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Virgin Money to pull 12.68% AER current account offer on 31 May

 Virgin Money to pull 12.68% AER current account offer on 31 May
Matt Browning
Written By:
Matt Browning
Posted:
29/05/2024
Updated:
29/05/2024

You only have until 31 May to get your current account open if you want to take advantage of Virgin Money’s current account switch offer.

The chance to bag a bonus rate of 10% gross/10.47% AER (fixed) on balances up to £1,000 per year expires in just two days, so you’ll need to move quickly if one of Virgin Money’s accounts is right for you.

Customers then have until 26 June 2024 to fully switch to one of the three Virgin current accounts available, using the Current Account Switching Service (CASS).

This ‘inflate your rate when you switch’ bonus is available on the following current accounts:

  • Virgin Money M Account (basic bank account)
  • Virgin Money M Plus Account
  • Virgin Money Club M Account (£12.50 per month)

 

What you need for the switch bonus deal

You can open an M, M Plus or Club M Account by downloading the banking app, going online or by visiting a Virgin branch.

As well as opening an account by 31 May, you also need to set up at least two direct debits on the new Virgin Money current account to qualify for the bonus.

Virgin confirmed there’s no minimum or monthly deposit required, just as long as you meet the criteria set out above.

Further, you can’t already have an M, M Plus or Club M current account, and if you’ve closed one since 30 April 2024, you won’t be eligible for the offer.

Now, here are the details on the bonus deals. As the M Plus Account and Club M Account already offer in-credit interest of 2% gross/2.02% AER on balances up to £1,000, it means new switchers to could earn 12% gross/12.68% AER cumulatively.

Also, there’s no standard in-credit interest on the M Account, but the 10% interest bonus applies to it.

The 10% bonus applies to your up to £1,000 current account balance from 1 July 2024 to 30 June 2025, but you’ll earn the 2.02% AER (variable) on the M Plus or Club M Account as soon as it’s opened.