Customers who switch to Virgin Money can now support charities as they do so, following the relaunch of the Brighter Money Bundle. The new offer includes a £50 donation from the bank to any charity registered to Virgin Money Giving.
It comes as charities have felt the impact of the inability to fundraise in the same way as usual, due to the coronavirus pandemic.
Virgin Money Giving data shows charities saw donations drop by 16 percent in the second half of 2020 compared with the same period in 2019.
As the pandemic took hold, donations dropped from £40.2million between July and December 2020 to £33.7million for the same period in 2019.
It predicted that charities will have lost at least £10billion in income in the 12 months following the start of the pandemic, the Charity Finance Group has warned.
Despite charity donations having fallen significantly during the COVID-19 crisis, new research shows one in three people plan to donate more the charities in the coming year, the bank said.
Jo Barnett, Executive Director of Virgin Money Giving, said: “2020 was an incredibly difficult year for charities and the fall in donations continues to have an impact on many of the nation’s favourite organisations.
“It’s promising that our research shows people intend to help more over the next year, and the new switching offer from Virgin Money is a great way to kick-start charity support.
“Knowing they have helped make a difference to a charity close to their heart during what is an extraordinarily challenging time will give switchers a lift too.”
Fergus Murphy, Group Personal Director at Virgin Money, said: “Everyone wants something to feel good about right now, so we think we’ve created the perfect reward.
“By giving people £50 to donate to a charity of their choice while also sending them a case of wine, we’re helping customers reward themselves and a cause close to their heart.”
The Virgin Money Giving donation and Virgin Wines offer is available to all new – and eligible – Virgin Money Current Account customers who meet the following terms.
They must apply online and complete a full switch using the account, including two direct debits set-up on the account, as well as download and register for the mobile app and deposit at least £1,000 into a linked savings account within 31 days of the account opening.
The Virgin Money Current Account currently offers an interest rate of 2.02 percent AER (two percent gross per annum variable) on balances up to £1,000.
Any money which exceeds the £1,000 threshold will be subject to a zero percent interest rate.
These current account holders can also open a linked Virgin Money Instant Savings account.
This instant access account will pay 0.50 percent AER/gross pa on the savings balance up to April 26, 2021. The interest is paid quarterly.
From April 27, 2021, however, the interest rate will reduce to 0.35 percent AER/gross pa variable).
Virgin Red customers can also open the Virgin Money Current Account.
These customers who open the account through the Virgin Red app will be eligible to earn 15,000 Virgin Points instead of the Brighter Money Bundle offer.
This is an offer exclusively open to Virgin Red customers for a limited period of time only, and the qualifying criteria to receive the points are the same as for the Brighter Money Bundle offer.