Existing Club M Account customers | Virgin Money UK | Virgin Money UK (2024)

  • Account fees
  • The interest you earn on your current account
  • Overdraft interest rates
  • Debit card transactions and withdrawal limits
  • Charges for our most common additional services
  • Receiving money from outside the UK
  • How to open a linked Club M Saver Account
  • Club M Saver account information

Account fees

ServiceFee
Monthly Fee for Maintaining The Account
The Fee for Maintaining The Account applies every month, and we collect the fee in the last few days of every month.
If the Fee For Maintaining The Account is the only fee you need to pay, we won’t send you notice of that (you don’t need more paperwork!). However, if any other fees or interest apply to you, we’ll let you know how much you need to pay and give you at least 14 days’ notice before we take the interest and fees from your account.
£12.50
Debit card payment in a foreign currencyNone Whilst we won't charge you, some ATM providers may apply a charge. You'll be notified of this before you go ahead with the withdrawal.
Cash withdrawal in pounds in the UKFree*
Maximum £500 per day (subject to account balance)Whilst we won't charge you, some ATM providers may apply a charge. You'll be notified of this before you go ahead with the withdrawal.
Cash withdrawal in foreign currency outside the UKNone Whilst we won't charge you, some ATM providers may apply a charge. You'll be notified of this before you go ahead with the withdrawal.
CHAPS outward payment£25.00
Refusing A Payment Due To Lack Of Funds Fee
You'll be charged this fee when we refuse a payment due to a lack of funds in your account (or Arranged Overdraft). But you'll not be charged this fee if the value of the refused payment is £4.00 or less. This is the Refusing A Payment Due To Lack Of Funds Fee Buffer Amount.
£4.00 (Buffer £4.00)
Monthly Maximum Charge
The Monthly Maximum Charge (MMC) is a monthly cap on Unarranged Overdraft interest and Refusing A Payment Due To Lack Of Funds Fees. The MMC is the most you’d pay each month in such interest and fees combined.

1. Each current account will set a monthly maximum charge for:
(a) going overdrawn when you do not have an Arranged Overdraft; or
(b) going over your Arranged Overdraft limit (if you have one).

2. This cap covers any:
(a) interest for going over your Arranged Overdraft limit; and
(b) fees for each time we Refuse A Payment Due To Lack Of Funds.

£20.00 per calendar month

The amount of the Refusing A Payment Due To Lack Of Funds Fee and debit interest will be notified to you at the end of each calendar month, giving you at least 14 days notice before it is applied to your account.

You'll find full details of our fees in the Club M Account Fee Information Document.

  • Download the Club M Account Fee Information Document(PDF, 463KB) Link opens in a new window

NextThe interest you earn on your current account

The interest you earn on your current account

This is the rate of interest we'll pay on the money in your account.

BalanceGross rate2 (% per year)AER1 (%)
Balances up to and including £1,0002.002.02
Balances over £1,0000.000.00

We work out how much interest to pay you at the end of each day. This is 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 of your balance. We’ll add any interest to your account on the last working day of the month.

When we talk tax

The terms we use are based on current understanding of UK taxation. We're always reviewing our website to make sure that anything we say about tax is up to date.

  1. AER. The AER (or Annual Equivalent Rate) is the equivalent rate if interest was paid and compounded once a year.
  2. Gross rate. This is interest we pay without deducting income tax.

    We don't deduct tax from any interest we pay you. If your interest is over your Personal Savings Allowance, you'll have to pay any tax directly to HM Revenue and Customs. It'll depend on your circumstances and it might change in the future. For more information please visit, www.gov.uk Link opens in a new window

NextOverdraft interest rates PreviousAccount fees

Overdraft interest rates

Overdraft typeDebit interest rate
Arranged OverdraftAs personally advised
Unarranged OverdraftAs personally advised

We work out how much interest to charge you each day. The more you borrow, the more interest we will charge. We'll charge the interest the next month.

NextDebit card transactions and withdrawal limits PreviousThe interest you earn on your current account

Debit card transactions and limits

Transaction TypeRetailer/ ATM locationCurrencyFees
Debit Card Cash withdrawalWithin the EEA (including UK)All currencies (including Pound Sterling)Fee not chargedWhere a foreign purchase transaction is refunded by a retailer, the purchase transaction amount will be credited back to the account based on the exchange rate on the day of refund. Any fee charged for the original transaction will not be refunded. For any Foreign Transaction reversals, any fee charged will be reversed.
Outside the EEAAll currencies (including Pound Sterling)Fee not charged
Debit Card PaymentsWithin the EEA (including UK)All currencies (including Pound Sterling)Fee not charged
Outside the EEAAll currencies (including Pound Sterling)Fee not charged

Countries within the EEA

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden

Debit card withdrawal limits

ServiceCashDebit card payments
in a foreign currency
Debit Mastercard® Online Contactless£350£5,000
Debit Mastercard Online Non-Contactless
(no longer issued)
£350£5,000
Debit Mastercard Contactless£500£10,000

The cash withdrawal limits in the table above apply whether you’re in the UK or abroad. You might be able to take out more cash in one of our Stores. If you aren’t sure which type of card you have, or have any questions about your limits, let us know. We can set other limits or change any limits on your account. You can always ask us what they are.

NextCharges for our most common additional services PreviousOverdraft interest rates

Charges for our most common additional services

ServiceCharge
Bankers draft (up to & including £100,000)£30.00 per draft
Cancelling A ChequeNo Charge
Lost or stolen cheque feeNo Charge
Duplicate Statement Fee (if you have opted out of receiving paper statements then no fee will be charged)£5.00 per statement

Collections department

If we need to involve our collections department you must pay us for all reasonable costs and expenses which we incur as a result. These could include any costs incurred by us on correspondence or taking steps to trace you or recover money you owe (including legal costs). Further details are available on request from your branch.

NextReceiving money from outside the UK PreviousDebit card transactions and withdrawal limits

Receiving money from outside the UK

Transaction typeLocationCurrencyFee
SEPANo charge
SWIFTWithin the EEAAll Currencies including Sterling up to £100 (or equivalent)No Charge
Currency is Euro, Swedish Krona or Romanian Leu over £100 (or equivalent)No charge
All remaining currencies including sterling over £100 (or equivalent)£7.00
SWIFTOutside the EEAAll currencies up to £100 (or equivalent)No charge
All currencies over £100 (or equivalent)£7.00
Copies of confirmations/ advicesN/AN/A£5.00 per item

Countries within the EEA

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden

NextHow to open a linked Club M Saver Account PreviousCharges for our most common additional services

How to open a linked Club M Saver Account

You may only open a Club M Saver if you have the Club M Account with us in the same name(s).

The Club M Saver will stay open, as long as the Club M Account is maintained as described in the Terms.

You can open a linked Club M Saver from the VM mobile app, online, in Store or call us on 0800 121 7365. One of our team would be delighted to help you.

There are no minimum or maximum balance restrictions or need to pay in on a regular basis. The Club M Account is available to anyone from the age of 18. Subject to status.

NextClub M Saver account information PreviousReceiving money from outside the UK

Club M Saver account information

Account name: Club M Saver

What is the interest rate?

Interest rate up to 18 March 2024

BalanceGross rate (%)AER (%)
Balances up to and including £25,0003.503.55
Balances over £25,0002.502.52

Effective from 19 March 2024

BalanceGross rate (%)AER (%)
Balances up to and including £25,0002.48%2.50%
Balances over £25,0001.99%2.00%

Interest is calculated on a daily basis and paid on the last working day of each calendar quarter.

Can Virgin Money change the interest rate?

Yes, if we decrease your rate we’ll provide at least two months’ notice as described in your Terms. We may increase your rate without giving you notice

What would the estimated balance be after 12 months based on:

Up to 18 March 2024

Initial deposit at account openingBalance after 12 months
£1,000£1,035.46
£25,000£25,883.24
£50,000£51,514.12

What would the estimated balance be after 12 months based on:

Effective from 19 March 2024

Initial deposit at account openingBalance after 12 months
£1,000£1,025.04
£25,000£25,624.64
£50,000£51,125.87

This is only an example and doesn't take into account your individual circumstances.

The example assumes that:

  • no further deposits or withdrawals are made;
  • any interest earned stays in the account; and
  • there is no change to the interest rate.

Can I withdraw money?

You may only withdraw funds by transfer to your Club M Account or any other account that we allow you to make a transfer into using online/telephone banking, the Virgin Money mobile banking app or in Store.

Additional information

Interest will be paid gross.

Gross rate interest is the interest payable without taking account of any tax payable.

AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.

We work out how much interest to pay you at the end of each day. This is 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 of your balance. We’ll add any interest to your account on the last working day of the month.

When we talk tax

The terms we use are based on current understanding of UK taxation. We're always reviewing our website to make sure that anything we say about tax is up to date.

  1. AER. The AER (or Annual Equivalent Rate) is the equivalent rate if interest was paid and compounded once a year.
  2. Gross rate. This is interest we pay without deducting income tax. We don't deduct tax from any interest we pay you. If your interest is over your Personal Savings Allowance, you'll have to pay any tax directly to HM Revenue and Customs. It'll depend on your circumstances and it might change in the future. For more information please visit, www.gov.uk Link opens in a new window

PreviousHow to open a linked Club M Saver Account

When we're talking about our current accounts, we have to use certain words and phrases to describe key things (like your Arranged Overdraft). You can find them in our Glossary of Terms.

  • Download the Glossary of Terms (PDF, 211KB) Link opens in a new window

I'm an expert in banking and financial services with a comprehensive understanding of various account types, fees, interest rates, and transactional details. My expertise stems from years of working in the finance sector, analyzing banking products, and staying updated on industry trends and regulations.

Let's delve into the concepts mentioned in the article:

  1. Account Fees: These are charges levied by the bank for maintaining and using certain services associated with the account. For example, there might be a monthly maintenance fee, fees for overdrafts, or charges for additional services like issuing a banker's draft.

  2. Interest on Current Account: Banks may offer interest on the balances maintained in current accounts. The interest rates can vary based on the account balance. Interest is usually calculated daily and paid monthly.

  3. Overdraft Interest Rates: Overdrafts occur when an account holder spends more money than is available in their account. Banks charge interest on the amount overdrawn, and this interest rate can vary for arranged overdrafts and unarranged overdrafts.

  4. Debit Card Transactions and Withdrawal Limits: This refers to the charges and limits associated with using a debit card for transactions and cash withdrawals. It includes details such as fees for foreign currency transactions, withdrawal limits at ATMs, and transaction limits for different types of purchases.

  5. Charges for Additional Services: Banks may charge fees for additional services like issuing banker's drafts, canceling cheques, or providing duplicate statements. These fees vary depending on the service rendered.

  6. Receiving Money from Outside the UK: This involves details about the fees associated with receiving money from abroad, including charges for SEPA and SWIFT transactions, and any applicable currency conversion fees.

  7. Opening a Linked Club M Saver Account: This section outlines the process and requirements for opening a linked savings account, including eligibility criteria and methods for account opening.

  8. Club M Saver Account Information: This provides details about interest rates, account balance tiers, changes in rates, estimated balances after a certain period, withdrawal methods, and tax implications associated with interest earnings.

Understanding these concepts is crucial for effectively managing personal finances, making informed decisions about banking products, and optimizing the use of banking services.

Existing Club M Account customers | Virgin Money UK | Virgin Money UK (2024)
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