Virgin Money vs the Co-operative Bank compared
Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. You can check a firm’s details on the FCA Register.
Quick answer
Both offer free current accounts with no fees on card spending abroad (Virgin Money) or 0% currency conversion (Co-op). Co-op’s Regular Saver paid 7.00% variable on up to £250 a month; Virgin Money’s Double Take E-Saver paid 4.16% on lump sums with two withdrawals a year.
Both are joining larger mutuals: Virgin Money is part of Nationwide, and Co-op plans to transfer to Coventry Building Society.
Virgin Money vs Co-op Bank compared
| Feature | Virgin Money | Co-operative Bank |
|---|---|---|
| Everyday account fee | £0 (M Plus) | £0 |
| Fees abroad | None from Virgin Money | 0% currency conversion |
| Current account interest | 1.00% AER up to £1,000 | None stated |
| Regular saver | None listed | 7.00% variable, £250 a month |
| Limited access | Double Take E-Saver 4.16% AER | Select Access Saver 5 3.28% AER |
| FSCS | Shared with Nationwide | Would be shared with Coventry after the planned transfer |
Figures as of 4 October 2026, taken from the provider’s own website. Rates and fees can change.
Who each suits
- Virgin Money: lump-sum savers and travellers
- Co-op Bank: monthly savers and ethics-led customers
Who should skip it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You keep large sums with Nationwide or Coventry — FSCS limits are or may become shared
Full explanation
Monthly savers may earn more with Co-op’s Regular Saver; lump sums may earn more in Virgin Money’s Double Take, if two withdrawals a year is enough.
The catch
Double Take allows two withdrawals a year; Co-op’s Regular Saver caps deposits at £250 a month.
Check each bank’s current savings rates.
These go straight to each provider’s own website. They aren’t referral links and we don’t earn from them.
FAQs
Which pays more on savings?
It depends: Co-op’s 7.00% Regular Saver for monthly saving, Virgin Money’s 4.16% Double Take for lump sums, as of 4 October 2026.
Are both FSCS protected?
Yes, but check whether your limit is shared with Nationwide or, after the planned transfer, Coventry.
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