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 |
Find a bank account with overdraft facilities that could help you beat expensive fees if your balance falls below zero.
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 bank account table to find one that offers all the features you need that will cost the least in fees.
2
Check the eligibility
Make sure you fit the eligibility criteria for your chosen current account and have proof of ID.
3
Apply for the account you want
Click 'view deal' and fill out the application form on the provider's website with your personal details.
4
Start using your bank account
Once your application has been approved, start using your new bank account.
Be aware that final approval of any overdraft facility is subject to status and dependant upon your financial circumstances.
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 |
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 |
Minimum Monthly Credit | £500 |
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.
An overdraft lets you carry on spending, even after your balance reaches zero.
This means that when you withdraw cash, buy something, or pay bills, you're borrowing money from the bank. That's why it's sometimes known as an overdraft loan.
Most bank accounts come with an overdraft facility.
If you had an overdraft account but no money left in it, and then you spent £5, you'd have a negative balance of £5. It's called being overdrawn.
You pay the money back later, when you top up your bank account with your salary or by depositing money.
In most cases you'll be charged interest on your negative balance for the days you are overdrawn.
Use the comparison table above to find a bank account with overdraft facility online.
When searching for the best current account with an overdraft, you need to look at and compare:
Overdraft limit
This is the maximum you are guaranteed to be able to borrow. If you exceed it payments might be declined and there could be an impact on your credit report.
Interest rate
This is charged by the bank on the amount of money you've borrowed through your overdraft. The higher overdraft interest rate, the more you'll have to pay.
How much is free
Some accounts come with an interest free overdraft up to a certain limit, like £250. Some offer a smaller, interest-free buffer of around £5 to £25.
Doing an overdraft comparison will help you find a bank account with an overdraft facility that works for you.
Once you've found a current account with overdraft that you like the look of, you can apply for it online. You can usually get approved for an account with an overdraft facility very quickly online or in a bank branch. You could find you can get an almost instant overdraft.
There are two types of overdraft. One's an authorised overdraft, sometimes known as an agreed or arranged overdraft. The other's an unarranged overdraft, which is sometimes called an unauthorised or unplanned overdraft.
An arranged overdraft is when your bank gives you a specific overdraft limit when you open the account. For example, if your overdraft limit was £500, you'd be able to spend £500 more, after you'd spent all the cash in your account.
An unarranged overdraft is when you don't have a bank overdraft agreed but spend more than there's in there or spend more than the limit the bank has set.
Since April 2020, providers can no longer charge higher rates of interest for unarranged overdrafts than they do for arranged overdrafts - but they can reject payments outside of your authorised overdraft limit.
When you apply for overdraft facilities, the bank looks at your income and credit record. That's how they decide whether to give you a bank account and how big your overdraft will be. The better your credit record, the higher your overdraft limit will be.
You should be able to start using your bank overdraft straight away.
If you prove to your bank that you can stay within the limit, after a few months some banks might give you a larger overdraft facility.
You can also ask for an overdraft extension, or reduction, at any point - but it's up to the bank to approve.
Applying for a bank account with an overdraft is recorded on your credit report - but once you have one using it responsibly should help build your score.
An overdraft is a way of borrowing money from your bank, so your credit limit, how much debt you're in (even if it's £0) it'll show up on your credit record, just like any credit card or loan.
If you apply to borrow money for something else - like a mortgage or a credit card - the bank will check your credit record.
They'll use the information to decide whether to lend it to you.
If you owe too much on a bank account with overdraft facilities or have a patchy record of repaying, you might not be accepted.
Your overdraft limit is how much you can spend after your balance reaches zero. For example, if you have an overdraft limit of £500, your balance can reach -£500.
Be aware that some bank accounts let you keep spending past your arranged overdraft limit.
If you want to check your overdraft limit, just ask your bank. Or, you could sign into your online banking, or check the paperwork you got when you opened your bank account.
If you need to see how much you owe on your overdraft, you can check your balance online, in the branch, by phone or at an ATM.
Most banks also offer text message or email alerts to let you know when your balances goes below a certain point. This can help you keep track of when you're near your overdraft limit.
If you want a bank account with an overdraft facility, unfortunately it's not guaranteed that you'll be able to get one. There's no such thing as a guaranteed bank account with overdraft.
Every bank has its own set rules on who their overdrafts are suitable for.
When you've found the best bank for overdraft facilities, you can apply for the account you want. The bank will check your credit record and income and then decide whether to give it to you.
Although some bank accounts do have a guaranteed overdraft, not everyone will be accepted for those accounts.
Yes, some bank accounts offer a free overdraft.
This means you can borrow money through a fee free overdraft, with no interest, up to a certain limit.
If you stay within your limit, you won't be hit with any overdraft charges by banks with free overdraft facilities.
Most overdrafts aren't free. Banks' overdraft fees vary, so it's best to check the details with your bank.
When you're choosing a current account with overdraft facilities, you should try to find one with the best overdraft rates.
You might find it helpful to use an overdraft calculator to work out how much your overdraft is going to cost you. An overdraft interest calculator will show you how much interest you'll pay on your overdraft before you pay the money back.
Overdraft charges are taken from your bank account. If your balance was already £1,000 and you were charged £20, your new balance would be -£1,020.
If you want a bank account with overdraft for bad credit scorers, you'll probably struggle to find one.
Not many banks will give an overdraft to someone with poor credit history - a bad credit overdraft isn't common. Sadly - while you might be tempted to Google 'bank account with overdraft no credit check' - you'll discover that you always need a credit check to get an overdraft.
There are a few things you can do to help improve your chances of being accepted for a current account with overdraft facilities. You could:
speak with the bank about your options
see if you could get accepted for a smaller overdraft limit
switch banks
try to improve your credit rating.
Don't forget to shop around, as every bank has different requirements.
You can read about bank accounts for bad credit here. But remember that in most cases, a bank account with overdraft for bad credit scorers isn't possible. Bank accounts with overdraft are usually for people with good credit history.
If you're in your overdraft and you're being charged for it, switching to a different account could save you money.
Switching means you'll stop paying interest and other charges on your account. You'll also get months or years more to pay off the balance, without fees.
If you find the best bank account for overdraft facilities, you'll save the most money. It's quick and easy to switch bank accounts. If your overdraft is big, you'll need to find the best current account with overdraft facilities and then make sure they'll allow a large overdraft.
If you're having trouble paying back your overdraft, contact your bank account provider and explain your situation. Most banks will work with you to figure out a plan to pay off your debt.
If that doesn't work, you can try contacting one of the debt charities such as StepChange you offer a free service to help people become debt free.
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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.
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Last updated: 22 February, 2022