SAY HELLO TO BRIGHTER MONEY – VIRGIN MONEY LAUNCHES FIRST DIGITAL CURRENT ACCOUNT AND APP

• New digital current account includes a linked easy access savings account paying 1% AER
• Customisable sweeping tools allow customers to maximise the money they hold in savings

• Account accessible through multiple channels – mobile app, online, in store and over the phone

Virgin Money has launched its first ever digital current account and mobile app, featuring a linked easy access savings account helping customers make the most of their everyday spending and achieve their savings goals.

The launch of the digital current account¹, which is accessible through the new mobile app, online, telephone and in-store, is the first product launched under the newly re-energised Virgin Money brand, as the bank looks to break the big banks’ stranglehold on the UK’s stagnant current account market. The linked easy access savings account pays a competitive 1.00% AER² with no restrictions.

The new current account features a wide range of helpful features for customers:

• budgeting and savings tools, enabling customers to set spending budgets and targets and organise their savings into specific pots;
• live spending data, notifications and alerts, with tagging features helping customers easily identify and control spending across different categories, as well as customisable balance and transaction alerts;
• an in-app digital store offering customers a range of money-saving tools, services and products – including the money-saving energy switching tool developed in partnership with GoCompare;
• an easy-to-view single timeline of all transactions across all accounts;
• a smart ‘sweep’ feature – automatically transferring money from customers’ savings accounts when running low, to help avoid fees and charges;
• enhanced security features, including personalised in-app authorisation and secure messaging, alongside Touch ID and Face ID on supported customer devices;
• a wide range of customer service options so customers can look after their money wherever, whenever and however they want – offering both Live Chat and Secure Messages in-app as well as online, a dedicated 24 hour customer service line and a full in-store service;
• Apple Pay & Google Pay enabled contactless ‘portrait’ debit card, which includes a useful notch to help visually impaired customers identify the top of the card;
• ability to pay in cheques electronically through the app using a smartphone camera;
• an arranged overdraft (subject to status).

Further enhancements to the account will be made in 2020 with the introduction of fee-free MasterCard debit card transactions abroad and the account will also offer unique rewards and loyalty benefits to customers, including from other Virgin companies – building on Virgin Money’s highly successful Virgin Atlantic credit card and rewards programme.

Anyone looking to switch to the new Virgin Money Current Account can do so through the Current Account Switching Service, where they will benefit from the Current Account Switching Guarantee.

Fergus Murphy, Group Personal Banking Director said: “The launch of our new current account marks the start of an exciting journey to transform our offering to customers and disrupt the financial services market in the UK. The account, which includes a linked easy access savings account, gives customers complete control of their money, and includes helpful budgeting tools with the ability to create savings pots on their linked savings account helping them achieve their savings goals.

“There’s plenty more to come as we improve the digital customer experience by introducing new functionality within the mobile app and offering even more value to customers through the introduction of other Virgin company rewards. And we know our customers love to travel, so well ahead of the summer holidays we’ll be making our new current account fee-free for debit card and ATM transactions overseas.”

Details of the account fees can be found here: https://uk.virginmoney.com/virgin/assets/pdf/Virgin-Money-Current-Account-Fee-Information.pdf

For further information on the Virgin Money Current Account and linked saver visit https://uk.virginmoney.com/current-accounts/pca/