Virgin Money Business Account Review
Launched in 1995, Virgin Money is a UK-based retail bank, which claims it's on a mission to make you happier about money. Virgin Money merged with Clydesdale Bank and Yorkshire Bank in 2018 and both banks began operating under the Virgin Money brand in 2020.
Compare Virgin Money Business Bank Accounts
Virgin Money offers accounts that can be used by start-ups, sole traders, partnerships and limited companies. Read on to discover more about the features of a Virgin Money business account and how these compare with other business account providers.
Pros and cons of the Virgin Money Business Account
There are several factors to consider before deciding whether a Virgin Money business account is right for your company.
Pros of the Virgin Money Business and Virgin Money M Account
(these exclude the Business Choice and Firms Client Accounts)
The Virgin Money Business Account offers a range of benefits, including:
- 25 months’ free day-to-day banking
- cashback and discounts on debit card purchases
- free UK bank transfers
- cheque scanning via the app
- up to eight MasterCard debit cards
- cash deposits and withdrawals, cheque deposits available at Post Offices
The Virgin Money Business Account has some drawbacks to consider too, such as:
- a monthly account charge kicks in after the trial ends (except on the M account)
- fees for international payments, admin charges and extra cards
- Virgin Money has far fewer bank branches compared to other high street providers
- no 24/7 customer support
What business accounts do Virgin Money offer?
Virgin Money offers several business accounts for companies of varying sizes and types. These include:
- M Account for business: This account is designed for companies with an annual turnover of less than £1 million.
- Business Current Account: Businesses must have an annual turnover of less than £6.5 million to qualify for this account.
They also offer:
- Business Choice Account: Companies need an annual turnover of over £6.5 million to qualify for this account.
- Professional Firms Client Account: This account is for firms that hold and manage funds on their clients’ behalf, such as solicitors, accountants and insolvency practitioners.
What are the fees of the Virgin Money Business Account?
Virgin Money’s business bank account charges a monthly fee of £6.50 once the introductory 25-month, fee-free period ends. Companies with a Virgin Money Business Choice account pay a monthly account fee of £6.50.
The Virgin Money M Account for Business doesn’t charge a monthly account fee. Similarly, the Professional Firms Client Account has no monthly account fee for designated client accounts.
What features does the Virgin Money Business Account offer customers?
The Virgin Money business bank account includes the following features:
- option to add eight debit cards to the business bank account
- free UK bank transfers
- 0.35% cashback
- cheque scanning via the app
- exclusive Virgin StartUp benefits
- automated business spending categorisation
- receipt capture
- integration with accounting apps from Sage, Xero and QuickBooks
- Mastercard discounts when purchases are made at selected retailers
What do other Virgin Money Business Account reviews say?
Virgin Money has mixed reviews, performing better on its apps than on Trustpilot. It’s worth noting that these reviews include personal banking services as well as its business accounts as there is no separate business banking app.
Trustpilot: 1.2 out of 5, based on 3,567 reviews, with 5% rating it excellent and 88% rating it as bad. Apple Store: 4.6 out of 5, based on 67,385 reviews. Google Play: 3.5 out of 5, based on 11,471 reviews.
This information is correct as of 3 May 2022.
Conclusion
The Virgin Money Business Account offers free day-to-day banking for the first 25 months. It also offers a range of rewards such as cashback and discounts, which may be suitable for companies that regularly make business purchases.
With fewer branches available than some traditional banks, banking with Virgin Money may be more suited to businesses that prefer to manage business accounts online.
The Virgin Money business bank account is designed for companies with an annual turnover of less than £6.5 million. That means businesses with a higher turnover won’t be eligible for an account. The M account is free for businesses with a turnover under £1 million.
It’s important to think about your business’ priorities and needs when deciding what business bank account features are best suited.
Virgin Money Business Banking FAQs
Does Virgin Money offer any other business accounts?
Virgin Money offers several business accounts for companies of different sizes and sectors.
The Virgin Money M Account for Business is designed for start-ups, sole traders, partnerships and limited companies with an annual turnover of £1 million or less. The account doesn’t charge a monthly fee and offers free day-to-day digital banking. Similar to the Virgin Money Business Account, companies can earn rewards and cashback with qualifying debit card purchases.
Businesses with an annual turnover of £6.5 million may apply for the Virgin Money Business Choice account. The account comes with a monthly fee of £6.50 as well as other transactional charges. Account holders can access free money management tools that assist with financial admin, such as invoice creation and management, automatic budgeting and cash flow projections.
The Virgin Money Professional Firms Client Account is tailored to companies that hold money on behalf of their clients. It offers unlimited cash deposits and withdrawals and no monthly or transactional charges. The account also comes with access to free money management tools to help save time on financial admin.
How does a Virgin Money Business Account work?
The Virgin Money Business Account allows companies to transfer money in the UK and internationally, online or in store.
Transactions are managed online, in Virgin Money branches or through its business banking app, with cheque and cash deposits, and cash withdrawals, also available at Post Office branches. Businesses may also benefit from a 25-month free day-to-day banking period after opening an account.
It offers 0.35% cashback for qualifying debit card purchases, one of the highest rates of cashback paid on the Virgin Money business bank accounts.
Businesses may also apply for a planned borrowing facility through the Virgin Money Business Account. If approved, the money must be repaid over an agreed period of time with interest.
The Virgin Money Business Account may also offer an unplanned borrowing facility depending on your business and the amount of money requested. Unplanned borrowing tends to be more expensive and comes with a higher rate of interest.
If you don’t have enough money in your business account, and Virgin Money decides to stop the payment instead, you’ll have to pay a fee.
How long does it take to open a Virgin Money Business Account?
It takes around seven working days to switch to a Virgin Money Business Account through the Current Account Switch Scheme (CASS). It may be a shorter period if you are opening a business account for the first time.
Where can I find the Virgin Money Business Account login?
You can find the Virgin Money Business Account login in the top right-hand corner of the Virgin Money website. It’s also possible to log in through your business banking app.
Does Virgin Money business banking have an app?
Yes, the Virgin Money Business Account can be managed through a business banking app available on iOS and Android.
Does Virgin Money Business Account offer traditional support?
Virgin Money offers traditional support for business banking customers. You can contact the customer service team via phone 7 days a week.
Services offered by this provider may change over time. Always check Ts&Cs.