Is Virgin Money or RBS (Royal Bank of Scotland) better for your small business?
Below we look at both Virgin Money and RBS (Royal Bank of Scotland) reviews on Trustpilot along with their App reviews from Apple and Google.
We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.
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Virgin Money vs RBS (Royal Bank of Scotland) Trustpilot Reviews
| Virgin Money | RBS (Royal Bank of Scotland) | |
| Trustpilot Review Score (out of 5) | 1.4 | 1.3 |
| Percent 5-Star Reviews | 5% | 7% |
| Percent 1- Star Reviews | 89% | 89% |
| Total Number of Reviews | 6,799 | 838 |
https://www.trustpilot.com/review/uk.virginmoney.com
https://www.trustpilot.com/review/www.rbs.co.uk
Virgin Money vs RBS (Royal Bank of Scotland) App Reviews
| Virgin Money | RBS (Royal Bank of Scotland) | |
| iPhone Review Score (out of 5) | 4.6 | 4.8 |
| Number of iPhone Reviews | 125,000 | 106,900 |
| Android Review Score (out of 5) | 4 | 4.3 |
| Number of Android Reviews | 23,400 | 81,700 |
https://apps.apple.com/gb/app/virgin-money-mobile-banking/id1482269155
https://apps.apple.com/gb/app/royal-bank-of-scotland/id334852412
Virgin Money vs RBS (Royal Bank of Scotland) Account Fees & Charges
| Virgin Money | RBS (Royal Bank of Scotland) | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | 25 Months | 24 Months |
| Cheapest Monthly Account Fee | No | Free |
| Most Expensive Monthly Account Fee | No | Free |
| Electronic Payment Cost (in/out) | Free | 35p |
| Cash Payments Cost (in/out) | 90p per £100 | 70p per £100 |
| Cheques (in/out) | 30p per cheque | 70p per item |
| CHAPS Payments Cost | £25 | £20 |
| SEPA Payments Cost | £20 | 45p |
Virgin Money vs RBS (Royal Bank of Scotland) Business Savings Rates
| Virgin Money | RBS (Royal Bank of Scotland) | |
| Types of Business Savings Accounts | Instant access accounts, Notice accounts, Fixed term deposit accounts | Business reserve, Liquidity manager notice, Treasury reserve, Client deposit manager, Client account manager |
| Lowest Savings Rate (AER) | 1.35% | 1.46% |
| Maximum Savings Rate (AER) | 5.15% | 4.25% |
| Minimum Savings Amount | £1 | No |
| Interest Paid On Foreign Currencies | Yes | Yes |
Virgin Money vs RBS (Royal Bank of Scotland) Account Opening Times
| Virgin Money | RBS (Royal Bank of Scotland) | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 47 Working days | 5 to 7 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Virgin Money vs RBS (Royal Bank of Scotland) Features & Account Types
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| Virgin Money | RBS (Royal Bank of Scotland) | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | Yes |
| Business Overdraft | Yes | Yes |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | Yes |
| Card Type | Mastercard | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | Yes |
| Branch Locations | Northern England and Scotland only | UK-wide including the ability to use some Natwest locations |
Virgin Money vs RBS (Royal Bank of Scotland) Customer Support Options
| Virgin Money | RBS (Royal Bank of Scotland) | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | Yes |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | Yes |
Virgin Money vs RBS (Royal Bank of Scotland) Foreign Currency Accounts
| Virgin Money | RBS (Royal Bank of Scotland) | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: | No |
|
Other Business Services From Virgin Money and RBS (Royal Bank of Scotland)
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| Virgin Money | RBS (Royal Bank of Scotland) | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | No | Yes |
| Free Accounting Software | Yes | Yes |
Virgin Money vs RBS (Royal Bank of Scotland) Banking Basics
| Virgin Money | RBS (Royal Bank of Scotland) | |
| Bank Type | High Street | High Street |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 121873 | 114724 |
| Website | Virgin Money Website | RBS (Royal Bank of Scotland) Website |
Common Comparison Questions
Does Virgin Money or RBS (Royal Bank of Scotland) have better customer reviews?
Virgin Money scores 1.4 out of 5 based 6,799 Trustpilot reviews. Of these reviews 5% are 5-star and 89% are 1-star.
Whereas, RBS (Royal Bank of Scotland) scores 1.3 out of 5 based 838 Trustpilot reviews. Of which 7% are 5-star and 89% are 1-star.
Does Virgin Money or RBS (Royal Bank of Scotland) have a better App?
Virgin Money’s iPhone App is rated 4.6 out of 5 based on 125,000 reviews. And it’s Android App is rated 4 out of 5 based on 23,400 reviews.
In comparison, RBS (Royal Bank of Scotland)’s iPhone App is rated 4.8 out of 5 based on 106,900 reviews. And it’s Android App is rated 4.3 out of 5 based on 81,700 reviews.
Does Virgin Money or RBS (Royal Bank of Scotland) have better business savings rates?
Virgin Money offers the following types of business savings accounts: Instant access accounts, Notice accounts, Fixed term deposit accounts with interest rates ranging from 1.35% to 5.15%. (AER)
In contrast, RBS (Royal Bank of Scotland) offers Business reserve, Liquidity manager notice, Treasury reserve, Client deposit manager, Client account manager accounts with interest rates ranging from 1.46% to 4.25% (AER).
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For other business bank accounts see our guide here.