Is Virgin Money or Recognise Bank better for your small business?
Below we look at both Virgin Money and Recognise Bank 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.
Virgin Money vs Recognise Bank Trustpilot Reviews
| Virgin Money | Recognise Bank | |
| Trustpilot Review Score (out of 5) | 1.4 | 4.6 |
| Percent 5-Star Reviews | 5% | 77% |
| Percent 1- Star Reviews | 89% | 5% |
| Total Number of Reviews | 6,799 | 539 |
https://www.trustpilot.com/review/uk.virginmoney.com
https://www.trustpilot.com/review/recognisebank.co.uk
Virgin Money vs Recognise Bank App Reviews
| Virgin Money | Recognise Bank | |
| iPhone Review Score (out of 5) | 4.6 | No Rating |
| Number of iPhone Reviews | 125,000 | No Reviews |
| Android Review Score (out of 5) | 4 | No Rating |
| Number of Android Reviews | 23,400 | No Reviews |
https://apps.apple.com/gb/app/virgin-money-mobile-banking/id1482269155
https://www.apple.com/uk/app-store/
Virgin Money vs Recognise Bank Account Fees & Charges
| Virgin Money | Recognise Bank | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | 25 Months | No Limit |
| Cheapest Monthly Account Fee | No | No |
| Most Expensive Monthly Account Fee | No | No |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | 90p per £100 | Free |
| Cheques (in/out) | 30p per cheque | Free |
| CHAPS Payments Cost | £25 | £15 |
| SEPA Payments Cost | £20 | 25p |
Virgin Money vs Recognise Bank Business Savings Rates
| Virgin Money | Recognise Bank | |
| Types of Business Savings Accounts | Instant access accounts, Notice accounts, Fixed term deposit accounts | Notice account, Fixed Rate, Instant access |
| Lowest Savings Rate (AER) | 1.35% | 3.15% |
| Maximum Savings Rate (AER) | 5.15% | 4.50% |
| Minimum Savings Amount | £1 | £1,000 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Virgin Money vs Recognise Bank Account Opening Times
| Virgin Money | Recognise Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 47 Working days | Few minutes |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | No |
Virgin Money vs Recognise Bank Features & Account Types
| Virgin Money | Recognise Bank | |
| Business Current Account | Yes | No |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | No |
| Business Overdraft | Yes | No |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | No |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | Yes |
| Card Type | Mastercard | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | Yes | No |
| Branch Locations | Northern England and Scotland only | None, online and phone only |
Virgin Money vs Recognise Bank Customer Support Options
| Virgin Money | Recognise Bank | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | No |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | No |
Virgin Money vs Recognise Bank Foreign Currency Accounts
| Virgin Money | Recognise Bank | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: | No |
|
Other Business Services From Virgin Money and Recognise Bank
| Virgin Money | Recognise Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | No |
| International Payments | Yes | No |
| Merchant Payment Services | Yes | No |
| Card Machines | No | No |
| Free Accounting Software | Yes | No |
Virgin Money vs Recognise Bank Banking Basics
| Virgin Money | Recognise Bank | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 121873 | 849404 |
| Website | Virgin Money Website | Recognise Bank Website |
Common Comparison Questions
Does Virgin Money or Recognise Bank 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, Recognise Bank scores 4.6 out of 5 based 539 Trustpilot reviews. Of which 77% are 5-star and 5% are 1-star.
Does Virgin Money or Recognise Bank 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, Recognise Bank’s iPhone App is rated No Rating out of 5 based on No Reviews reviews. And it’s Android App is rated No Rating out of 5 based on No Reviews reviews.
Does Virgin Money or Recognise Bank 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, Recognise Bank offers Notice account, Fixed Rate, Instant access accounts with interest rates ranging from 3.15% to 4.50% (AER).
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For other business bank accounts see our guide here.