A MAJOR bank has launched a new account offering customers 25% cashback on their petrol and supermarket shops.
The account offers switchers support during the rising cost of living crisis.
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Virgin Money customers will earn the cashback over 60 days, meaning they could earn up to £160.
Virgin’s cashback can be earned by spending at any UK supermarket, including Asda , Morrisons, Sainsbury’s, Aldi, Tesco and more, as well as any UK petrol station.
Switchers will also benefit from 2.02% in-credit interest on balances up to £1,000, plus access to a linked savings account paying 1.71% on balances up to £25,000.
The move comes as food prices rise by 11% to £533 per year due to inflation.
To qualify, new, eligible customers need to apply for the Virgin Money M Plus Account or the Virgin Money Club M Account either online or via the Virgin Money mobile banking app.
You’ll need to use the Current Account Switch Service to change accounts and include at least two direct debits.
You’ll also need to sign up to Virgin Money Cashback in the Virgin Money mobile banking app and pay at least £1,000 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.
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“We’re pleased we can give our customers value when it matters most, helping to make them feel happier about money.”
New customers should receive an email to confirm they are eligible to start earning cashback on UK supermarket and fuel spend after switching.
Your 60 days will start as soon as you receive this email.
An offer tile will also appear in the cashback section of the Virgin Money mobile banking app when the offer becomes available, and you’ll be able to keep track of how long you have left to earn cashback on a countdown timer.
Any cashback earned will be paid into your cashback account within 35 days of each qualifying spend.
But do always have a scout around other banks in case you miss a better deal – plenty of banks offer switching deals and other schemes.
For example, you can get £200 off energy bills by switching to Santander.
The bank is giving out free cash to anyone who opens a 123, 123 Lite, Select or Private current accounts.
With this deal, customers could earn £40 cashback over winter, for the six months from September to February.
This could come in handy as energy prices soar over the colder months.
How do I switch accounts?
If you’re still not sure how exactly to switch accounts, it’s pretty easy.
The Current Account Switch Service does most of the legwork for you, so you don’t have to remember to move direct debits over when you move.
All you need to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
Make sure you double check all the terms and conditions attached to the account first.
If you have an overdraft, you should find out whether your new bank will take it on before switching.
While the switching service makes things easier, you’ll still have to manually update some important things.
While your salary should get redirected to your new account, it’s worth letting your employer know you new payment details just in case.
Changing account is a good time to cancel standing orders that you no longer need.
You should also download a copy of your statements and transaction history, as this information will be wiped when your old account is closed.
You can choose a switch date to suit you – just make sure you allow seven working days for the switch to take place, and that your chosen date isn’t a Saturday, Sunday or Bank Holiday.
Once you’ve fulfilled the terms and conditions of the new bank, you could switch again to earn even more money – although some accounts require you to be a customer for a set period to get the free cash.
You can also check out out top tips for switching current accounts – from a serial switcher who made £400 last year.
