Virgin Money aims to increase the current account market share to 3.5% from present 2.5%


Image: The Virgin Money’s new current account will have advanced digital capabilities. Photo: courtesy of Virgin.

Virgin Money is set to launch a new full-service current account with Virgin-focused reward proposition, that is currently in development.

Scheduled for launch in late 2019, the account will have advanced digital capabilities and will utilise money management tools that leverage CYBG’s B technology.

New current account will include Virgin-focused rewards programme

Available to VirginMoney customers, the current account will include a Virgin-focused rewards programme with unique offers and personalised benefits.

The Virgin Money’s move aims to increase the current account market share from to 3.5% from the present 2.5%.

Last year, CYBG, the owner of Clydesdale Bank and Yorkshire Bank, had acquired Virgin Money, in a deal valued at around £1.7bn.

As a result, the rebranding of the B digital bank to Virgin Money is scheduled to commence in 2019, and be completed in the first half of 2020.

Additionally, Yorkshire Bank plans to start rebranding in late 2019 while Clydesdale Bank will begin rebranding in the second half of 2020.

Rebranding of all Clydesdale and Yorkshire Bank (CYBG) is expected to be completed by the end of 2021.

The move means all customers of Clydesdale Bank, Yorkshire Bank, B, and Virgin Money brands be served from a single banking entity.

CYBG CEO David Duffy said: “Banking is changing at an unprecedented rate. Consumers are using new technology in every part of their lives. With amazing customer experiences available in other industries, they are rightly demanding so much more from their banks.

“We have a clear ambition to disrupt the status quo with the new Virgin Money. The new Group combines the iconic Virgin brand, with its distinctive and brilliant customer experience, with CYBG’s technology, product expertise and know-how. We believe we have the winning formula that will create a new force in consumer and business banking.”

Virgin Money offers various financial products, including savings, current accounts, business accounts, mortgages, credit cards, insurance, and pensions.