Virgin Money launches £180 wine deal for account switchers
The Virgin Money ‘Brighter Money Bundles’ aims to give customers offers and discounts across the Virgin companies.
For new customers opening a Virgin Money current account, you’ll receive a case of 15 Virgin Wines worth £180. It’s a mix of red and white wines and a bottle of Prosecco and they’re picked for you so you can’t choose your own. See this link for a list of wines.
A non-alcoholic option (£75-worth) is also available, which includes five McGuigan Zero Rose, five McGuigan Zero Shiraz and five McGuigan Zero Chardonnay.
In order to get the wine case, you need to do the following:
- Apply online and complete a full switch using the Current Account Switching Service
- Set up two direct debits
- Download and register for the mobile app
- Deposit at least £1,000 into a linked savings account within 31 days of the account opening
- To be eligible, you must not have held a Virgin Money, B, Clydesdale Bank or Yorkshire Bank current account since 30 September 2020
- You also need to be 18+.
You’ll receive a voucher code within 31 days of meeting all of the offer conditions. You can then redeem the offer directly with Virgin Wines by entering the voucher code and delivery details.
Virgin Wines will deliver the case within 14 days and delivery is free.
The linked easy access savings account pays 0.5% AER and the current account offers 2.02% AER on the first £1,000 of your account balance.
There’s no monthly fee and you’ll get fee-free overseas debit card transactions. It also offers an arranged overdraft at 19.9% APR (subject to status).
New current account switchers will also be able to save up to £225 across selected 18-month Virgin Media bundles with an up to £100 bill credit offer.
How good is the Virgin Money current account switch offer?
A number of banks have re-started offering switch incentives after they were pulled amid the coronavirus pandemic.
HSBC is also offering £125 for new customers moving their everyday banking to its Premier or Advance current account.
Metro Bank is running a ‘refer a friend’ scheme where the existing customer can earn £50 for each friend they bring on board (maximum five so £250) plus up to five friends can receive £50 each.
In terms of value, Virgin Money beats the competitors with its £180 worth of wine. However, if you’re more into hard cash than booze, you can get up to £125 in time for Christmas via the other banks above.
Another point to note is that the Virgin Money interest on its current account is market-leading in terms of rate, though is applied to a lower balance. It just pips Nationwide’s 2% AER on balances up to £1,500 (for the first 12 months).
Is there anything for existing customers?
Existing customers who aren’t eligible for the wine offer will have access to discounts on the £180 Virgin Wines case, through a new ‘Exclusive Rewards’ area of the Virgin Money app.
Existing Virgin Money customers will also be eligible for the same Virgin Media discount.
Fergus Murphy, group personal director at Virgin Money, said: “We always want to offer our customers more, and the introduction of Brighter Money Bundles is the first step on our journey to reward customers with fantastic benefits from across the wider Virgin family.
“By giving exclusive access to the fantastic products and experiences that the Virgin family offers, alongside our brilliant banking service, we can disrupt the status quo in banking and give customers more reasons to come to Virgin Money.”