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Switchers will also benefit from 2.02 percent interest on balances up to £1,000. They will also get 1.71 percent on balances up to £25,000 via their linked savings account, with a one percent interest rate on balances over £25,000.
Cashback can be earned by spending at any UK supermarket, including Asda, Tesco, Morrisons, Sainsbury’s, Waitrose, Aldi and Lidl.
Customers can also get cashback at any UK petrol station.
To qualify, customers need to apply for either of the two accounts online or on the Virgin Media mobile banking app.
Applicants must use the Current Account Switch Service, and they will need to arrange at least two direct debits to sign up for cashback.
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At least £1,000 must be paid into the linked saver account within 45 days of opening the account.
Hugh Chater, chief commercial officer at Virgin Money, said: “Our latest switching offer enables customers to earn cashback on their everyday supermarket and fuel spending at a time when the cost-of-living crisis continues to challenge people’s spending and saving habits.
“We’re pleased we can give our customers value when it matters most, helping to make them feel happier about money.”
New customers will get an email to confirm they are eligible to start earning cashback on their UK supermarket and fuel spending.
They will have 60 days from the date of the confirmation email to earn 25 percent cashback, up to a maximum of £160.
An offer tile will also appear in the cashback section of the app once the offer is available.
Customers will also be able to track how long they have left until the offer finishes.
The Virgin Money M Plus and Club M accounts come with a debit card with no overseas spending or withdrawal fees.
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The product includes a linked savings account with 1.71 percent variable on balances up to £25,000.
Budgeting tools and transaction tagging are also available, as well as spending and balance alerts.
Customers must be over 18 and live in the UK.
Virgin Money is also currently offering a 2.4 percent rate on its One Year Fixed Rate ISA.
Britons only need to deposit £1 to open an account and savers can put in up to £20,000 in the current tax year.
Money paid into the account will accrue interest immediately, although it cannot be withdrawn for six working days.
There is a charge of 60 days’ interest for those who withdraw cash before the account matures.
The monthly interest is paid on the last day of the month and the annual interest is paid on August 5.
Customers will be able to access this interest the next working day.
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