You're getting a Virgin Money Makeover
You’ll have recently received an email or a letter to let you know that we’re giving your existing Yorkshire Bank current account a Virgin Money makeover and it will soon become a shiny new Virgin Money M Plus Account.
It’s more than just a name change – your features and digital services are getting an upgrade too, with a new mobile app and an exclusive optional linked savings account.
What’s happening when?
Your existing Yorkshire Bank current account will become an M Plus Account on 24 May 2021.
If you’re happy with the change, you don’t need to do anything as all your account details will stay the same and your Direct Debits, standing orders and any arranged overdraft facilities won’t change.
If you’ve also got a linked Savings Account Plus in the same name as your current account, then it’ll automatically become a linked M Plus Saver. We’ll take care of everything to move your savings account to an M Plus Saver on the same day as your current account.
What are the main changes?
- Interest Rates - There’s a new interest rate on your current account. Your new M Plus Account rate is 2.02% AERGo to footnote 2 variable (2.00% gross variable)Go to footnote 1 for balances up to £1,000 – with no minimum balance.
- Linked Saver - If you already have a linked Savings Account Plus and the account is in the same name as your current account, it’ll automatically become a linked M Plus Saver.
If you don’t already have a Savings Account Plus and you love to save, you’ll also be eligible for an exclusive M Plus Saver. The M Plus Saver will have a great interest rate of 0.35% gross/AERGo to footnote 2 variable – paid every quarter, no matter what your balance is. Find out more.
- A travel-savvy debit card - You’ll be able to use your debit card for spending overseas - with no fees.
- Rewards for living a life more Virgin - You’ll be part of the Virgin family and will be eligible for exclusive offers, discounts and rewards from lots of other Virgin brands and more.
Footnotes
[1] Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account.
[2] AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year.
Frequently asked questions
What if I don’t want an M Plus Account?
Have a look at our compare accounts page to learn more about our other available accounts.
If you’d prefer one of our other current account products, just call us or visit one of our Stores and we can arrange this for you (subject to status and eligibility).
Or you can choose to close your existing account without charge once you’ve repaid any money you’ve borrowed.
Can I still use my debit card?
Yes, you can keep using your existing card as usual. And even better, as from 24 May 2021, we won’t charge you fees on any overseas spending.
I use the mobile app. Can I continue to use it?
Yes, you can still use your existing app. But you might want to switch. Our new Virgin Money mobile app is available now. Just make sure you have the most up to date version of the Yorkshire Bank app, then download the Virgin Money mobile app. We’ll take it from there - just follow the instructions. To warn you up front, you’ll need your passcode.
The Virgin Money app is packed with clever features like tracking tools, budgeting and savings pots. Why not have a look to see what you’ll be able to do.
Can I still use Internet Banking?
Yes, you can.
And you’ll be able to use Virgin Money internet banking now too. It’s packed with clever features, like tracking tools, budgeting and savings pots, and we’re working on some exciting new ones too.
Why not login to internet banking on virginmoney.com now?
Do I need to open a savings account?
There’s an optional exclusive M Plus Saver with interest paid every quarter, no matter what your balance is. Up to date interest rates can be found in the mplus-tariff.pdf (Opens in a new window). You can decide if you want to open one – but you don’t have to.
How do I open a linked savings account?
If you want an M Plus Saver, you’ll be able to open one from 24 May 2021. You can set one up using our Virgin Money mobile app, online or by visiting one of our Stores.
I already have a linked savings account. Will that change too?
Yes. If you’ve got a Savings Account Plus and it’s in the same name as your current account, it will automatically become an M Plus Saver from 24 May 2021.You don’t need to do anything – we’ll take care of the change for you.
What if I want to withdraw money from my new M Plus Saver?
If you want to withdraw money from your M Plus Saver, you’ll need to transfer it to your M Plus Account first. The easiest way to do this is by using our mobile app or internet banking, but if you prefer you can call us or visit us in one of our Stores.
How does offsetting work?
If you have an offset mortgage (we can tell you if you do!), you can use the money in your accounts to pay less interest on your mortgage. Handy, right? You won’t earn interest on the money in your accounts though while that happens – you can’t have it both ways!
At the end of each day, we look to see how much money you have in your eligible accounts. And how much money you owe us on your mortgage accounts.
Nothing will happen automatically, even if an account is eligible. You have to tell us first and we’ll let you know if it’s okay.
Where can I find the Terms for the M Plus Account?
You can view your new mplus-terms.pdf (Opens in a new window) here – we’ve made them crystal clear so that they are easy to understand.
Where can I find the tariff for the M Plus Account?
Your new mplus-tariff.pdf (Opens in a new window) can be found here.
Are there any fees for the M Plus Account?
With your M Plus Account, you won’t pay any fees for debit card transactions overseas. All other fees on your new account are the same as on your old one.
You can view your new mplus-fee-information-document.pdf (Opens in a new window) here.
Where can I find more information about the M Plus Account?
Visit https://uk.virginmoney.com/current-accounts/pca/ to find out more.
You can find impartial information and guidance on money matters on the “Money advice service” website.
Yorkshire Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.