Get 20000 Virgin Points By Switching To A Virgin Money Current Account

Virgin Money has brought back its Virgin Points current account switching offer. With the offer, you will get 20000 Virgin points for switching your bank account to a Virgin Money ‘M Plus’ or ‘Club M’ account. This is equal to the previous highest bonus so now is a good time to sign-up if you are interested in the bonus.

What are the key features?

As well as getting the 20000 Virgin points there are 3 main reasons why you might like a Virgin Money Current Account…

1. The ‘M Plus’ account has 0% FX on purchases and cash withdrawals abroad. If you don’t already have a 0% FX card it could save you a significant amount when travelling.
2. Your current account attracts 2% interest on balances up to £1,000
3. The linked saving account pays 1% interest on the first £25,000

You can read more about the account here – https://uk.virginmoney.com/current-accounts

How do I get the 20000 Virgin Points?

1. Apply for either the Virgin Money ‘M Plus or ‘Club M’ account
2. Download and register for the Virgin Money mobile banking app
3. Complete a full bank switch using the ‘Current Account Switch Service.’ If you don’t have two existing direct debits on your old account you will need to create two when your account is open.
4. Credit your linked Saver Account with at least £1,000.

Make sure you don’t cancel your direct debits or withdraw your £1,000 in your linked Saver account until you receive the redemption code for your Virgin Points.

Applications can be made either through the Virgin Red app or on the Virgin Money website.

You won’t be eligible for the bonus if you already have an M, M Plus or Club M current account or if you’ve closed one recently (since 31 January 2022.) You also won’t be eligible for the bonus if you’ve previously taken up a Brighter Money Bundle or Virgin Red offer for switching a current account to Virgin Money.

I don’t want/need to swap but want the points

A lot of people have what is known as a dummy account for these purposes. What we mean by this is simply an account that isn’t really used other than to gain from various switching offers. This account doesn’t have to be anything special just a basic account (and preferably one without an active switch offer.)

Need direct debits?

If you need ideas for direct debits (the Virgin current account requires two) here are some…

PayPal – If you link your dummy account to your PayPal account and make a payment on Payment from the dummy account it will create a Direct Debit payment

Moneybox – An app ‘saving account’ which you can link to your dummy account to make a saving & create a Direct Debit payment.

Plum – Another app ‘saving account’ which again you can link to your dummy account to make a saving & create a Direct Debit payment.

Conclusion

The Virgin Money switching offer will get you a good return, 20000 Virgin Points is worth £200 at our 1p valuation. It also has the added bonus of a debit card with 0% FX fees if you don’t already have a card that offers this. Are you tempted to switch to a Virgin Money Current account for the 20000 Virgin points?