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.
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.
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 (August 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, the Reward+ card has a bonus of 15,000 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.
The Platinum Card from American Express comes with 30,000 Membership Rewards points, which convert into 30,000 Virgin Points.
EDIT: Until 25th October 2022, there is an exceptionally generous sign-up bonus on The Platinum Card. You will receive 60,000 Membership Rewards points – double the usual amount – and £200 to spend at Amex Travel. You need to spend £6,000 within six months to earn the bonus.
Small business owners should consider the two American Express Business cards. Points convert at 1:1 into 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.)