Virgin Money, a UK-based lender and part of Sir Richard Branson’s group of companies, is to enter into current account market in 2014.
The move by the lender comes a week after Tesco announced entry into the segment, following the onset of new rules that will allow customers to switch accounts in seven days.
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Virgin is currently piloting the current accounts with its 3,000 staff and plans to officially launch the accounts to public in spring 2014.
The inaugural account will come with basic services, including a debit card without any overdraft and free access to ATMs in the UK. The account will not have any fees or charges.
According to sources familiar with Virgin Money’s plans, the lender will offer more sophisticated accounts in Scotland and Northern Ireland in first quarter of 2014, with plans to offer nationwide coverage and a digital banking service by the end of 2014.
Virgin Money CEO, Jayne-Anne Gadhia, was quoted by Sky News as saying, "Our entry into the current account market is a significant step on our quest to make banking better."
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By GlobalDataVirgin Money will join Metro Bank, which recently started offering current accounts in the UK.
