What Virgin Money does

Virgin Money is a UK retail banking and financial services provider founded in 1995, offering personal current accounts (M Plus, Club M, M Account), savings products (Easy Access, Fixed Rate Bonds, Cash ISAs, a 6.50% AER Regular Saver fixed until 30 June 2027), credit cards (Virgin Atlantic co-branded, balance transfer up to 36 months interest-free, everyday cashback, travel cards), personal loans, residential and buy-to-let mortgages, and insurance (life, travel, home, pet). A business banking arm supplies current accounts, savings, business credit cards, term loans, asset finance, and the specialist Agri E Fund for sustainable agriculture lending. The technology stack centres on a mobile banking app with budgeting, transaction tracking, and the Redi AI-powered in-app assistant, supported by machine-learning credit scoring, behavioural biometrics for fraud prevention, and predictive cashflow forecasting for business customers.

Since October 2024, Virgin Money has been a wholly-owned subsidiary and trading name of Nationwide Building Society following a £2.9bn acquisition that made Nationwide the UK's second-largest retail banking provider. Court approval was granted on 23 February 2026 and the Part VII Transfer legally consolidated over 3 million Virgin Money, Clydesdale Bank, and Yorkshire Bank customers under Nationwide on 2 April 2026. Distribution spans 95 physical branches (under Nationwide's Branch Promise through 2030), the mobile app, online banking, telephone support in over 60 languages, and CYB Intermediaries/Virgin Money Intermediaries broker channels for mortgages and protection products. The Virgin Money brand is being phased out over 4–6 years, and CEO Chris Rhodes is retiring in September 2026. The company is regulated by the FCA (registration 106078) and PRA, with deposits protected under the FSCS up to £120,000 per person.

Name

Virgin Money

Legal name

Nationwide Building Society

Website

https://uk.virginmoney.com

Company type

Private

Founded year

1995

Operating status

Acquired

Headcount range

5,001–10,000 employees

Short description

Virgin Money is a UK retail bank offering current accounts, savings, credit cards, mortgages, loans, and insurance to personal and small-business customers, now operating as a trading name of Nationwide Building Society following the £2.9bn acquisition completed in October 2024 and the April 2026 legal transfer, with the Virgin Money brand set to be phased out over four to six years.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211), Depository Credit Intermediation (5221), Finance and Insurance (52)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Corporate Cards & Expense Solutions (T&E, purchasing, fleet) (FSABAIAG), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

Keywords

• Retail banking services
• Savings accounts
• Mortgage lending
• Credit card services
• Business banking

Headquarters

HQ city

Newcastle Upon Tyne

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Retail Banking Services: Virgin Money generates revenue through interest income on mortgages, personal loans, and overdrafts; fee income from current account services; credit card transaction fees and interest; and insurance distribution commissions.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Virgin Money provides a full range of UK retail and business banking products and services, including current accounts, savings accounts and Cash ISAs, credit cards, personal and business loans, residential and buy-to-let mortgages, life/travel/home/pet insurance, private banking, and specialist business lending such as the Agri E Fund. Following Nationwide Building Society's £2.9bn acquisition, these products are now provided under the Nationwide umbrella and distributed through a 95-branch network, mobile and online banking platforms, and intermediary channels.

Product overview

Virgin Money UK is a digital banking platform offering a broad portfolio of personal, business, and private banking products and services, now operated under Nationwide Building Society following the £2.9bn acquisition completed in October 2024 and legally transferred in April 2026. The personal banking suite centres on the M Plus Account (digital-first current account with linked M Plus Saver) alongside Club M Account and M Account variants; a full savings range including Easy Access, Fixed Rate Bonds, Cash ISAs, and Children's Accounts; credit card products spanning Virgin Atlantic co-branded cards, balance transfer cards (offering up to 36 months interest-free), all-round cards, everyday cashback cards, and travel cards; personal loans; residential and buy-to-let mortgages; and insurance products including life, travel, home, and pet insurance. The business banking arm provides dedicated current accounts, business savings, credit and debit cards, loans, asset finance, and the specialist Agri E Fund for sustainable agriculture lending. A companion mobile banking app serves as the primary digital channel for account management, spending tracking, and in-app support via the Redi digital assistant. Virgin Money Cashback rewards are integrated across current and credit card accounts. The company also offers private banking services for high-net-worth customers. Virgin Money is regulated by the FCA and PRA, is a member of FSCS (deposits covered up to £120,000), and participates in the Open Banking ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• Virgin Atlantic Credit Cards: Credit cards co-branded with Virgin Atlantic frequent flyer program
• Virgin Money Slyce
• M Plus Account
• Club M Account
• M Account
• Virgin Red

Products and services

• M Plus Account Primary personal current account from Virgin Money offering full digital banking via mobile app and online service, with a linked M Plus Saver and access to Virgin Money Cashback rewards. For individual UK consumers seeking an everyday bank account.
• Club M Account Packaged personal current account with enhanced benefits including fee-free international card payments and cash withdrawals abroad. For individual UK consumers wanting premium everyday banking features.
• M Account Basic personal current account providing essential banking facilities without premium features. For individual UK consumers needing fundamental everyday banking.
• Savings Accounts Range of personal savings products including Easy Access accounts, Fixed Rate Bonds, Limited Access accounts, Children's Accounts, and Cash ISAs. Includes the Regular Saver offering 6.50% AER/gross fixed until 30 June 2027 for savings up to £250/month. For individual UK savers.
• Cash ISA Individual Savings Account allowing tax-free interest accumulation on savings balances. Available as part of the broader savings portfolio. For UK individual savers seeking tax-efficient interest.
• Virgin Atlantic Credit Cards Credit cards co-branded with Virgin Atlantic offering Virgin Flying Club miles rewards, complimentary lounge access, and travel-related benefits. For UK consumers who frequently travel with Virgin Atlantic.
• Balance Transfer Credit Cards Credit cards offering up to 36 months interest-free periods for balance transfers from other providers, with a representative APR of 27.9% variable. For UK consumers looking to consolidate existing credit card debt.
• All Round Credit Cards General-purpose credit cards suitable for everyday spending, with cashback or rewards depending on the specific card variant. For UK consumers seeking a versatile spending card.
• Everyday Cashback Credit Cards Credit cards earning cashback on everyday purchases, with cashback managed through the Virgin Money Cashback programme in the mobile app. For UK consumers seeking rewards on routine spending.
• Travel Credit Cards Credit cards tailored for international use with competitive foreign exchange rates and fee-free overseas spending. For UK consumers who travel internationally.
• Personal Loans Unsecured personal loans for individuals, available through digital application and servicing via the app or online portal. For UK consumers needing consumer credit.
• Mortgages Residential mortgage products including options for first-time buyers, remortgaging, buy-to-let, and home movers. Services include online mortgage finding, switching deals, borrowing more, and moving home. For UK homebuyers, remortgagers, and buy-to-let landlords.
• Life Insurance Term life insurance products promoted through CYB Intermediaries Limited and underwritten by Family Assurance Friendly Society Limited. For UK consumers seeking financial protection for dependants.
• Travel Insurance Travel insurance covering accidents, illnesses, and optional routine care, underwritten by AWP P&C S.A. (policies purchased on or after 7 May 2026) or ERGO Travel Insurance Services Ltd (policies before 7 May 2026). For UK travellers.
• Home Insurance Home insurance products offered in partnership with Uinsure Limited (policies from 18 September 2024) or Royal & Sun Alliance (policies before that date), providing buildings and contents coverage. For UK homeowners and landlords.
• Private Banking Wealth management and private banking services for high-net-worth individuals, offering exclusive benefits, services, and dedicated relationship management. For affluent UK customers requiring premium banking.
• Business Current Accounts Range of business current accounts including the M Account for Business, Business Current Account, Business Choice Account, Professional Firms Client Account, and Charities/Clubs & Societies Accounts. For UK SMEs, professional firms, charities, and clubs/societies.
• Business Savings Business savings products including instant access accounts, notice accounts, fixed term deposit accounts, and charity-specific savings. For UK businesses and charities seeking to hold surplus funds.
• Business Credit Card Credit card product designed for business customers, alongside business debit cards for day-to-day business banking. For UK businesses needing flexible payment options.
• Business Loans Business lending products including term loans, government loan schemes (such as the Agri E Fund for farmers), asset finance, and business overdrafts. For UK SMEs and businesses needing growth financing.
• Agri E Fund Specialist lending fund for UK farmers offering 0% arrangement fees when customers complete a carbon audit and borrow over £50,000 for emission-reducing initiatives such as renewable energy and energy efficiency. Part of Virgin Money's net zero by 2050 commitment. For UK farmers pursuing sustainability investments.
• Virgin Money Mobile Banking App Primary digital banking platform available as a mobile app for iOS and Android, offering account management, spending tracking, budgeting tools, savings management, and 24/7 in-app support via Redi, a digital host. For UK Virgin Money current account customers.
• Credit Card App Dedicated mobile application for managing Virgin Money credit cards, enabling card controls, spending management, and in-app support. For UK Virgin Money credit card customers.

Quantifiable outcome

• Awarded Personal Finance Provider of The Year by Moneyfacts 2025
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability6 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• Honey InsuranceminorChannel Partner/ Reseller/ Distributor · 4 March 2026Zurich Financial Services Australia partnered with Honey Insurance to launch pet insurance products distributed through Virgin Money under the BOQ Group. Product offers coverage for accidents, illnesses, and optional routine care including tele-vet service.
• Uinsure LimitedcoreStrategic or Co-development PartnerHome insurance products (purchased on or after 18 September 2024) promoted by CYB Intermediaries and provided by Uinsure Limited, regulated by FCA. Provides 5-star home insurance quotes.
• Hood Travel LtdcoreStrategic or Co-development PartnerTravel insurance administration partner (policies purchased on or after 7 May 2026) promoted by CYB Intermediaries and underwritten by AWP P&C S.A. and AmTrust Specialty Limited.
• Family Assurance Friendly Society LimitedcoreStrategic or Co-development PartnerLife insurance underwriter and administrator for Virgin Money Life Insurance products, policies underwritten and administered under FCA regulation.
• Superscript (Enro Limited)coreChannel Partner/ Reseller/ DistributorBusiness insurance partner; Virgin Money acts as introducer providing non-advisory information-only service for business insurance products including cyber insurance.
• Virgin StartUpminorGTM or Marketing PartnerSupport and mentoring program for young entrepreneurs; Virgin Money provides business banking services and promotional support for the startup ecosystem.
• Virgin Money FoundationminorGTM or Marketing PartnerCharitable foundation helping local people and organisations with vision and drive to transform lives and re-energise communities; aligned with Virgin Money community investment strategy.
• SAMH (Scottish Association for Mental Health)minorGTM or Marketing PartnerOfficial charity partner providing advice and support to empower anyone experiencing mental health problems in England, Scotland and Wales.
• MindminorGTM or Marketing PartnerOfficial charity partner providing mental health advice and support; part of Virgin Money's broader wellbeing initiatives.
• Make £5 GrowminorGTM or Marketing PartnerFree educational programme engaging pupils in core areas of the National Curriculum with financial literacy content; supports financial education in schools.
• Virgin RedminorGTM or Marketing PartnerVirgin's rewards club operating as Virgin Red (also trading as Virgin Trains Ticketing); enables customers to link Virgin Money accounts, earn and redeem Virgin Points across Virgin ecosystem including Virgin Atlantic, Virgin Holidays, Virgin Voyages, and Virgin Experience Days.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Metro Bank: UK high-street retail bank competing in current accounts, savings, mortgages, and SME lending with a similar customer-service-focused positioning; comparable branch footprint philosophy and product set to Virgin Money.
• TSB Bank: UK-focused retail bank with current accounts, savings, mortgages and personal loans competing with Virgin Money for the same mid-market consumer and SME customer base; closely comparable in scale and product mix.
• Santander UK: Direct UK retail competitor across current accounts, savings, credit cards (including co-branded airline cards), mortgages and SME lending; structurally comparable challenger-style proposition with competitive savings rates and active branch network.

Emerging players

• Starling Bank: UK digital challenger offering personal and business current accounts, lending and savings; competes with Virgin Money for digitally-engaged personal customers and SMEs adopting app-first banking.
• Monzo Bank: UK digital challenger bank addressing the same personal current account and consumer credit segments as Virgin Money through a mobile-first proposition; competitor for primary banking relationships among digitally-engaged consumers.

Broad incumbents

• Lloyds Banking Group: UK's largest retail bank (Lloyds, Halifax, Bank of Scotland, Scottish Widows) and the primary competitor to the combined Nationwide/Virgin Money entity on current accounts, mortgages, savings, and SME lending; benchmark for scale economics and product breadth in UK retail banking.
• Nationwide Building Society: Parent building society and now the UK's second-largest retail banking provider after acquiring Virgin Money. Operates the same retail current account, savings, mortgage, and lending franchises through an overlapping branch network; useful for benchmarking product range, rates, and digital capabilities post-consolidation.
• NatWest Group: Major UK retail and commercial bank (NatWest, Royal Bank of Scotland, Ulster Bank) directly comparable to Virgin Money across personal current accounts, mortgages, savings, credit cards, and SME business banking; recently the third-place UK retail player behind the combined Nationwide group.
• HSBC UK: UK arm of HSBC with retail current accounts, savings, mortgages, and credit cards. Comparable in personal banking, international services, and Premier/private banking tiers, and a competitor for high-net-worth customers that Virgin Money also serves via Private Banking.
• Barclays UK: Universal UK retail bank offering current accounts, savings, mortgages, credit cards, and SME lending comparable to Virgin Money's portfolio; benchmark for digital innovation, premium banking (Barclays Premier), and corporate card issuance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/virginmoney
• YouTubeyoutube.com/user/virginmoneyuk
• Facebookfacebook.com/VirginMoneyUK
• LinkedInlinkedin.com/company/virgin-money-uk-plc
• Instagraminstagram.com/virginmoney

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Virgin Money