Virgin Money announces new current account

Virgin Money has announced they’re launching a new current account, slated to launch in late 2019. The account will have a Virgin-focused reward proposition which is currently in development. 

Virgin Money are promising a full-service current account, which will have leading digital capabilities. The account will also utilise money management tools that use CYBG’s award-winning B technology. 

The current account will evolve and include a Virgin-focused rewards programme with unique offers and personalised benefits only available to VirginMoney customers. It aims to work harder for customers by increasing the current account market share from 2.5 per cent to 3.5 per cent. 

The rebrand of the B digital bank to Virgin Money will begin in 2019, and is scheduled to complete in the first half of 2020. This includes the rebranding of B’s flagship stores to Virgin Money, while Yorkshire Bank will begin rebrand changes in late 2019 and Clydesdale Bank will begin in the second half of 2020.  All Clydesdale and Yorkshire Bank (CYBG) rebranding is expected to be complete by the end of 2021.

David Duffy, CEO of CYBG, 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.”

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