The Virgin Money Current Account

#1

Hi guys,

Decided to create a new topic seen as the current Virgin Money topic is related to its credit card offering!

I think the launch of ‘The Virgin Money Current Account’ as they call it, is imminent as the website today has been updated with lots more new info…

Firstly, we have a page with a bit more info about the account and a card design… And wow, I think it looks great (see link)
The Virgin Money Current Account

Next, there’s a page about their new app which also looks set to be feature rich with instant spending notifications and saving pots as standard with a 1% AER. (See Link)
The App

Being close to a Virgin Money lounge I’m following this closely and I’m definitely looking at joining when they open applications to checkout the offering in more detail.

Keep checking the website as even since writing this post things are still changing with new tidbits of information!

Would love to see what others think!

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#2

A near exact copy of the Virgin original current account with the added overdraft option.

The app and online banking let it down last time, and probably will this time, but always interesting to watch, people love Virgin.

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#3

More an exact copy of the B current account. It looks identical, other than the color scheme of the app. Even the interest rates are the same.

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#4

Did the B account require a compulsory instant access savings?

I think the savings pot feature is nice being one of the few traditional (in the sense they’ve been a round a bit longer than the likes of Monzo etc) banks that will have the feature when they launch?

The offering is set to become more competitive in Summer 2020 too with fee free spending on your debit card abroad and a rewards scheme coming into play similar to that of the Virgin Atlantic credit card apparently?

#5

Actually looks like quite a good setup compared to the competition (including the new banks).

It looks like it has a fairly decent set of feature complete functions as well including an actually decent category management and tagging system, cheque imaging, and the 1% on savings is pretty decent.

#6

I believe so, yes. I certainly got one without making any separate application.

B also had the savings pot feature, I believe before Monzo did (though I may be wrong on the timing). It’s not quite as segregated as Monzo’s/Starling’s is though.

From what I can see, so far it’s just a re-skinning of B, but with newer features still to come. I have this account as of today, as they just renamed my B accounts - no changes in terms so far.

I hadn’t heard that, but it sounds interesting. I’d be surprised if it’s as generous as the credit card though.

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#7

CYBG/Virgin explained in their merger/takeover presentation that B was always intended to be the basis of Virgin Money’s new Current Account, and just re-brand it.
Existing Virgin Current Accounts (which don’t offer nearly so many features) will be transferred to the new Current Account (i.e. B) using CASS.

As for credit cards, you can no longer apply for new Yorkshire Bank, Clydesdale Bank or B credit cards, -you’re just redirected to the Virgin range of credit cards instead.

#8

It hadn’t occurred to me that they’d taken over the virgin brand of credit cards as well.

#9

That’s my understanding. It came with the c/a but with no expectation it would be used.

#10

Hi

Curious as to what you guys are seeing as good? I’ve just read the fees document

2.75% foreign exchange fee (I think min £1.50)
£1.50 ATM fee abroad (incl £ withdrawals)
Refused payment fee of £4 with only a £4 buffer…

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#11

I never use a debit card abroad, never take out cash abroad and never had a refused payment.

#12

If there was one bank for everyone there would only be one bank.

I use a credit card abroad primarily. Or would use a local currency if abroad. But for many people this may be an ideal usable account with a good backing.

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#13

Thought I’d provide an update…

App appears to have gone live but new online applications still not turned on. However, I do think they are making a little bit of a mess of this whole transition…

I wanted to ring customer services to see if I could open an account over the phone as someone suggested on Twitter. I went on the Virgin Money website and dialled the number listed and when they answered was told I was talking to Clydesdale Bank and they could not open new accounts anymore and I had to contact Virgin Money (weird as I had got the number off the Virgin Money website). I was put through to which the Virgin Money rep told me they could not open accounts over the phone either and the only way to do this was to go into a Yorkshire or Clydesdale branch. It couldn’t be a Virgin Money branch at present, only a Yorkshire or Clydesdale.

I think it’s very odd that they’re still divided in this way and that there’s so much misinformation flying round? I get that a transition of this scale takes time but you’d think a consolidated customer service team would be high on the priority list?

We shall see what happens over the coming days!

#14

I wonder what has happened to the one branch of B (Studio B) that was around… Mayfair? I think it was?

I mean is B still a thing, I know it’s the basis of the new accounts?

#15

The B app is still there - all they’ve done to date is change the account names from B to VM. Same nasty colour scheme (Sky-blue + lime-green) which must surely go in the rebranding.

#16

You’d think so… but these things seem to take absolutely huge amounts of time.

There’s a reason some companies will make a new product based off a brand and make new teams rather than merge them. It takes forever seemingly.

#17

Here’s hoping for another London Virgin Money Lounge; from what I can find B Studio is still open along with two other locations I didn’t know about in Manchester and Birmingham.

#18

By the end of 2020, three new flagship Virgin Money lounges with new concepts will be opening in Manchester, Birmingham and London I believe! The new concept is focussed heavily on SME’s and entrepreneurs and is essentially the B concept branches that already exist in these three cities that have been refurbished!

Further details are available on the press release but this is a photo of the concept art for the Manchester one next to the existing B works that its replacing in the same spot!

manchester-store-front
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article-b-works-1

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#19

Well, that basically settles the plans for the stores then.

#20

I’ll be surprised if my local branch of Yorkshire Bank ends up looking like that.

Shame though, pretty cool design.