Virgin Money M Plus Account

Gross rate | Gross rate | AER rate | AER rate | |
---|---|---|---|---|
Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
£1 | 2% | 2% | 2.02% | 2.02% |
£1,001 | 0% | 0% | 0% | 0% |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
A free current account keeps things simple because you can perform basic transactions without any monthly fees.
You'll only find results from genuine companies. Our data experts check each company before we add them to our comparisons.
1
Compare bank accounts
Use our table to find the current account with all the features you need at the lowest cost.
2
Check your eligibility
Make sure you fit the eligibility criteria for your chosen current account and get your proof of ID ready.
3
Apply for the account you want
Click "view deal" next to the offer and fill out the application form on the provider's website.
Gross rate | Gross rate | AER rate | AER rate | |
---|---|---|---|---|
Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
£1 | 2% | 2% | 2.02% | 2.02% |
£1,001 | 0% | 0% | 0% | 0% |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Gross rate | Gross rate | AER rate | AER rate | |
---|---|---|---|---|
Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
£1 | 0.05% | 0.05% | 0.05% | 0.05% |
£85,001 | 0% | 0% | 0% | 0% |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Permanent UK Resident |
Gross rate | Gross rate | AER rate | AER rate | |
---|---|---|---|---|
Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
£1 | 0% | 0% | 0% | 0% |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Permanent UK Resident |
Gross rate | Gross rate | AER rate | AER rate | |
---|---|---|---|---|
Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
£1 | 0% | 0% | 0% | 0% |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Permanent UK Resident |
Gross rate | Gross rate | AER rate | AER rate | |
---|---|---|---|---|
Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
£1 | 0% | 0% | 0% | 0% |
Maximum Age | Unlimited |
Maximum Investment | £2,000,000 |
Minimum Age | 18 years |
Permanent UK Resident |
Gross rate | Gross rate | AER rate | AER rate | |
---|---|---|---|---|
Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
£1 | 0% | 0% | 0% | 0% |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Permanent UK Resident |
Gross rate | Gross rate | AER rate | AER rate | |
---|---|---|---|---|
Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
£1 | 0% | 0% | 0% | 0% |
Maximum Age | Unlimited |
Maximum Investment | Unlimited |
Minimum Age | 18 years |
Permanent UK Resident |
We are classed as a credit broker for consumer credit, not a lender.
Our services are provided at no cost to you. We may receive a commission from the companies we refer you to, but this does not affect what you will pay for the product you choose.
A free bank account is a current account with no standard monthly or annual fee. They’re usually quite basic, but may offer the following features:
debit card to buy goods or withdraw cash in the UK and around the world
Direct Debit and standing order functionality
options to transfer money
facility to check your bank balance
Remember: if you open a bank account free of charge, you could still be charged for additional services, such as using an overdraft facility.
Free bank accounts have become more common over the past 20 years, with nearly eight million of such accounts now open.* Since 2016, many of the major banks in the UK have been legally obliged to offer no-fee accounts.
Our comparison table can help you find the best free bank account for your needs.
Even with a free bank account, you should expect fees for some services, such as:
overdrawing on the account
using your card abroad
withdrawing money at certain cash machines
failing to have adequate funds to cover Direct Debits and standing orders
You can check the account’s terms to find out how much it charges for extra services.
You usually need to be 16 or over to open a free bank account. However, some have a minimum age of 18. You need proof of ID and your address to apply.
Sometimes, the bank conducts a credit check. You might be able to open an account even with a poor credit history, but you can’t take out an overdraft or use any credit facilities.
You also need to meet the account’s minimum requirements.
If your application is refused, you have the right to ask why. The bank will usually explain, unless it suspects you’re committing fraud or money laundering. If you think the reason for turning you down isn’t justified, you have the right to appeal.
Free bank accounts are:
free from standard charges
easy to open
a convenient way to manage money
a potential way to access an overdraft
a means of earning interest when you’re in credit
a way to earn rewards when you use your card with some accounts
But free banking also has downsides. For example:
fees for using additional services, such as overdrafts
some require you to pay in some money each month
a good credit history might be required
you may have to meet certain criteria
Opening a free current account can be done quickly:
in a branch
over the phone
online
by post
The best free current account for you is the one that best meets your needs.
There are a few features that most people will need from their bank. Most free bank accounts let you:
use a debit card to buy goods in the UK and around the world
write and pay in cheques
set up direct debits and standing orders
transfer money
check your bank balance
withdraw money from cashpoints or branches
There are a few other things to look out for when choosing a free bank account:
Online and mobile banking
Instantly transfer money or set up payments - wherever you are and whenever you want
A good mobile app
You can instantly see your account and funds available, as well as doing your usual banking such as transfers and paying bills.
A high-street branch
Consider a bank with a branch near you, so you can pop in if necessary.
The best free current accounts offer extra features, too.
You can use an overdraft to borrow money in the short term or as an emergency buffer for unexpected costs. You might pay charges or interest for doing so.
Our comparison chart shows which bank accounts offer an overdraft. It shares details on:
which offer a free overdraft
the overdraft limit
the interest rate
the daily or monthly fees
Some free bank accounts pay interest when you have money in your account.
Many no-fee bank accounts have requirements that you need to meet. These might include setting up a minimum number of Direct Debits or paying in a certain amount of money each month.
If you don’t meet the conditions, you could lose account benefits, such as interest, or be charged a fee.
Typically, you must provide the following documents:
Proof of ID: your passport or driving licence
Proof of address: a recent utility bill, council tax bill or rental agreement
Sometimes banks ask for additional details, such as your occupation, income and expenses. This isn’t legally required, but some banks gather this data so they can share offers about other products in the future.
You might need to show extra documents if you’re
an international student
a prisoner
a refugee
an asylum seeker
a migrant worker
on probation
Switching to a new current account is easier than ever and could save you hundreds of pounds. Here is how to get a new bank account in just seven days.
Read MoreHere is how to keep your bank account, debit card and personal details safe when you use them online or in person.
Read MoreIf you go into your overdraft every month or have been stuck in the red for a while, there are ways to pay off your overdraft for good.
Read MoreChoosing the right current account can save you money in fees, give you all the features you need or even earn you money in interest. Here is where to find the best account for your circumstances.
Read MoreIn banks across Britain millions of pounds are sitting dormant in lost accounts, waiting to be re-claimed by their rightful owners. We take you through how you can be reunited with yours.
Read MoreCurrent accounts and savings accounts are the two main types of account on offer from banks and building societies - but what exactly is the difference between the two and which type of account is right for you?
Read MoreComparing current accounts could save you money on overdrafts, get you cashback on bills or see you paid more interest on positive balances. Our multiple award-winning comparison service helps make sure you get the best deal possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.
We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.
*According to HM Treasury 2017 statistics.
Last updated: 28 May 2022