Virgin Money Club M Account review: Everything you need to know

Need a new UK bank account? If you’re looking for something that offers a bit more than an everyday current account, a packaged bank account could be a good solution.

One of the more popular packaged accounts available in the UK right now is the Virgin Money Club M Account, which has a number of travel and insurance benefits.

Read on to find out what it has to offer, including info on benefits, monthly fees, eligibility and how to apply.

We’ll also show you another fantastic solution for travel - the Wise card. This powerful international card lets you spend like a local in 150+ countries worldwide, at the mid-market exchange rate for low fees*.

What is the Virgin Money Club M Account?

The Virgin Money Club M Account is a step up from the bank’s standard range of current accounts. It’s what is known as a packaged bank account, which means that it has extra benefits and services included - but also has a monthly fee.

With this account, you’ll get travel-friendly extras like worldwide travel insurance, as well as access to an exclusive linked Virgin Money savings account.

You also get all the usual features of a current account, including payments and transfers, online/mobile banking and a debit card.

How does it differ from other Virgin Money M accounts?

Here’s a quick look at how the Club M Account differs from other current accounts available at Virgin Money:

	Virgin Money M Account	Virgin Money M Plus Account	Virgin Money Club M Account
Monthly fee	None	None	£12.503
Current account interest	No	1.00% AER up to £1,000 (as of Aug 2024)2	1.00% AER (as of Aug 2024)3 up to £1,000
Linked saver	2.50% up to £25,0001	2.50% up to £25,0002	2.50% up to £25,0003
Exclusive savings and mortgage rates	No	Yes - Cash ISAs2	Yes - savings and mortgages3
Free to spend and withdraw cash abroad	Yes	Yes	Yes
Cashback on spending	Yes	Yes	Yes
Insurance	No	No	Worldwide family travel insurance, Mobile insurance, Breakdown cover3

Key features and benefits

Now, here’s what to expect from the Virgin Money Club M Account in terms of features and benefits:³

Features	Details
Interest on current account balance	2.02% AER - this drops to 1% AER from 1st August 2024
Access to the Club M Saver	Interest of 2.50% AER on up to £25,000, 2% AER on anything above £25,000
Travel insurance	Worldwide family multi-trip insurance, including golf, winter sports and weddings. Plus, 24-hour access to a doctor if needed
Concierge service	Available for making reservations or arranging transfers
Mobile and gadget insurance	Worldwide family cover for loss, theft or accidental damage of phones, tablets, laptops and cameras
Breakdown cover	UK breakdown cover whether you’re a driver or passenger, vehicle rescue available day or night
Arranged overdraft	Available subject to status
Virgin Money cashback	Earn cashback on debit card spending with selected retailers
Access to exclusive deals	Exclusive rates and offers on Cash ISAs, mortgages, credit cards and more
Fee-free travel spending	No Virgin Money fees for spending on your card or withdrawing cash while abroad

Is there a minimum balance?

There isn’t any minimum initial deposit for this account, but there is the possibility that your account could be closed if you don’t use it for some time.

The bank could close your account right away if your balance is £0 for 12 months, or with 2 months notice if your balance is £10 or less for at least 24 months.⁴

Account fees and charges

The monthly fee for the Virgin Money Club M Account is £12.50, which is only payable if insurance benefits are switched on (it is possible to switch these benefits off in online banking or the mobile app).⁵

Does the account have overdraft fees?

If you successfully apply for an arranged overdraft with Virgin Money, you’ll be given personalised interest rates for anything you borrow.⁵

For unarranged overdrafts, fees are capped at a maximum of £20 a month.⁵

Are there fees for using the Club M account abroad?

You won’t pay any Virgin Money fees to spend with your Club M debit card outside the UK, or to withdraw money from ATMs overseas.³

In the case of cash withdrawals, you’ll just need to check whether the ATM operator charges any of their own fees.

Can I use my Virgin Money Club M Account abroad?

You can use your Virgin Money Club M Account abroad. You can spend and withdraw cash in other countries fee-free, and can manage your account via the Virgin Money mobile banking app as usual.

How to open a Virgin Money Club M Account

It’s pretty straightforward to open a Virgin Money Club M Account, as you can apply online on the bank’s website.

You’ll need to provide some information about yourself, including employment and income details. And you’ll need to verify your identity via a digital verification process - this involves taking a selfie video and a photo of your passport or driving licence.

For accounts with benefits like the Club M Account, you’ll also need to give info on the people to be covered under the included travel insurance. Plus, vehicle details for breakdown cover and info on devices for mobile phone insurance cover.

Eligibility

To be eligible for the Club M Account, you’ll just need to be over 18 years old and live permanently in the UK.

It’s also worth looking over the eligibility requirements for the insurance policies included with the account.

Documents you’ll need

Here’s what you’ll need to have ready to apply for a Virgin Money Club M Account:

• Proof of ID - such as your passport or driving licence
• Proof of address - such as a recent utility bill, mortgage statement or bank statement
• Personal information - including your name, date of birth, nationality, address and contact details
• Details of income, employment and typical expenditure
• Your tax status
• Details of what you’ll be using your account for and how you’ll be funding it.

Opening a Virgin Money Club M Account - step-by-step

Follow these steps to open your Club M account:

1. Go to the Virgin Money website and check the details of the Club M Account, to check that it’s definitely right for you.
2. Click ‘Get Started’ and scroll down to the bottom of the page.
3. Choose between ‘Apply for a personal account’ and ‘Apply for a joint account’.
4. Complete the online form, following the on-screen instructions.
5. When prompted, complete the digital ID verification process by uploading a selfie video and a photo of your ID document.
6. Check all the details and submit your application.
7. You’ll receive a confirmation from the bank, along with further details on when you can expect to receive your debit card, PIN and online banking login credentials.

Virgin Money Club M Account: Pros and cons

✅ Pros:

• Travel and mobile insurance, plus breakdown cover for the whole family.
• Interest on both your current account balance and linked savings account balance.
• Cashback on spending.
• Fee-free spending and ATM withdrawals overseas.

⛔ Cons:

• Monthly fee - which may not be the best value if you don’t use all the included benefits.
• Interest only available on up to £1,000 in current account and £25,000 in savings account - rather than the whole of your balance.

How to close a Virgin Money Club M Account

If you already have a Club M account but no longer use it, you can close it in your online banking. After a few clicks, there’s an account closure request form to fill in, which will submit your request to close your Virgin Money account.

You can also find out about cancelling a Virgin Money credit card here.

Virgin Money Club M Account review: Is it worth it?

Ultimately, you’ll need to do your sums to work out if the Virgin Money Club M Account is right for you.

It has a relatively high monthly fee, but this could turn out to be excellent value if you use all of the benefits. If it’d cost more to arrange all your insurance cover separately, then this kind of packaged account could save you money.

If you won’t use all of the benefits though, or you can find insurance cover cheaper elsewhere, this account may not be quite right for you.

Check out the Wise account and card - tailor-made for travel

Bank accounts aren’t the only way to manage your money, and packaged accounts aren’t the only way to access travel perks either.

There are some fantastic alternatives out there, such as the Wise account. It’s not a bank account but offers similar features.

Open your account 🌍

Open this multi-currency account and you can hold 40+ currencies at once, and receive money from overseas, plus you’ll get access to:

• Transparent, low-fee money transfers*
• The Wise app
• A debit card (for a one-time fee of just £7 or the virtual card is free).
• An international card tailor-made for travel, so you can spend like a local in 150+ countries
• Mid-market exchange rates.

Wise is designed for international money management, so it’s ideal if you need to send, spend or receive money in different currencies.

Explore the Wise card 💳

Sources used:

1. Virgin Money - M Account
2. Virgin Money - M Plus Account
3. Virgin Money - Club M Account
4. Virgin Money - Club M Terms
5. Virgin Money - Club M Tariff

Sources last checked on date: 19-06-2024