Virgin Money offers a business savings account for sole traders, and small and medium businesses. There are 74 Virgin Money branches throughout the UK, mainly in big cities, and you can manage your savings online and on the app too. There are also 5 Virgin Money business lounges in London, Manchester, Sheffield, Norwich, Cardiff, Glasgow and Edinburgh.
Virgin Money Business Banking Services
There are two business savings accounts available, one flexible and one fixed for a year. There are no fees or charges. Business account holders will also have access to Virgin’s business lounges, which have free WiFi, tea and coffee, newspapers, and a place to work if you’re between meetings.
Business Access Savings Account
Earn 1.01% AER with instant access to your savings. You can deposit from £1 to £2 million and keep adding to your account. You’ll earn interest monthly interest, plus there are no fees.
1 Year Business Fixed Rate Savings
With this fixed account, your business will earn 1.75% AER, which is fixed until 20 November 2020. You can save from £1 to £2 million and interest will be paid into your business current account monthly or annually.
Business finance and loans
Virgin Money Reviews and Ratings
Reviews on Trustpilot and Reviews.co.uk are quite poor. Existing customers are particularly unhappy with customer service, especially over the phone. Some customers report account management problems and blocked transfers too. There are a few 5-star reviews from happier customers though.
It’s important to note that online reviews cover all Virgin Money products, as well as business savings. Quite a few customers have been unhappy with travel insurance claims, which has affected the overall Virgin Money rating.
However, Smart Money People reviews are very positive! The large majority of savings customers are very happy with excellent rates, in-store service, and good value.
Virgin Money scores 68% in the Which? list of ‘Best & Worst Banks’. The bank scores 4/5 for transparency of charges and service in-branch, and 3/5 for customer service and communication.
- Very competitive interest rates (they’re some of the best around!)
- Fixed and flexible accounts available.
- Very positive reviews on Smart Money People.
- Reviews on Trustpilot are very critical overall.
- No notice account available.
- Not many local branches to visit if you like offline banking.
Website: Virgin Money Business Banking