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

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.

EDIT: This offer has now expired, sorry

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.

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%.

Conclusion

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.

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How to earn Virgin Points from UK credit cards (March 2025)

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 18,000 Virgin Points and the free card has a bonus of 3,000 Virgin 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.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on the ‘free for a year’ American Express Preferred Rewards Gold card is increased from 20,000 Membership Rewards points to 30,000 points. Points convert 1:1 into Avios (30,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

The Platinum Card from American Express comes with 50,000 Membership Rewards points, which convert into 50,000 Virgin Points.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on American Express Platinum is increased from 50,000 Membership Rewards points to a huge 80,000 points. Points convert 1:1 into Avios (80,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

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

SPECIAL OFFER: Until 8th April 2025, the sign-up bonus on American Express Business Platinum is increased from 50,000 Membership Rewards points to 120,000 points. You receive 80,000 points when you spend £12,000 within three months and a further 40,000 points if you spend on the card between Month 14 and Month 17. Points convert 1:1 into Avios and many other programmes. Click here to apply.

SPECIAL OFFER: Until 8th April 2025, the sign-up bonus on American Express Business Gold is increased from 20,000 Membership Rewards points to 60,000 points. You receive 40,000 points when you spend £6,000 within three months and a further 20,000 points if you spend on the card between Month 14 and Month 17. Points convert 1:1 into Avios and many other programmes. Click here to apply.

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