You’ve had a Virgin Money Makeover
You received an email or a letter to let you know that we’re giving your existing Clydesdale Bank current account a Virgin Money makeover and it has now become a shiny new Virgin Money M Plus Account.
To find out more about your Virgin Money M Plus Account, please visit https://uk.virginmoney.com/current-accounts/pca/
It’s more than just a name change – your features and digital services have been given an upgrade too, with a new mobile app and an exclusive optional linked savings account.
What’s happening?
Your Clydesdale Bank current account became an M Plus Account on 24 May 2021.
All your account details have stayed the same and your Direct Debits, standing orders and any arranged overdraft facilities haven't changed.
If you also had a linked Savings Account Plus in the same name as your current account, then it has now automatically become a linked M Plus Saver.
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 had a linked Savings Account Plus and the account was in the same name as your current account, it has now automatically become a linked M Plus Saver.
If you don’t already have a linked saver and you love to save, you’ll also be eligible for an exclusive M Plus Saver. If you did not already have a Savings Account Plus and you love to save, you are eligible for an exclusive M Plus Saver. The M Plus Saver has a great interest rate of 0.35% gross/AERGo to footnote 2 variable – paid every quarter, no matter what your balance is.
- A travel-savvy debit card - You’ll be able to now use your debit card for spending overseas - with no fees.
- Rewards for living a life more Virgin - You are now part of the Virgin family and are 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, 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 Clydesdale 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 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 had a Savings Account Plus and it was in the same name as your current account, it automatically became an M Plus Saver on 24 May 2021.
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.
You can find impartial information and guidance on money matters on the “MoneyHelper” website.
Clydesdale Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.