If you love a freebie, then you should know about Virgin’s bank switch bonus offer. That’s because if you switch to Virgin’s new ‘M’ account, you can now grab yourself a ‘free’ experience day worth up to £150.
We all know £150 can buy you a decent day out. And with Virgin Experience Days, it could get you a swanky trip to the Shard, a supercar test drive or a champagne afternoon tea.
So how does the bank switch offer work? And is Virgin’s current account any good? Let’s explore.
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How does Virgin’s bank switch offer work?
To get your hands on a £150 Virgin Experience Day voucher, you’ll need to switch to Virgin Money’s M current account.
To qualify for the offer you must apply online and use the official Current Account Switch Service, which means your existing current account will be closed. However, this isn’t as big a deal as it sounds, as all payments in and out of your account are automatically transferred over.
You must also complete your switch within 45 days of opening your account, move over at least two direct debits as part of the switch, and register for Virgin’s mobile banking app. Finally, you’ll have to pay at least £1,000 into Virgin’s linked savings account, though you can withdraw this as soon as you receive your gift card.
Do bear in mind that you won’t be able to get this offer if you’ve already received a Virgin bank switch bonus in the past. You also won’t be eligible if you’ve had a Virgin, Clydesdale or Yorkshire Bank current account since March.
Virgin bank switch offer: when will I get my voucher?
Once you’ve done everything listed above, you can expect to receive an email from Virgin within 14 days. This will include a code for your Experience Day voucher. You must then choose your experience by 1 July 2022.
It’s worth knowing that if you purchase an experience day worth less than £150, any credit you have remaining can be put towards another experience. On a similar note, if your experience day costs more than £150, you can use your gift card towards the total cost.
What can I spend my Experience Day voucher on?
There is a huge variety of experiences that you can buy with a £150 Experience Day voucher. Some stand-out picks include:
- A 15-minute helicopter ride (£69)
- An introductory flying lesson (£135)
- A VIP supercar driving experience (£139)
- A visit to the ‘View from The Shard’ plus a three-course meal for two (£111)
- Indoor skydiving for two (£99)
- A bottomless champagne afternoon tea for two (£120)
- A three-course lunch for two at Gordon Ramsay’s Savoy Grill (£90)
- A Visit to Alton Towers for four (£146)
- A ‘Time for Two’ spa day with lunch (£119)
- A Hampton Court Palace visit with Thames river cruise for two (£85)
See the Virgin Experience Days website for a full list.
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Is the Virgin ‘M’ account any good?
Virgin Money’s ‘M’ account is decent if you’re planning to keep it after receiving your bank switch bonus.
That’s because it pays a very respectable 2.02% AER variable interest, though this is only on the first £1,000 you have in your account. You also get access to Virgin’s linked savings account, though its interest rate is a less impressive 0.35% AER variable. See the list of our top-rated savings accounts if you’re looking to find a home for your cash.
Aside from paying interest, Virgin’s M account also offers fee-free overseas spending and cash withdrawals. This means you can take it on holiday without having to worry.
How does Virgin’s offer compare to other bank switch bonuses?
Virgin Money’s offering sits alongside a host of bank switch deals. Right now, Santander, HSBC, RBS, First Direct, Nationwide and Lloyds all offer bank switch bonuses. Unlike Virgin, each of these banks pays cold, hard cash if you switch to them.
Santander leads the way by offering £130, closely followed by Nationwide’s £125.
While none of the offers are technically as high as Virgin’s £150 Experience Day voucher, if you wouldn’t get much use out of the voucher, or you’d simply prefer cash, then you may wish to opt for an alternative bank switch deal.
Remember, if you switch to any of these accounts, there’s nothing stopping you from switching again when you’ve received your bonus.
Are you ready to switch? See our article that explains how to switch bank accounts.
