M Plus Account
Get more from your money
With interest rates on your balances, cashback on spending and access to exclusives. And, it's all for free.
You’ll need to be 18+ and a UK resident to apply online.
Inflate your rate when you switch
Get a bonus interest rate when you switch your current account to us. You'll get an extra 10% gross / 10.47% AER (fixed) on balances up to £1,000 for a year.
New customers only. Terms apply.
Explore the offerThe highlights
- Boost your balance
- Grab a red-hot rate of 2.02% AER2.02% AER (2.00% gross per annum variable) interest rate, paid monthly, on your M Plus Account balance up to £1,000. Rates are variable.
AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account. interest on your current account balance up to £1,000.
- Super savings
- This account comes with a free linked saver account called the M Plus Saver. Get 2.50% AER2.50% AER (2.48% gross per annum variable) on savings balances up to £25,000, and 2.00% AER (1.99% gross) on any balances above £25,000. Interest paid quarterly. Rates are variable.
AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account. interest on a balance of up to £25,000.
- Eye-popping exclusives
- Get exclusive access to accounts and offers, like an Easy Access Cash ISA at 4.76% AER / Tax free,4.76% AER tax-free P.A. - The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax. Rates are variable. This ISA is available for most current account customers. It’s not available to Essential Current Account customers, or any account opened with Northern Rock.
AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account. or a 1 Year Fixed Rate Cash ISA at 5.05% AER / Tax free5.05% AER tax-free P.A. - The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax. Rates are variable. This ISA is available for most current account customers. It’s not available to Essential Current Account customers, or any account opened with Northern Rock.
AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account..
- Happy holidays
- We won't charge you for spending on your card or withdrawing cash when you're abroad. Just so you know, some ATMs might charge a fee.
- Cool cashback
- Earn money while you spend, from well-known brands to our own travel insurance. Check the app for latest offers, and then watch your balance build.
From 1 August 2024 we will be reducing our M Plus Current Account rates from 2.02% AER (2.00% gross per annum) to 1.00% (AER gross per annum) on balances up to £1,000. If you fully switch your current account from another provider using the Current Account Switch Service including two direct debits by 26 June 2024, you’ll get: 10% Gross/10.47% AER fixed rate bonus on balances up to £1,000 from 1 July 2024 to 30 June 2025. Anyone who qualifies for the 10% bonus offer will receive an additional 1.00% AER/Gross bonus on balances up to £1,000 from 1 August 2024 - 30 June 2025. The switch offer is available to new customers only. Terms apply.
Good to know
Protecting your money
Sleep easy with protection on deposits up to £85,000. Provided through the Financial Services Compensation Scheme (FSCS).
Looking for an overdraft?
If there are times you might need to borrow a bit of money, you could get an overdraft. Our calculator tool will show you how much an overdraft could cost.
Get the lowdown on the linked saver
It’s quick to transfer money between your current account and linked saver account. And if you use the app or online banking, you can see the balances whenever you want.
Check out the M Plus Saver summary box:
Balance | Gross rate (%) | AER (%) |
---|---|---|
Balances up to and including £25,000 | 2.48% | 2.50% |
Balances over £25,000 | 1.99% | 2.00% |
Interest is calculated on a daily basis and paid on the last working day of each calendar quarter.
Yes, if we decrease your rate we’ll provide at least two months’ notice as described in your Terms. We may increase your rate without giving you notice
Initial deposit at account opening | Balance after 12 months |
---|---|
£1,000.00 | £1,025.04 |
£25,000.00 | £25,624.64 |
£50,000.00 | £51,125.87 |
This is only an example and doesn't take into account your individual circumstances.
The example assumes that:
- no further deposits or withdrawals are made;
- any interest earned stays in the account; and
- there is no change to the interest rate.
You may only open an M Plus Saver if you have an M Plus Account with us in the same name(s). The M Plus Saver will stay open, as long as the M Plus Account is maintained as described in the Terms.
The account can be opened in Store or online, virginmoney.com/current-accounts/pca, or call us on 0800 121 7365, someone from our team will be available 24/7.
There are no minimum or maximum balance restrictions or need to pay in on a regular basis. The M Plus Account is available to anyone from the age of 16. Subject to status.
If you want to apply online, you'll need to be at least 18. Subject to status.
You may only withdraw funds by transfer to your M Plus Account or any other account that we allow you to make a transfer into using online/telephone banking, the Virgin Money Mobile Banking app or in Store.