Is Virgin Money or Reliance Bank better for your small business?
Below we look at both Virgin Money and Reliance 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 Reliance Bank Trustpilot Reviews
| Virgin Money | Reliance Bank | |
| Trustpilot Review Score (out of 5) | 1.4 | 3.4 |
| Percent 5-Star Reviews | 5% | 25% |
| Percent 1- Star Reviews | 89% | 25% |
| Total Number of Reviews | 6,799 | 4 |
https://www.trustpilot.com/review/uk.virginmoney.com
https://www.trustpilot.com/review/www.reliancebankltd.com
Virgin Money vs Reliance Bank App Reviews
| Virgin Money | Reliance Bank | |
| iPhone Review Score (out of 5) | 4.6 | 4.7 |
| Number of iPhone Reviews | 125,000 | 451 |
| Android Review Score (out of 5) | 4 | 4 |
| Number of Android Reviews | 23,400 | 144 |
https://apps.apple.com/gb/app/virgin-money-mobile-banking/id1482269155
https://apps.apple.com/us/app/reliance-bank-mobile-banking/id1050676219
Virgin Money vs Reliance Bank Account Fees & Charges
| Virgin Money | Reliance Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 25 Months | NA |
| Cheapest Monthly Account Fee | No | £7.50 |
| Most Expensive Monthly Account Fee | No | £7.50 |
| Electronic Payment Cost (in/out) | Free | 25p |
| Cash Payments Cost (in/out) | 90p per £100 | 30p / 25p per £100 |
| Cheques (in/out) | 30p per cheque | 30p / 25p |
| CHAPS Payments Cost | £25 | £15 |
| SEPA Payments Cost | £20 | 25p |
Virgin Money vs Reliance Bank Business Savings Rates
| Virgin Money | Reliance Bank | |
| Types of Business Savings Accounts | Instant access accounts, Notice accounts, Fixed term deposit accounts | Instant Access, Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.35% | 2.15% |
| Maximum Savings Rate (AER) | 5.15% | 4.40% |
| Minimum Savings Amount | £1 | £1,000 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Virgin Money vs Reliance Bank Account Opening Times
| Virgin Money | Reliance Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 47 Working days | 7 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Virgin Money vs Reliance Bank Features & Account Types
| Virgin Money | Reliance Bank | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | No |
| Business Overdraft | Yes | Yes |
| Accounts For Startups | Yes | No |
| 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 | London |
Virgin Money vs Reliance Bank Customer Support Options
| Virgin Money | Reliance Bank | |
| 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 Reliance Bank Foreign Currency Accounts
| Virgin Money | Reliance 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 Reliance Bank
| Virgin Money | Reliance Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | No |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | No | No |
| Free Accounting Software | Yes | No |
Virgin Money vs Reliance Bank Banking Basics
| Virgin Money | Reliance Bank | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 121873 | 204537 |
| Website | Virgin Money Website | Reliance Bank Website |
Common Comparison Questions
Does Virgin Money or Reliance 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, Reliance Bank scores 3.4 out of 5 based 4 Trustpilot reviews. Of which 25% are 5-star and 25% are 1-star.
Does Virgin Money or Reliance 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, Reliance Bank’s iPhone App is rated 4.7 out of 5 based on 451 reviews. And it’s Android App is rated 4 out of 5 based on 144 reviews.
Does Virgin Money or Reliance 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, Reliance Bank offers Instant Access, Fixed Term, Notice Savings accounts with interest rates ranging from 2.15% to 4.40% (AER).
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For other business bank accounts see our guide here.