Virgin Money has launched an exciting offer for new customers of its M Power account Link opens in a new window, its free child bank account for 11–17 year-olds.
Starting today, customers who open a new M Power account for their child by 5 March 2025 and deposit at least £1 into the current account by 12 March 2025 will receive a £25 bonus in their child’s linked M Power Saver by the end of March 2025.
This bank account is available exclusively to the children of Virgin Money current account customers. It is designed for savvy young savers and spenders alike, featuring no monthly fee, fee-free debit card spending in the UK and abroad (some ATMS may charge a fee), a dedicated mobile app to help children make the most of their money and a distinctive red debit card made from recycled plastic.
The M Power account pays 1.00% AER* interest on current account balances up to £1,000, with a linked M Power Saver, which is automatically provided for all M Power customers, paying 2.50% AER** on balances up to £25,000. The mobile app is packed with smart features, such as the ability to freeze a misplaced debit card, track their spending and set up savings pots for the things that matter.
In addition to providing children with their own bank account to develop their money management skills, parents/guardians can have peace of mind. Features including real-time spending alerts to parents/guardians and oversight of their children’s finances support their growing independence and empowerment while ensuring safe spending and saving.
Andrew Carter, head of personal banking at Virgin Money, said: “M Power is designed with young people in mind, providing a simple way for young savers and spenders to manage their money while building financial independence and confidence. The new £25 bonus provides a rewarding kickstart for their savings journey, while encouraging them to start building good money management skills early.”
To open an M Power account, parents or guardians can complete a quick and straightforward application via the Virgin Money mobile banking app for their child, who must be aged between 11 and 15 years old at the time of application and have their own mobile number. A maximum of five M Power accounts can be linked to a Virgin Money current account, with parents able to view and manage their child's account within the app. Parents can give the child’s account a nickname, set up spending alerts, and see when, where, and how much their child is spending. This visibility can be removed by the child once they are over 16 years old, or earlier by the parent/guardian if desired.
Key features of the M Power account:
- Parental control: With a clear view of spending and saving activity within the Virgin Money mobile banking app, parents/guardians are able to actively guide their children’s financial journey while maintaining oversight.
- Spending alerts: Parents/guardians can set optional real-time spending alerts, allowing them to monitor their child’s transactions. This feature encourages open conversations about money and helps children understand their spending habits.
- Safe spending: M Power accounts do not offer overdraft facilities, ensuring that younger savers learn to manage within their means. Additionally, spending on certain over-18 websites, such as gambling websites, is automatically blocked.
- Card freeze: Worried about a lost or misplaced debit card? Parents/guardians and children can freeze and unfreeze the M Power debit card directly from the app, providing peace of mind.
- Fee free spending at home and abroad: M Power charges zero fees on spending, both in the UK and overseas, ensuring that young account holders can focus on saving and learning about money without having to deal with any unexpected costs.
- Seamless transition: When the child turns 18, Virgin Money graduates them to the M Plus Account. The M Plus Account comes with a range of features and benefits, including the linked M Plus Saver to help them continue their saving goals.
Find out more about the M Power account Link opens in a new window to take advantage of this exciting offer. The offer is subject to availability and can be withdrawn at any time.
M Power & M Power Saver details
* 1.00% AER (1.00% gross per annum variable) interest rate, paid monthly, on M Power Account balances up to £1,000.
**2.50% AER (2.48% gross per annum variable) on savings balances up to £25,000 and 2.00% AER (1.99% gross per annum variable) on any balance above £25,000. Interest paid quarterly.
Accounts are available for 11–17-year-olds, and customers must be aged 11-15 years old at the time of application.