual liability or credit profile. You are effectively an existing customer for them.

  • Richard G says:

    Every time I try to do this it says “we recognise you”, then fails to match any of my details. I’ve tried the “post me a code” thing a couple of times too… nothing ever arrives.


  • Benilyn says:

    Do they do a hard credit check?

    • Andrew. says:

      Would expect so, it’s a full service current account.

    • John Acca says:

      Only if you require an overdraft.
      I opened a CA w/o overdraft and no hard pull.

  • Paul says:

    Just say No

    Virgin Money have the worst customer service and most useless App out of any financial institution I have EVER dealt with.

    In 2 years, Ive won TWO formal complaints with them, they are shocking.

    Thankfully I’m now well clear of them.

  • RichardBranson says:

    I can’t stand virgin money either, but I am going to, take the frequent flyer miles and run..and then close the account

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

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