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Virgin Money Business Account Review
2 Products Compared
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
FreeDirect debits, Faster Payments, BACS: Free | CHAPS and International payments: Fees apply -
Overdraft
Rate is negotiable. -
Access
App/Online/Branch
Product Features
- Free day-to-day online business banking (excluding CHAPS and international payments)
- Earn 0.25% Cashback on debit card purchases. Terms and exclusions apply
- Manage all your business data in one place using Virgin Money's M-Track insights platform. Link up your business to market leading tools, such as Sage, Xero, Google, Shopify and more, to track them from one simple dashboard
Eligibility Criteria
- Available for eligible businesses with up to £1m annual turnover
- Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
- All owners, directors, senior managers and account signatories must be over 18 years old
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Monthly Fee
FreeNo monthly fee for first 25 months, then £6.50 thereafter -
Card Purchases
Free -
Bank Transfers
FreeNo fees for first 25 months, excludes international and CHAPS payments -
Overdraft
Rate is negotiable. -
Access
App/Online/Branch
Product Features
- Debit Card Cashback – automatically earn up to £500 per calendar year when using your Debit Card for purchases. Some exclusions apply
- If you’re a new business or just new to Virgin Money, you could qualify for 25 months free day-to-day banking when you open or switch to this business current account
- Digital Money Management Tools – helping you manage cash flow, budgets and invoices
Eligibility Criteria
- Available for eligible businesses with up to £6.5m annual turnover
- Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
- All owners, directors, senior managers and account signatories must be over 18 years old
Virgin Money Business Banking Overview
Virgin Money, established through the merger of Virgin Money and Clydesdale and Yorkshire Banking Group in 2018, is a financial institution in the United Kingdom that offers business bank accounts among other banking services. The bank provides a range of accounts designed to meet the needs of businesses of various sizes, from small startups to larger enterprises.
For new businesses, Virgin Money typically includes features such as introductory offers, competitive interest rates, and reduced or waived monthly fees. These account features are aimed at supporting entrepreneurs in the early stages of business development. For established companies, the bank offers accounts with a broader range of services, including overdraft facilities, online banking solutions, and access to business advisors.
Virgin Money places emphasis on digital banking, providing an online platform and a mobile app for business customers to manage their finances. The bank also organizes networking events and workshops for business customers and offers resources aimed at business growth and development.
The bank has a focus on sustainability and ethical practices, aligning with the broader trend in the banking sector towards social and environmental responsibility. This is reflected in some of their products and initiatives targeted at business clients.
Customer feedback for Virgin Money varies, with some customers pointing out areas needing improvement in customer service and banking product features. The bank has been responsive to such feedback, continuously working to enhance its services.
Virgin Money also provides services for businesses with international needs, including foreign exchange and international payment processing. This positions the bank as an option for businesses that operate both locally and internationally.
In conclusion, Virgin Money offers business banking services in the UK, with a variety of accounts suitable for different business stages and sizes. The bank’s focus on digital solutions and customer service, along with its commitment to sustainability, is aligned with the needs of modern businesses. Virgin Money continues to update and refine its offerings in response to customer feedback and market trends, catering to the diverse financial requirements of the UK business sector.
Virgin Money Business Banking FAQs
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What types of business bank accounts does Virgin Money offer?
Virgin Money offers a range of business bank accounts, designed to suit different types of businesses, from small startups to larger enterprises. Each account comes with specific features and benefits, which vary depending on the needs and size of the business.
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Are there fees associated with Virgin Money business accounts?
Yes, Virgin Money business accounts may have associated fees. These can include monthly service charges, transaction fees, and charges for additional services like overdrafts. The fee structure differs between account types, so it’s important to review the details for the specific account you are considering. See our comparison tables for more information on fees.
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Does Virgin Money offer online banking for business accounts?
Virgin Money provides online banking services for its business accounts, enabling customers to manage their finances digitally. This service allows users to check balances, make payments, and manage standing orders and direct debits. Online banking access is available via the Virgin Money website and mobile app.
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Can businesses get an overdraft with a Virgin Money account?
Overdraft facilities are available on some Virgin Money business accounts, subject to approval. Overdrafts offer a flexible way to manage cash flow, but it’s important to understand the interest rates and terms, as these vary depending on the account and the business’s financial situation.
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What international banking services does Virgin Money offer for businesses?
Virgin Money provides services to support businesses with international operations, including foreign exchange services and international payment options. These services are designed to assist businesses engaged in international trade or with overseas financial requirements.
Services offered by this provider may change over time. Always check Ts&Cs.