Virgin Money – business banking analysis and reviews

Last updated on 10 August 2023

Are you considering Virgin Money business banking? The iconic branding of Richard Branson’s Virgin empire is becoming increasingly prevalent on the UK high street, as multiple other banking organisations are rebranded under the Virgin Money umbrella.

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Despite being fairly new to the world of finance, Virgin Money has a wide array of products to offer, with three different business current accounts provided alongside a long list of business savings and options and lending streams.

Be wary of Virgin Money’s poor reputation for customer service, though, and consider how comfortable you feel entrusting your income to a bank that has not been on the scene for long.

Video: Getting started with business bank accounts

Virgin Money business banking services

Pros and cons of Virgin Money for business services

Pros of Virgin MoneyCons of Virgin Money
Choice of account options Android app is not the most reliable
Competitive pricing structures Branches closing all over the UK
Lending streams are available Poor online reviews 
Pros and cons of Virgin money business banking

Business current accounts

Virgin Money offers a choice of three accounts to business customers. All come with a Virgin Money MasterCard debit card with offers discounts at select retailers, and all can be integrated with third-party accounting software:

M Account for Business

This is Virgin Money’s online-only account, managed exclusively through a smartphone app. There are no fees attached to the M Account outside of paying 90p for every £100 of cash, and you can still apply for an overdraft if you wish. You will also receive 0.25% cashback on any purchases made with your debit card.  The snag is that you will not be able to conduct any banking over the counter at a branch of Virgin Money.

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Virgin Money Business Account

The standard Virgin Money business account, free for 25 months before a monthly fee of £6.50 kicks in. You’ll also pay a 30p fee on any automated electronic transfers in and out of your account after this time, rising to 70p for manual transfers, and additional charges if you wish to trade in cash or cheques. Cashback on debit card transactions rises to 0.35% with this account, and you can visit a branch of Virgin Money to manage your account if necessary.

Virgin Money Business Choice Account

As above, but exclusively for a business with a turnover that exceeds £6,500,00 PA.

Business overdrafts

Virgin Money offers business overdrafts of up to £25,000. The representative EAR is 13.30%, and a set-up fee of at least £125 (or 2.5% of the overdraft limit if this is higher) will be charged. 

Virgin Money mobile app

Business savings accounts

Virgin Money offers a range of savings accounts to business customers:

Business Cash Management Account

Part of the Virgin Money Business Account, you will earn interest at a rate of 0.04% (paid quarterly) and access your money at any time. This savings account has no minimum deposit or balance. 

Business Access Savings Account

A standalone savings account that offers an interest rate of 1.41% on balances between £1 and £2,000,000. Money can be withdrawn online or at a branch of Virgin Money at any time.

30 Day Business Notice Account

An interest rate of 1.51%. Money can be withdrawn through BACS with 30 days of notice.

65 Day Business Notice Account

An interest rate of 1.71%. Money can be withdrawn through BACS with 65 days of notice.

95 Day Business Notice Account

An interest rate of 2.78%. Money can be withdrawn through BACS with 95 days of notice.

120 Day Business Notice Account

An interest rate of 3.04%. Money can be withdrawn through BACS with 120 days of notice.

3 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for three months and enjoy an interest rate of 1.71%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot. 

6 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for six months and enjoy an interest rate of 2.92%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot. 

12 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for one year and enjoy an interest rate of 3.75%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.

18 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for 18 months and enjoy an interest rate of 4%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.

24 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for two years and enjoy an interest rate of 4.10%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.  

One Year Fixed Rate Savings Account

Save up to £2,000,000 (no minimum deposit) for one year at an interest rate of 3.75%, payable upon maturation of the savings bond. After a year, this will convert to a variable rate savings account.

Two Year Fixed Rate Savings Account

Save up to £2,000,000 (no minimum deposit) for two years at an interest rate of 4.10%, payable upon maturation of the savings bond. After two years, this will convert to a variable rate savings account.

Virgin Money at a glance

Phone number0800 121 7365
App downloadsiOS; Android
Websitehttps://uk.virginmoney.com/business
Number of branches131
FSCS protected?Yes
Founded1995
Key information
Virgin Money online banking

Virgin Money business finance and loans

Video: Business loans and finance explained

In addition to business current accounts and savings accounts, Virgin Money offers the following products to business customers:

Base rate business loan

Borrow between £10,000 and £10,000,000 for up to 20 years at a representative APR of 13.30%.

Fixed rate business loan

Borrow between £25,001 and £10,000 at a fixed interest rate for at least five years – after this you will be moved to a base rate loan. Make repayments monthly or quarterly.

SONIA business loans

A business with turnover that exceeds £6,500,000 PA can apply for a Sterling Overnight Index Average loan for £2,500,000 or more. Interest rates will be variable, defined by the Bank of England base rate.

Asset finance

Borrow from Virgin Money to fund the purchase of a major asset and own it outright upon repayment in full (plus an ownership fee) or arrange for Virgin Money to purchase the asset and lease it from the bank.

Virgin Money reviews

What are other business banking customers saying about Virgin Money?

Review platformScoreNumber of votes
TrustPilot1.2/55,478
FeefoNot reviewedN/A
Reviews.co.ukNot reviewedN/A
Smart Money People3.90/51,455
Which?Not reviewedN/A
Average score2.55/56,933
Virgin Money business banking reviews and ratings

Virgin Money business eligibility criteria

Virgin Money operates the same eligibility criteria for opening a business account as most high street banks. You must be 18 or older, based in the UK, and prove that you are a taxpaying sole trader or owner of an SME listed on Companies House. Applications for credit will be assessed on a case-by-case basis.

Virgin Money business finance alternatives

Virgin Money is a comparatively new arrival on the high street banking scene, so while this provider offers a great deal of different products, you may be more comfortable banking with a more established name like HSBC, NatWest, the Royal Bank of Scotland, or Lloyds.

Virgin Money additional considerations

Like most high street banks, Virgin Money is closing a range of branches across the UK throughout 2023, with more likely to follow in the coming years.

FAQ

Is Virgin Money a proper bank?

Yes, Virgin Money is a proper bank. It offers a wide range of services, from personal banking to credit cards and investments. Its products are backed by the Financial Services Compensation Scheme (FSCS) for up to £85,000 of protection for each customer’s deposits in the form of savings accounts and current accounts. This means that if the bank were to fail, customers’ money would be protected up to the £85,000 limit.

How to open a Virgin Money business account?

Opening a Virgin Money business account is easy. You will need to provide the following documents:

• Photo ID
• Proof of address – utility bills or bank statement
• Organisation registration number (if applicable)

Once you have provided these documents, fill in an application form and submit it to Virgin Money. Once your application has been reviewed and accepted, you can start using your new business account.

What fees does Virgin Money charge for its business accounts?

Virgin Money charges £6.50 a month for its business account. However, some services such as fund transfers may incur additional charges.

What services does Virgin Money offer to businesses?

Virgin Money offers a range of services to businesses, including:
• Business Current Account – A current account with no monthly fees and an overdraft facility.
• Merchant Services – Take payments quickly and securely with a card reader.
• Business Savings Accounts – Earn more interest on your business savings.
• Business Loans – Get access to capital to help your business grow.
• International Payments – Send money abroad quickly and securely.
• Business Insurance – Get the right protection for your business.
• Business Credit Cards – Get rewards on every purchase you make with a Virgin Money business credit card.
• Business Banking App – Keep tabs on your finances and manage them on the go with Virgin Money’s banking app.

What types of payments does Virgin Money accept?

Virgin Money offers a variety of payment methods for businesses. These include debit cards, credit cards, direct debits and bank transfers. All payments are securely processed using the latest encryption technology.

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