Virgin Money first launched the packaged current account, Club M, in April, the first of its kind from the provider. It offers a wide range of support for Britons who are looking to make the most out of their bank account. With savings rates still ailing, many have been disheartened with their savings offerings recently. The Bank of England has continued to keep its base rate at 0.1 percent, leaving little optimism for individuals. However, the Club M account not only provides Britons with a chance to grow their cash, but also a number of other benefits which can help in different aspects of life.
Firstly, the Club M account offers a competitive 2.02 percent interest rate to savers. This is available on balances which are up to £1,000. Interest is paid monthly on this account.
This, though, is not all when it comes to this account, and it is also linked to what Virgin Money calls the Club M Saver. Here, Britons can expect an interest rate of 0.50 percent.
However, this is a limited time deal as this particular rate is only available up to September 23, 2021, leaving Britons with just days to get some sort of benefit.
Britons should note that from September 24, 2021, the interest rate will change to 0.35 percent AER – 0.35 percent gross per annum variable.
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While the package is extremely incentivising, Britons will have to meet a fee for maintaining this account. This is currently set by Virgin Money at £14.50.
But the package account also comes with a wide range of benefits which could help Britons in the future, including insurance and other forms of over.
Firstly, there is worldwide family multi-trip travel insurance. This includes cover for booked holidays in the UK – likely to be more common, given the pandemic.
Winter sports are also covered as standard, plus a travel assistance concierge service and GP consultation should it be needed.
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Virgin Money have said this is intended to provide customers with the peace of mind that they are totally covered for their trip and any health needs which could arise from booking their trip until they return home.
In the same sense, the provider has described the account as “for the travel savvy”. This is because it comes with a contactless card, as well as fee-free foreign spending.
The Club M account also offers mobile phone and gadget insurance, useful in an increasingly digital age where people often have more than one device to suit their needs.
Virgin has said it will provide worldwide cover against loss, theft, damage or breakdown through the Club M Account, up to a value of £2,000 per device.
Finally, included in this account is also the ability to have UK breakdown cover for one’s vehicle. This includes roadside assistance as well as cover at home, for example, if someone is parked on the road or in their driveway.
The cover does not alter whether the customer is the driver or the passenger if an incident were to occur, providing full coverage in this regard.
People should be aware, however, that the cover provided by Virgin Money is subject to certain conditions and exclusions as laid out by the provider.
It states that for travel insurance, some but not all pre-existing medical conditions are covered. For this reason, it is worth checking with the bank before putting in an application.
This account also benefits from the Financial Services Compensation Scheme (FSCS) guarantee. This means all eligible deposits are covered up to £85,000 per person should the worst happen.
Britons will be able to make an application for the Club M account by visiting the official Virgin Money website to answer a few questions.
People who already have a current account with the provider may also be able to upgrade to a Club M Account.
Virgin Money encourages these individuals to call them to discuss their options in more detail.Internet Explorer Channel Network