Virgin Club M packaged a/c with interest for £14.50 pcm

kuepper

Usual benefits similar to Nationwide, Coop, Halifax but pays interest on current a/c and linked savings a/c https://uk.virginmoney.com/current-accounts/club-m-account/

Rich2808

I think this replaces the old Clydesdale/Yorkshire bank signature account - and those customers are being transferred to it. So not entirely new - just repackaged with the Virgin branding. Haven't compared with Co-op and Halifax - so just focus on the cheaper NW flexplus account which costs £13 but pays no interest.

Important to compare the insurances too.

Travel cover is up to age 75 - so good. Nationwide cover ends at 70 but with an option £65 a year premium for those aged 70+

Breakdown cover is only in the UK - not Europe like some other providers like NW - and is only local not national recovery like NW but you can pay a premium to get that. So NW maybe more suitable if you travel long distances or in Europe?

Mobile cover includes gadgets such as tablets and laptops less than 5 years old and is worldwide - NW only covers phones - and excess is lower (£75 for mobiles vs up to £125 for an iphone with NW). 

Provides commission fee cash withdrawals and debit card payments overseas - along with NW
You get concierge support for travels and some sort of online nursing/round the clock GP support

So not a bad account overall - and looks better than NW if you don't need the car breakdown cover or only drive within 10 miles of home.

WillPS

Halifax Ultimate Reward is effectively £12/month if you take the £5 reward.

Rich2808

WillPS said:

Halifax Ultimate Reward is effectively £12/month if you take the £5 reward.

At present the Co-op account could cost you as little as £10 a month and includes European breakdown cover and travel insurance up to age 79 with everyday rewards!

That will of course drop to £12.80 from 1 July.

StevieJ

The interest is also paid on the normal Virgin current account, or am I missing something?

jimjames

StevieJ said:

The interest is also paid on the normal Virgin current account, or am I missing something?

I don't think you are. Looks like exactly the same rate so they're plugging a benefit that isn't really there - most unlike Virgin.

The savings account interest is marginally higher, 0.5% vs 0.35% but then you're paying a fee to achieve it.

Rich2808

StevieJ said:

The interest is also paid on the normal Virgin current account, or am I missing something?

Seems to suggest you could have both - with both paying 2% on £1,000 (the M plus and the club M)? 

Upgrade your existing account

If you already have a current account with us you might be able to upgrade to Club M Account. Give us a call to discuss your options. If you want to open a second current account with us, you can apply directly online now.

dcs34

StevieJ said:

The interest is also paid on the normal Virgin current account, or am I missing something?

Makes one wonder for how much longer...

kaMelo

A difference with the family travel cover compared to Nationwide.
Virgin is family who live at the address and includes children up to 18..
Nationwide is family who live at the address including children up to 19 or 23 if in full time education.  
Depending on your situation it could make a large difference.

ratechaser

I see nothing at all here that would tempt me to move from our existing Nationwide account.

And a sad statement of where the market is if they can sell a 0.5% saver as a feature of a reasonably expensive packaged account...

Lightning360

dcs34 said:

StevieJ said:

The interest is also paid on the normal Virgin current account, or am I missing something?

Makes one wonder for how much longer...

They have been advertising the interest that you get on the M Plus account recently so I doubt they will take it away or reduce it anytime soon.