The Virgin Money Essential Current Account is a basic bank account that you can apply to open in the UK even if you have a poor credit history. We trust that you find this review of benefit.
Who can apply to open the account?
You must be resident in the UK and at least 18 years of age. If you have a bad credit rating with the credit reference agencies such as having an IVA or being bankrupt you can still apply to open a Virgin Essential Current Account.
Both sole and joint accounts are available.
You can also apply to transfer your current account from another bank to this account.
How do you apply for the Virgin Money Essential Current Account?
You will need to visit one of the Virgin Money Stores that are located in various towns and cities in the UK.
An application form will be completed and you will need to provide photographic identification such as a driving license or a full UK passport as well as a document to confirm your address.
A credit reference search will be undertaken.
It takes around 5 to 7 days to complete the account opening process by which time you should have received your Visa debit card.
What does this basic current account provide?
You will be provided with a Visa debit card that can be used to withdraw cash at certain ATMs in the UK and overseas. You can also withdraw cash using the card at Post Offices and at Virgin Money Stores. The card can also be used worldwide to purchase goods and services online, by phone or in shops in the high street.
You can have your salary, wages, benefits or pension paid directly into your Virgin Money Essential Current Account. You can also pay cash and cheques into your account at a Virgin Money Store and pay cash into your account at Post Offices. You can also send cheques by post to be paid into your account. Electronic payments can also be made into the account.
You can set up direct debits and/standing orders to pay regular household bills.
You can see your balance and recent transactions online or by phone. You can also make one-off payments by phone although the first time this is done it must be through a Virgin Money Store or by post. Statements are sent out by post on a monthly basis.
Credit interest may be paid and credited to your Virgin Money Essential Current Account on a monthly basis.
You may be eligible for a cheque book.
An overdraft facility is not available.
Is there a monthly administration charge?
There is no application fee and no monthly administration fee.
Other charges may apply. Please refer to their website for details.
The Virgin Money Essential Current Account may be suitable for some people looking to open a basic bank current account who do not require an overdraft facility. You can apply for this account even if you have a poor credit rating. It comes with a Visa debit card that is widely accepted worldwide to withdraw cash and purchase goods. Monies can be paid into the account in a variety of ways and you can pay your regular household bills by direct debit or standing order.