Virgin Money M Plus Account Reviews: Interest Rates and Perks
A big jump in 1-star reviews for the Virgin Money M Plus Account has caught many people’s attention. Yet, 67% of reviews still give it a 5-star rating. This shows the account’s lasting appeal. Let’s look at what makes it popular, like its competitive interest rates and easy online banking.
The Virgin Money M Plus Account is a standout in UK banking. It comes with a linked M Plus Saver, offering great interest rates. For balances up to £25,000, you get 2.50% AER. And for more than £25,000, you still earn 2.00% AER. Its user-friendly mobile app and special perks make it a great choice for smart savers.
But what’s behind the recent rise in negative reviews? Is it just growing pains, or are there deeper issues with customer service? As we delve into its features, interest rates, and extra benefits, we’ll uncover why the Virgin Money M Plus Account is still a hot topic among UK banking customers.
Key Takeaways
- The Virgin Money M Plus Account offers up to 2.50% AER on balances up to £25,000
- A 200% increase in 1-star reviews has been observed in the last 90 days
- 67% of all reviews maintain a 5-star rating
- The account features a linked M Plus Saver with tiered interest rates
- Additional perks include exclusive Cash ISA rates and a user-friendly mobile app
Introduction to Virgin Money M Plus Account
The Virgin Money M Plus Account is great for UK residents aged 18 and up. It offers competitive interest rates and unique benefits. Let’s explore what makes it special.
Account Features
The M Plus Account has a 1.00% AER interest rate on balances up to £1,000. It also comes with a linked M Plus Saver account. This offers 2.50% AER on savings up to £25,000 and 2.00% AER above that.
The account’s contactless debit card works at over 32 million locations worldwide. Plus, there are no fees for foreign spending or cash withdrawals abroad.
Eligibility and Opening Process
To open an M Plus Account, you must be 18 or older and a UK resident. The application process is easy – you can apply online, in-store, or by phone. There are no minimum or maximum balance restrictions, making it accessible to a wide range of customers.
Additional Perks
The account has a user-friendly mobile banking app for easy management. It supports Apple Pay and Google Pay for convenient transactions. Virgin Money also offers exclusive rates on savings products for M Plus account holders.
While the account fees are generally low, there’s a £12.50 monthly fee for insurance benefits. These include travel insurance, mobile & gadget coverage, and breakdown cover. The Virgin Money customer service team is available to help with any questions about these perks or general account management.
Virgin Money M Plus Account Reviews: Interest Rates and Perks
The Virgin Money M Plus Account is a standout with its great interest rates and perks. It offers a 2.02% AER on balances up to £1,000, earning you £20.20 a year. For bigger savings, the linked M Plus Saver account has a 3.03% AER, making it a top choice in easy access accounts.
Interest rates vary with the M Plus Saver, with 2.02% on the first £25,000 and 2% on more. This tiered system helps you earn more through compound interest. You can also split your savings into different pots for different financial goals.
Beyond the interest, the M Plus Account has many perks:
- Fee-free foreign transactions
- Brighter Money Bundles, including discounts on Virgin Media packages
- Budgeting features in the mobile app
- Apple Pay and Google Pay compatibility
Virgin Money doesn’t offer a switching incentive now, but they have in the past. Offers included Virgin Red points, free wine, or higher interest rates. The account’s high interest and useful features make it a great choice for many.
Feature | Details |
---|---|
Current Account Interest | 2.02% AER up to £1,000 |
Linked Savings Interest | 3.03% AER |
Foreign Transaction Fees | None |
Minimum Age | 16 (18 for online applications) |
M Plus Saver: Linked Savings Account Details
The M Plus Saver is a savings account linked to the Virgin Money M Plus Account. It offers competitive rates and flexible features to help you grow your savings.
Interest Rates Structure
The M Plus Saver boasts an attractive tiered interest rate structure:
- 2.50% AER on balances up to £25,000
- 2.00% AER on balances exceeding £25,000
This structure encourages savers to maintain higher balances while still offering a competitive rate for smaller amounts.
Balance Tiers and Corresponding Rates
Balance | Interest Rate (AER) |
---|---|
Up to £25,000 | 2.50% |
Over £25,000 | 2.00% |
Interest Calculation and Payment Frequency
The M Plus Saver account uses compound interest to maximize your savings growth. Interest is calculated daily, ensuring you earn returns on your balance and previously accrued interest. Payments are made quarterly on the last working day of each calendar quarter, allowing you to see your savings grow regularly.
With no minimum or maximum balance restrictions, the M Plus Saver offers flexibility for all types of savers. You can easily transfer funds between your current and savings accounts, making it simple to manage your money effectively.
Additional Benefits and Exclusive Offers
Virgin Money M Plus account holders get a lot of special perks. These benefits show the bank’s dedication to making customers happy. They also highlight the value-added services the bank provides.
Cash ISA Exclusives
M Plus customers have access to great savings options. The 1 Year Fixed Rate Cash ISA has a 4.61% AER/tax-free rate. The Easy Access Cash ISA offers 4.51% AER/tax-free. These rates help account holders grow their savings.
M Power Account for Children
Virgin Money also has the M Power Account for kids aged 11-15. It comes with a debit card and an easy-to-use app. It’s a great way to teach kids about money and how to manage it.
Virgin Media Discounts
Customers with Virgin Money M Plus get big savings on Virgin Media services. New customers can get discounts of up to £225. This makes it easier to get top-notch broadband and entertainment.
Benefit | Details |
---|---|
Fee-free Foreign Transactions | No fees for using card abroad |
Exclusive Mortgage Rates | Access to special mortgage offers |
Virgin Brand Discounts | Savings across Virgin companies |
Switching Incentives | Virgin Red points or experience vouchers |
Virgin Money’s customer service team is always ready to help. They can answer any questions about the benefits or account features. The M Plus account offers a wide range of perks to make banking better for its customers.
Conclusion
The Virgin Money M Plus Account is known for its high-interest savings. It has a linked M Plus Saver with a 2.50% AER on up to £25,000. This makes it a great choice for those looking to save.
The main account also offers 1.00% AER on balances up to £1,000. This adds value to your everyday banking.
Virgin Money M Plus offers more than just high interest rates. You can get cashback on shopping with certain retailers. Plus, you can make fee-free foreign transactions.
The mobile app is easy to use for budgeting and tracking expenses. This makes banking more enjoyable.
However, customer reviews are mixed. While 15% of users give it 5-stars, 78% give it 1-star. The average rating is 2.7 out of 5.
It’s important to note that Virgin Money refunded some APP fraud losses. On average, £160 was lost per £1 million transactions in 2023.
In summary, the Virgin Money M Plus Account has good features. But, it’s important to consider the pros and cons. Think about your financial needs and compare it with other options. This will help you decide if it’s right for you.
Source Links
- M Plus Current Account | Virgin Money UK
- Virgin Money M Plus Account Reviews
- Club M Account | Packaged Bank Accounts | Virgin Money UK
- Virgin Money UK savings accounts review: A complete guide
- Virgin Money M Plus current account: Is it any good? – Be Clever With Your Cash
- Virgin Money M Plus current account review
- Virgin Money Club M Account review: Everything you need to know
- M Plus Saver | Linked Savings Account | Virgin Money UK
- Current Accounts | Open a Bank Account online | Virgin Money UK
- Virgin Money UK is rated "Poor" with 2.7 / 5 on Trustpilot