What is this new account?
Released in December 2019, this is a new digital current account from Virgin Money, intended to be used via app and online portals. The big selling point of this account is that it is linked to a concurrent savings account meaning those who are tech savvy can link two key accounts together. The idea behind this app is to make money easy for those on-the-go digital dwellers, combining a linked service between a savings account and current account.
You can set up “pots” within the app which can help you to organise your finances and your savings by adding titles and target amounts to each pot – but the interest gained is over all your sum savings.
Features of this account
- Mobile app-based account
- Organisational savings “pots” feature
- 0.50% interest rate for current account
- Competitive 1.00% interest rate for savings account
- Optimised for Apple pay and Google pay
Pros
- Easy to switch over from another Virgin account
- Budgeting tools and easy, instant transaction tracking
- Fast and easy online application access
- Automated categories
- No monthly fee for account
- Free cash withdrawal
- Password, fingerprint or face recognition protection
- Live chat in-app to ask questions
Cons
- Withdrawals outside the UK have a charge 3.75% of the transaction
- Those used to traditional banking may struggle with this format
- The drive to do everything online means many costumers might find it frustrating to access customer service support
- Virgin only has branches in 6 locations so it’s difficult to have face-to-face banking
- It’s an “all your eggs in one basket” account – if something happens to your phone
- You can only pay in £500 at a time
- You can only pay in up to £1000 each day
- The app is designed to be completely user-automated; feedback since the launch of this account has been largely negative regarding customer service
- Statements only available online, rather than in-app
More info on The Virgin Money Current Account »
These features and services were accurate January 2020. But challenger banks are very aware of customer demands: features may change or be extended.