Virgin M Plus Current Account reducing to 1% from August

Notepad_Phil

Wow, 2% was great when they first started this account but it's a pretty poor rate in today's environment, and now they're going to reduce it to 1% in a couple of months.

From 1 August 2024 we will be reducing our M Plus Current Account rates from 2.02% AER (2.00% gross per annum) to 1.00% (AER gross per annum) on balances up to £1,000.

I guess I'll take out the remaining pennies that I've kept in my accounts there.

ps, apologies if this has already been reported, but it's the first I've seen of it.

PRAISETHESUN

Discussed in the VM switch thread here: https://forums.moneysavingexpert.com/discussion/6525171/virgin-money-12/p1

jameseonline

Basically no point using either the current account or linked saver but then there hasn't been for a long time (if ever) anyway.

1% seems crazy though.

Bridlington1

jameseonline said:

Basically no point using either the current account or linked saver but then there hasn't been for a long time (if ever) anyway.

1% seems crazy though.

The M Plus account was quite competitive at one point, when top EA rates were still below 1%, the M Plus account at 2% was a good account to have. I seem to recall the linked saver was also one of the top (if not the top paying account) on more than one occasion a couple of years back, I vaguely recall it hitting 1.56% in June 2022?? being one of the first to overtake Chase's 1.5% offering.

I'd agree though 1% is a poor rate today though.

MSE_JC

Hi all,

The MSE Money Team reached out to Virgin about this topic and got the following response:

New M Plus and Club M customers taking advantage of our switching offer will benefit from 12% gross on the first £1,000 in their current account up until June 2025. This is because we will give an additional current account bonus to new customers of 1% gross from 1 August 2024 (when the variable rate element decreases from 2% to 1%) until 30 June 2025, on top of the existing 10% bonus and 1% interest rate, so 12% in total.

All the best,

MSE JC