Virgin Money

Who they are

Virgin Money was founded by Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching a value personal equity plan into the market. Over the following decades the brand grew through a series of notable acquisitions: Virgin bought Northern Rock in January 2012 and rebranded the business as Virgin Money. Then, in 2018, CYBG acquired Virgin Money Holdings (UK) plc to create the new Virgin Money, bringing together the heritage of Clydesdale Bank, Yorkshire Bank and the original Virgin Money brand under one roof.

The biggest change in recent memory, though, is ownership. On 1 October 2024, Nationwide Building Society completed its £2.9 billion acquisition of Virgin Money UK, removing the bank from public markets and ending its independence. In 2026, Virgin Money continues to operate under its own brand but under Nationwide ownership. Nationwide plans a phased six-year brand transition, with 2026 marking the commencement of Virgin Money's gradual retirement. In plain terms, the name you know is still there for now, but change is coming.

FSCS protection - an important detail

Because Virgin Money sits within the Nationwide group, the FSCS picture is not straightforward. Your combined deposits with Virgin Money and Nationwide are covered up to £120,000 per person. That is a higher combined limit than the standard £85,000, but crucially it is a single shared limit. If you already hold savings with Nationwide, any money you place with Virgin Money counts toward the same pot. Worth checking before you open an account.

Savings accounts

Right now, the only savings product we track for Virgin Money is the Double Take E-Saver, an easy access variable rate account paying 4.16% AER. You can open one with as little as £1, and the FSCS protection noted above applies.

The name "Double Take" is a gentle warning worth taking seriously. This account limits you to two withdrawals per calendar year. Push past that limit and your access may be restricted for the rest of the year. So while it sits in the easy access category, it behaves more like a notice account in practice. If you are disciplined about leaving money alone, that is fine. If there is any chance you will need to dip in more regularly, a genuinely unrestricted easy access account could serve you better.

There are currently no switch offers or current account incentives attached to Virgin Money's savings proposition in our data.

App and service

The Virgin Money app is functional but not class-leading. It has received mixed reviews on Google Play - partly due to historical migration issues - with more recent versions more stable. It is not as polished or feature-rich as Monzo or Starling. Customer satisfaction sits in the mid-table for UK banks - better than the largest incumbents (HSBC, Lloyds) but below the digital challengers (Monzo, Starling) and First Direct. The Nationwide acquisition introduces some transitional uncertainty, and some customers report inconsistency in service quality during the integration period.

Is it right for you?

Virgin Money's Double Take E-Saver can be a decent home for money you genuinely plan to leave untouched, offering a competitive variable rate with a very low minimum deposit. The two-withdrawal cap is the deciding factor - if that works with how you manage your finances, it is worth considering. If you need true flexibility, compare it carefully against unrestricted easy access accounts.

The bigger picture is one of transition. With Nationwide in the process of integrating the business, it is reasonable to keep an eye on how the product range and service evolves over the coming years.

As always, the live rate shown on this page is the one that matters - rates like this move regularly, so check the current figure before you decide.