Switch bank accounts
Inflate your current account rate
Get a 10% gross / 10.47% AER (fixed) bonus interest rate on balances up to £1,000 for a year when you switch to us. Ker-ching!
New customers only. Terms apply.
How it works
This offer won't be around for long. Grab it in 3 easy steps:
-
Open an M, M Plus or Club M Account by 31 May 2024
- Use the Current Account Switch Service to switch by 26 June 2024. This must include 2 Direct Debits. Do this in our app:
- • Open or download the Virgin Money Mobile Banking app
- • Choose your new current account, tap on the three dots and then 'Switch to Virgin Money'
- • Choose 'Full Switch'
The easiest way to switch is to download the app. If you have to switch online, you'll need to select 'continue application'.
Continue application to switch online -
Sit back and watch the cash roll in! We’ll switch everything for you and close your old account within 7 working days.
The bonus rate will be paid from 1 July 2024 to 30 June 2025.
Switch offer terms
Effective from 1 May 2024
It’s for new M Account, M Plus Account, and Club M Account customers, who:
- Are 16+ (if you're under 18, you need to open your account in Store).
- Live in the UK.
- Don’t already have an M, M Plus or Club M current account. If you’ve closed one since 30 April 2024, this offer’s not for you.
Simply open an M, M Plus or Club M Account, online, or in Store. Even if we offer you our M Account instead of our M Plus or Club M Account, you’ll still be eligible – but if we say no to your application, you won’t be able to have this offer.
Once we’ve opened your new current account, you must do these things by 26 June 2024:
- Fully switch an existing current account from another provider (this includes a Virgin Money Current Account (opened with Northern Rock), and the Virgin Money Essential Current Account), using the Current Account Switch Service,
A full switch means that your balance, and all your regular outgoing payments from your existing current account, will be transferred to your new current account. These don't include any regular payments set up on your old debit card, such as movie and music streaming subscriptions. Your existing account will be closed on the date you choose to switch. - Transfer at least two direct debits to your new account as part of the switch.
- Make sure both account holders agree to a full switch if you’re switching from a joint account.
It’s a bonus credit fixed interest rate of 10% gross paid on your current account balance of up to £1,000 from 1 July 2024 to 30 June 2025. To find out more, read on and we’ll tell you how your bonus works.
- As soon as we open your M Plus or Club M current account, you’ll start earning 2.02% AER variable (2.00% gross per annum variable) on balances of up to £1,000. We’ll pay it monthly. From 1 August 2024 we will be reducing our M Plus and Club M 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 meet the offer conditions on your M Plus or Club M current account, you’ll also earn a bonus fixed interest rate of 10% gross, on your current account balance up to £1,000 from 1 July 2024 until 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.
- So you know, we don’t pay interest on the M Account, but we do pay it on the M savings account it’s linked to. However, if you meet the offer conditions on your M Account, we’ll pay you a bonus credit interest rate of 10% gross on your M Account balance up to £1,000, from 1 July 2024 until 30 June 2025.
- We’ll work out how much interest to pay you at the end of each day, based on the money in your account. If your balance is £1,000 or less, we’ll pay interest on the whole balance. If it’s higher, we’ll pay interest on the first £1,000.
- We’ll add interest to your M, M Plus or Club M Account on the last working day of each month. We can’t pay interest into another Virgin Money account, or one with another bank.
- To make sure you receive your interest, you must keep your M, M Plus or Club M Account open.
We can withdraw this offer at any time, without giving you any notice, but we’d try to give some if we can.
If we withdraw the offer and you’re already part way through applying for the account, you won’t need to worry. As long as you sent us your account application before we withdrew the offer, you’ll just need to make sure you complete all the necessary account opening steps by 26 June 2024 (see How can you get this offer? above for exactly what you’ll need to do).
- You can only get this offer once, whether it’s just you who’s the account holder, or you hold it jointly with someone else.
- Applications for the M, M Plus Account and Club M Account are subject to status and eligibility criteria.
- We’ll use your personal details to help us run the offer.
- English law applies to the offer.
- If something goes wrong, we’ll try to fix it. If we can’t, because it’s beyond our control, or not our fault, then we may have to change the offer, such as by suspending it, or ending it early – but we have to give you notice first. We’ll always try our best to avoid making changes, and to minimise any disappointment to you when we have to.
We are:
Clydesdale Bank PLC trading as Virgin Money.
Our company number is SC001111.
Our registered office is 177 Bothwell Street, Glasgow G2 7ER.
What is the Current Account Switch Service?
The Current Account Switch Service is a reliable and stress-free way to switch. And it means we'll do all the hard work.
- We'll switch your balance to your new account and arrange for your old one to be closed.
- We’ll transfer over all Direct Debits. If you have subscriptions like Netflix set up using your debit card, you'll need to update the details.
- After your switch, we'll send any money paid into your old account to your new one. We’ll also let that person know that your account details have changed.
- A switch will take 7 working days to complete
- You're covered by the Current Account Switch Guarantee Link opens in a new window (PDF, 363kb)
Need to know
Switching a joint account
If you want to switch your joint account, give us a call on 0800 678 3654. We're here Monday to Friday 8am to 6pm and Saturday 9am to 1pm. Calls may be recorded for training and quality purposes.
Call us on 0800 678 3654Overdrafts
If you have an overdraft you'll need to pay the money back or arrange an overdraft limit with us (subject to status). You'll need to do this before your switch starts, otherwise your old account cannot be closed.
Request an overdraftThird party provider permissions
If you've let third party providers do things like make payments for you, you'll need to set up the permissions again. These will not be transferred as part of the Current Account Switch Service.
Important Information
From 1 August 2024 we will be reducing our Club M and M Plus Current Account rates from 2.02% AER4 (2.00% gross4 per annum) to 1.00% (AER4 gross4 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% Gross4/10.47% AER4 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% AER4/Gross4 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.
Third Party Provider permissions
Close ModalIf you have given permissions to Third Party Providers, here's a few things to consider before you switch:
- Check whether you have any Third Party Provider permissions set up and if so, who with.
- Once your new account is open you can give your permission to the Third Party Provider to access your new account by providing them with your new account details. You will need to contact the Third Party Provider directly yourself to set this up.
- If you are unsure as to whether your New Bank will support the Third Party Provider permissions on your account, you will need to discuss this ahead of your switch with your New Provider who will be able to advise you of this.
- Please check your new provider’s terms and conditions for more information about Third Party Providers.
Start your switch by applying for an account
M Plus Account
No monthly fee for maintaining the account
- 2.02% AER1 on your current account balance up to £1,000
- 10% gross/10.47% AER (fixed)2 bonus interest rate on balances up to £1,000 for a year when you switch to us
- 2.50% AER3 on your linked saver balance up to £25,000
- Cashback from selected retailers
- No fees when you use your card overseas
Club M Account
£12.50 monthly fee for maintaining the account
- All features from the M Plus Account, including the bonus interest rate switching offer. Plus:
- Worldwide family multi-trip travel insurance
- Breakdown cover
- Mobile and gadget insurance
M Account
No monthly fee for maintaining the account
- Our basic bank account
- 10% gross/10.47% AER (fixed)2 bonus interest rate on balances up to £1,000 for a year when you switch to us
- Open this account with little or no credit history
- We can accept non-standard ID for application
- A free linked saver account
1. Interest rate of 2.02% AER (2.00% gross per annum variable), paid monthly, on your M Plus and Club M current account balance up to £1,000.
2. A bonus interest rate of 10% gross/10.47% AER (fixed) on your current account balance up to £1,000 from 1 July 2024 until 30 June 2025.
3. Interest rate of 2.50% 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.
4. 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.