Virgin Cash launches ‘free wine’ switching supply – how does it examine?
Is Virgin’s current account any good?
Virgin Money’s current account is our top pick for interest on credit balances, as it offers 2.02% AER variable interest on up to £1,000 and a linked easy-access account paying 0.5%.
It’s also a top pick for overseas use, as it doesn’t charge any fees for spending or withdrawing cash anywhere in the world.
The bank itself has got a decent customer service record – in the latest official banking service poll, 60% of its customers said they were “extremely likely” or “very likely” to recommend it.
How does Virgin’s new switching offer compare?
We’ve seen non-cash switching bonuses before so this concept isn’t completely a first. For example, in 2018 First Direct offered a range of incentives including gadgets and online courses. But Virgin is currently the only bank offering a non-cash bonus.
It claims the wines included are worth £180, and if you purchased the bottles separately on the Virgin Wines site they would indeed cost £181.85 (see below for the full list).
Yet Virgin Wines is currently offering new customers a £25 discount voucher on its site with no sign-up necessary, or £40 if you sign up to its subscription service. This means you could bring the cost down to £156.85 or £141.85.
Just bear in mind the subscription takes an amount from your bank account each month – the default is £25 – which you use as credit to buy wine from the site. You can, however, cancel penalty-free at any point.
But Virgin’s current account deal is essentially worth more than the top cash switch bribe, so if you really want ALL of the specific wines included in this case, this Virgin offer could be very appealing.
If you’re less discerning about your wine, it’s likely the cash incentives on offer elsewhere would be a better option.
For example, you can currently get £125 in cash from NatWest or HSBC. This could easily pay for a smaller 12-bottle case of wine from Virgin Wines (or a 16-bottle case if you use a voucher), with a few pounds to spare.
Alternatively, you could make the cash go even further if you buy your wine from a supermarket where you can likely pick up similar bottles for less – see our cheap wine deals.