- Cashback on debit card spending
- Savings, FX & card payments
- Overdrafts, credit cards & lending
- Accounting software included.
- Part of Nationwide Building Society
About Virgin Money
Virgin Money is a UK bank for business and personal customers. Its business range is extensive. With business savings, overdrafts, loans, asset finance, business credit cards, foreign exchange and card payment acceptance under the same roof. Businesses can choose from four Virgin Money Business Bank accounts: the M Account for Business, the Business Current Account, the Business Choice Account for large turnover businesses, and the Professional Firms Client Account for professional firms holding client money, plus separate accounts for charities, clubs and societies. Virgin Money transferred to Nationwide Building Society on 2 April 2026. The accounts still carry Virgin Money branding and day to day banking has not changed. Because Virgin Money is a bank rather than an Electronic Money Institution (EMI), it can lend to your business as well as hold your money. Eligible business deposits are also covered by the Financial Services Compensation Scheme.
Virgin Money at a glance
| Provider type | FCA authorised bank, also by the Prudential Regulation Authority (PRA). Part of Nationwide Building Society since 2 April 2026. |
|---|---|
| Could be great for | Small and medium sized businesses that want full bank services, rather than an online only account. It suits businesses that still handle cash, startups and switchers who want a long fee free period and owners who would like accounting software bundled in. The M Account for Business is for businesses with turnover under £1 million. The Business Current Account covers those under £6.5 million, and the Business Choice Account handles larger turnovers. |
| Currencies | Foreign currency accounts are available so you can receive and hold major currencies without converting straight away. International payments are sent by SWIFT and euro payments by SEPA. Virgin Money does not give you local account details in other countries. |
| Account opening (from a fully complete application) | The FCA requires banks to provide information about their account services. Virgin provides the following information about their business account opening timescales (April to June 2026): • the same day, for 45.76% of customers; • on average, in 2 days; and • within 27 days for 99% of customers. You can apply online and the M Account for Business application takes around 15 – 20 minutes to complete. Sole traders and limited companies could be up and running within a couple of days, while partnerships, LLPs, charities, clubs and societies take longer. Account opening timescales depend on the completeness, providing all the correct information and supporting documents. Your business must be based and operating in the UK, so the Channel Islands, the Isle of Man, and Northern Ireland are excluded. Applications include identity verification, a Companies House search and a credit assessment, and any borrowing is subject to a full lending review. |
| Deposit protection | Financial Services Compensation Scheme (FSCS), see our guide for more information. Deposits you hold with Virgin Money and with Nationwide now count towards one limit rather than two. |
| Free account available? (free from monthly subscription fees) | Yes, the M Account for Business has no monthly account fee for businesses turning over less than £1 million. The Business Current Account currently has 25 months of free day to day banking for qualifying businesses. You qualify as a startup within your first 12 months of trading, or as a switcher moving your main account across with turnover under £6.5 million. Whilst ‘free’ refers to the subscription fee, it does not mean accounts are free from other fees, limits and charges, such as international payments, CHAPS or borrowing and a cap on annual cash transaction limit applies. |
| Sample costs (costs shown are part of a wider charging structure. Always check up to date information before proceeding) | Extract from: M Account for Business Tariff (effective 19 December 2025): • No monthly account fee • Cash paid in costs £0.90 per £100. • Cheques paid in through the app are free and £0.55 in branch. • Automated payments are free, while manual credits and debits cost £0.95 each. • CHAPS and SWIFT payments cost £17.50 through Business Internet Banking or £25.00 in branch. • Unarranged borrowing is charged at 18.90% a year, 20.63% EAR. Extract from: Business Current Account Tariff (effective 8 July 2025): • Free for 25 months if you qualify, then £6.50 a month. • Cash paid in or withdrawn costs £0.65 per £100. • Automated payments cost £0.30, while items handled manually in a branch cost £0.70. • CHAPS costs £25.00 and SWIFT payments cost £17.50 through Business Internet Banking or £25.00 in branch. • Unarranged borrowing is charged at 18.90% a year, 20.63% EAR. Both accounts: Xero accounting software is currently free for six months. |
Suitability
Is Virgin Money good for business banking?
Yes, they have a strong business account proposition. However the answer really depends on how your business actually operates day to day. For example, Virgin Money could work well if you want a bank you can walk into (if you’re close to a branch or partnered service), deposit cash with and borrow from.
What Virgin Money does well
Cash access is one strength of this product. You can pay cash and cheques in at a Virgin Money store, at the Post Office or through a cash deposit machine. That matters if a decent share of your takings still arrives as notes and coins.
Monthly Fee Free banking is the second draw. The M Account for Business currently carries no monthly account fee for smaller turnovers, which is why it appears in our free business bank accounts comparison. The Business Current Account gives startups in their first year, and businesses switching their main account monthly fee free period. That earns it a place on both our startup business bank accounts and switcher business bank accounts pages.
Debit card cashback is still fairly unusual on a business account. Virgin Money pays it automatically on both of the accounts we list, with up to eight cards per account earning individually.
Six months of free Xero is a real saving for a business getting its records ready for Making Tax Digital, and the accounts also connect to Sage, QuickBooks and Shopify.
As a bank rather than an Electronic Money Institution, it also opens the door to borrowing. Overdrafts, loans, asset finance and business credit cards are all available, subject to application, and why Virgin Money features in our business bank accounts with overdraft comparison.
Who Virgin Money could suit
Virgin Money can suit established small and medium sized businesses that value branch access and want their banking, borrowing and card acceptance in one place. It works for sole traders and small businesses that handle cash regularly. It also works for startups in their first year who want the longest monthly fee free period they can find, and for anyone switching their main account across to them.
Professional firms that hold client money could have a dedicated account here, which is worth a look if you run an accountancy practice or a similar practice. Businesses above the Business Current Account turnover limit move to the Business Choice Account, so a larger corporate finance team still has a route in. Companies with more than one director can add multiple signatories and cardholders, which you can compare against other setups on our multi-director business bank accounts page.
What Virgin Money doesn’t do
There are no local account details outside of the UK and Europe. Foreign currency accounts let you hold and receive major currencies, though payments travel by SWIFT and euro payments by SEPA only. Local payment rails are not available beyond these. The providers on our international business bank accounts and multi-currency business bank accounts comparisons are built differently and may work out less expensive for you, if this is a key part of your transactions.
Virgin Money is a full bank and has a comprehensive set of new customer criteria to consider including an identity verification, a Companies House search and a credit assessment all form part of the process. Consider this if you have concerns about your business credit profile, our no credit check business bank accounts and bad credit business bank accounts pages explain how different providers approach this.
Compare business accounts from Virgin Money
You can weigh Virgin Money against other banks and Electronic Money Institutions on our best business bank accounts comparisons. If you work for yourself, our self employed business bank accounts and freelancer business bank accounts pages narrow the field down further. Businesses that want everything managed online can start with our online business bank accounts comparison instead.
2 Products Compared
Virgin Money M Account for Business
- Monthly Fee:Free
- Bank Transfers:Free
- Overdraft:Yes
- Account Access:App, Online & Branch
- No monthly account fee, free day-to-day online business banking (excluding CHAPS & international payments) and Five-Star Rated by Moneyfacts in 2026
- Get six months free Xero (T&Cs apply) and easily integrate with Xero, Sage and QuickBooks
- Best Business Current Account Provider and Best Service From A Business Bank (Moneyfacts 2026)
- Up to £1million annual turnover
- No monthly account fee, free day-to-day online business banking (excluding CHAPS & international payments) and Five-Star Rated by Moneyfacts in 2026
- Get six months free Xero (T&Cs apply) and easily integrate with Xero, Sage and QuickBooks
- Best Business Current Account Provider and Best Service From A Business Bank (Moneyfacts 2026)
- Up to £1million annual turnover
- Free day-to-day online business banking (excluding CHAPS and international payments)
- Earn 0.25% unlimited cashback on eligible purchases on up to 8 debit cards
- 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 Current Account-
Monthly Fee:Free for 25 months, then £6.50
-
Bank Transfers:Free
-
Overdraft:Yes
-
Account Access:App, Online & Branch
- 0.35% cashback (capped at £500 per debit card per year)
- Five-Star rated by Moneyfacts in 2026
- Best Business Current Account Provider and Best Service From A Business Bank (Moneyfacts 2026)
- For businesses with less than £6.5m annual turnover
- Virgin Money offers 24/7 self-service but not 24/7 customer support
- 0.35% cashback (capped at £500 per debit card per year)
- Five-Star rated by Moneyfacts in 2026
- Best Business Current Account Provider and Best Service From A Business Bank (Moneyfacts 2026)
- For businesses with less than £6.5m annual turnover
- Virgin Money offers 24/7 self-service but not 24/7 customer support
- 25 months’ free day-to-day banking if you’re a new business or just new to Virgin Money (excludes CHAPS and international payments)
- Six months free Xero (terms and conditions apply) and easy integration with Xero, Sage and QuickBooks
- 0.35% cashback on eligible debit card spend (capped at £500 per calendar year, per debit card)
- 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
- For limited companies, please allow up to 72 hours from registering your business with Companies House, before starting an application
 | The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of eligible deposits per person or company, per firm, which is authorised and regulated by the Financial Conduct Authority (FCA). The limit is the total of all deposits held with one firm. For more information visit www.fscs.org.uk. |
Branch AccessCash DepositsNo Hard Credit CheckFast OpeningGlobal Currency AccountsAccounting | BRANCH ACCESS Account provider maintains a nationwide branch access for face to face customer banking and/or relationship management. CASH DEPOSITS Facilities to deposit cash in either a branch, Post Office, Paypoint or other locations into the account. Limits and charges may apply. NO HARD CREDIT CHECK A soft credit check for ID & Fraud purposes is carried out for account only applications. If you apply for a credit product such as an overdraft with the business account, a hard credit check will be initiated. FAST OPENING Accounts opening in 3 days or less in most circumstances. Excludes application timescales or applications simultaneously applying for credit facilities such as overdraft. GLOBAL CURRENCY ACCOUNTS Currency accounts with local (domestic) bank details for the EU (SEPA) and at least one international country e.g. USA (ACH) to transact as a local business. This feature can also be termed ‘local rails’. This differentiates them from providers offering local account details for the EU (SEPA) only and currency accounts or ‘pots’ that transact only via SWIFT. ACCOUNTING The provider offers accounting features either through their own platform or via integration with third-party software like Xero, QuickBooks or Sage. Please note that third-party integrations usually require a separate subscription fee. |
 | Exclusive to KnowYourBusiness. Valid only via applications linked from this website. Offer fulfilled by the account provider. |
| Important | Our comparison is ordered by the commercial arrangements with some, or all, of the providers featured. Our service is free and commercial arrangements have no effect on the products you may select. To find out more about our independence, regulatory authorisation and how we earn money, visit the ‘About’ page on our website. |
Regulation and account protection
The regulation and fund protection a business account receives depends on whether the provider operates as an Electronic Money Institution (EMI) or a Bank. Both are regulated by the Financial Conduct Authority (FCA), here is an overview of the key differences.
Electronic Money Institution (EMI)
Focused on transaction and payment management. The limited product range and online only service can translate to lower running costs, faster applications and niche, specialist features.
Protection
Safeguarding: Your money is ring-fenced in segregated accounts with tier-1 banks or backed by insurance.
Lending
No (cannot directly offer lending products, but some do via 3rd parties)
Good to know
- Some EMI’s offer products outside of their regulated status, via partnerships
- Most EMI’s only require soft searches for fraud and identity validation purposes
- Cannot legally call themselves a ‘bank’
- Cash deposits will be handled through partnerships, such as the Post Office or you will only be able to transfer funds in, from another account.
Bank
A provider regulated as a full bank will be able to offer a wide range of additional products and services. Including lending and cash deposits. Applications go through broader checks.
Protection
Financial Services Compensation Scheme (FSCS): Eligible deposits up to £120,000 per business, per banking licence
Lending
Yes (eg. loans, overdrafts, credit cards)
Good to know
- Some newer banks do not have branches but can offer faster application processes than ‘traditional’ banks.
- A business account can be a gateway to products required for business growth
Important info: Our brand overviews are our independent guides, not financial advice or recommendations. Product details are changed frequently by the provider, so always check directly before applying. Conduct your own research to ensure a product suits your specific business. We may earn commission if you open an account via our links. Compare this provider against others using our business accounts comparison.
Frequently asked questions
Is Virgin Money a good business bank account?
Yes, but it also depends on what you need the account to do. Virgin Money is a full bank, so you get branch and Post Office cash access alongside the option to borrow from the same provider. Eligible deposits carry Financial Services Compensation Scheme cover. That makes it a strong fit for businesses that want banking and borrowing in one place.
What are the benefits of a Virgin Money business account?
A monthly fee free option for smaller businesses and a set period for startups and switchers. You also get cashback paid automatically on eligible business debit card spending, plus up to six months of Xero accounting software included. Cash deposit machines are available, along with integrations for Sage, QuickBooks and Shopify. Overdrafts, loans and business credit cards are available from the same provider.
How long does it take to open a Virgin Money business account?
Applications can be as short as 15 minutes to complete online for the simpler applicants, such sole traders. Just under 50% of all applications get an account opened within 24 hours of completing an application and all successful applicants will have an account open within a month according to Virgin’s stats for April to June 26. Check here for their up to date timescales.
Is Virgin Money now Nationwide, and does that change your protection?
Virgin Money’s business transferred to Nationwide Building Society on 2 April 2026. Your account number, sort code, card and sign in details stayed the same and the account still carries Virgin Money branding.
The change that matters is compensation cover. Deposits you hold with Virgin Money and with Nationwide are now treated as being held with a single provider, so they share one FSCS limit rather than having one each. If you keep balances with both brands, check the combined total against the limit offered by FSCS of £120,000
