Basic Bank Account | M Account | Virgin Money UK (2024)

FAQs

What is the minimum balance for Virgin Money M account? ›

The account can be opened in Store or online, virginmoney.com/current-accounts/pca, or call us on 0800 121 7365, someone from our team will be available 24/7. There are no minimum or maximum balance restrictions or need to pay in on a regular basis.

If you're refused a basic bank account

You should be told the reason unless your bank suspects you of fraud or money laundering. For example, you could be refused if: you don't agree to a credit check – although you don't have to pass one.

What is a basic bank account. With a basic bank account, you can have your income paid in and manage your money with the Barclays app, online, in a branch and by phone. You can make payments, withdraw cash and set up regular payments like Direct Debits and standing orders.

Many major UK banks also have so-called 'international' or 'expat' accounts, like the HSBC expat bank account. These are designed specifically for non-residents, so they're a great option if you don't have the documents to prove your UK address. In fact, you can even apply for an international account online.

The M Account is there to help people who might not be eligible for a standard account – this could be due to credit history or current circ*mstances. Talk to us about your situation and we'll tell you about our products so you can decide which one's right for you. Will I be charged any fees for using this account?

Basic bank accounts don't provide an overdraft, meaning you won't be a credit risk to your provider. You have no credit history – sometimes having no credit history can be just as damaging, as providers have no record of your ability to reliably borrow or spend responsibly.

There is actually no such thing as a "Credit Blacklist". Each lender you apply to will look at your credit history along with other information you provide them with and make a decision based on their own criteria.

This is because there may be an overdraft facility available, which is another form of borrowing money. However, if you apply for a basic bank account, most banks will not require a credit check. If they do check your credit history, the results won't usually impact your application.

Non-residents of the UK can open a bank account by providing necessary documents and meeting certain requirements. Having a local account offers numerous benefits, such as simplified financial oversight, lowered currency conversion charges and higher interest rates.

What is the most popular UK bank account? ›

To Virgin Money, penalising customers for shopping around feels pretty unfair and uncompetitive. That's why we've introduced Virgin Money Card Checker, a 'soft' credit check that looks into some basic facts about an applicant's credit history but does not leave a footprint on their history.

Yes, it is a good idea to tell your bank that you're moving. If you don't, you could find that access to services like online banking is restricted once you've moved abroad. The bank could also freeze or close your account. You don't want to risk cutting off access to your money.

As a non-resident, opening a UK bank account will require a passport and drivers' license, but your bank may also request other documents, particularly one that shows your current address. Three months' worth of utility bills will be requested.

Many British expats have had their UK bank accounts closed recently, as the financial sector continues to adjust to post-Brexit Britain. This could be a major headache for anyone receiving a private pension or investment income.

Each month you must pay at least the requested payment in pounds sterling as shown on your statement. This will be the greater of: £25, or your whole balance shown if it is less, or. the interest, any default charges and annual card fee, plus 1% of the remaining balance.

Most traditional banks require you to maintain a minimum account balance to avoid monthly service charges. These typically range from $100 to $2,500, though most are much closer to the lower end.

Also, sometimes known as the minimum balance, the Average Monthly Balance is the minimum amount of money that you need to maintain in your Savings Account to avoid non-maintenance charges.

With $100, you typically meet the opening balance qualifications for a broad range of institutions. Note that some savings accounts might let you open an account for as little as $100, but will require a much higher minimum balance, such as $5,000, to earn the best rate or a higher monthly balance to avoid a fee.