Virgin Money has created a current account switching incentive that will enable switchers to its Current Account to make a £50 donation, paid for by Virgin Money, to any one of the 13,000+ charities registered with Virgin Money Giving.
Virgin Money expects the initiative to raise £500,000 for the sector, based on the anticipated volumes of eligible switchers and using historical data from recent switching activity.
Fergus Murphy, Group Personal Director at Virgin Money, said:
“Everyone wants something to feel good about right now, so we think we’ve created the perfect reward. By giving people £50 to donate to a charity of their choice, while also sending them a case of wine, we’re helping customers reward themselves and a cause close to their heart.”
While it is predicted that charities will have lost at least £10 billion in income in the 12 months following the start of COVID-19, research conducted in January by survey consultants Censuswide suggests that a significant proportion of people (34%) plan to support charities more over the next 12 months than they have during the last year, with less than one in ten (9%) planning to reduce their support, despite the pressures of the current economic environment. Over half (51%) of those planning to support charities more said it is because there will be more people in need due to the pandemic, while 30% think they will be in a better financial position to help.
Customers switching to a new Virgin Money Current Account can also receive a free luxury case of 12 bottles of wine from Virgin Wines worth £138. The donation and the wine offer is available to all new Virgin Money Current Account customers who apply online and complete a full switch using the Current Account Switching Service, including two direct debits set-up on the account, downloading and registering for the mobile app and who deposit at least £1,000 into a linked savings account within 31 days of the account opening.
Jo Barnett, Executive Director of Virgin Money Giving, said:
“2020 was an incredibly difficult year for charities. We know they need more help and at Virgin Money we want to do what we can to support our third sector and give our charities a much-needed boost. By bringing together Virgin Money and Virgin Money Giving, we’re helping new customers make a free donation to charity at what is a really difficult time for the sector. It couldn’t be easier and there are thousands of good causes on Virgin Money Giving to choose from.”
Charities can register with Virgin Money Giving on its website, but please note that there is a fee of £150 + VAT to register, followed by transaction charges.
Source: UK Fundraising