Virgin Money to offer current account
After Tesco announced they were going to start offering a current account to customers, Virgin Money are going to do the same as of 2014, with both companies taking advantage of new rules that allow everyone to change their bank accounts in seven days.
Currently, Virgin is piloting the new current accounts with some of its staff, but it looks likely that they'll be offering them up to the general public in Spring 2014. The initial launch will be aimed at people without an account, which will be a basic, no-charges account where you get a debit card but no overdraft.
Later next year, they should have a more sophisticated account, once they'd settled on the finer details of it all.
Of course, this isn't the first time Virgin have dealt with people's finances. Years ago, they had the Virgin One mortgage deals, before they sold it to RBS where it became The One Account. Virgin also bought out Northern Rock and it seems they're finally going to make use of that branch of the business.
There's renewed interest in new current accounts and making a challenge to high street banks as the old guard have got a pretty lousy name for themselves after a spate of scandals and technical blunders. A shuffling of government regulations means that there'll be a separation between retail and investment banking too, which will invariably result in banks to increasing fees for current accounts, so the more competition, the better it is for us.