Charities expected to receive £500,000 boost thanks to Virgin Money current account switchers with new Brighter Money Bundle offer.
- The new Brighter Money Bundle includes a £50 donation to any charity registered with Virgin Money Giving, plus customers will receive a 12 bottle luxury case of wine worth £138 from Virgin Wines
- Virgin Money expects to donate £500,000 to charities through its latest switching offer
- While charity donations have fallen significantly during the pandemic, new research shows one in three people plan to donate more to charities in the coming year
Struggling charities are expected to receive £500,000 with the launch of a new current account switching incentive from Virgin Money.
Switchers to the Virgin Money Current Account will have the chance to make a £50 donation, funded by Virgin Money, to any one of the 13,000+ charities registered with Virgin Money Giving, the UK’s largest not-for-profit fundraising platform. Customers will also receive a luxury case of 12 bottles of Virgin Wine worth £138.
It means switchers can choose to support a range of good causes, from larger household name charities to thousands of smaller organisations.
Charities saw donations drop by 16% in the second half of 2020 compared with the same period in 2019, according to Virgin Money Giving data. As the pandemic took hold, donations dropped from £40.2m between July and December 2020 to £33.7m for the same period in 2019. Donations fell due to range of factors, including mass participation and charity own events either being postponed or transformed into virtual events as well as charity shop closures during lockdowns and shielding volunteers. It is predicted that charities will have lost at least £10bn in income in the 12 months following the start of the pandemic1.
However, new research2 from Virgin Money Giving shows that the outlook may be brighter for charity donations. One in three (34%) said they 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.
Jo Barnett, Executive Director of Virgin Money Giving, said: “2020 was an incredibly difficult year for charities and the fall in donations continues to have an impact on many of the nation’s favourite organisations. It’s promising that our research shows people intend to help more over the next year, and the new switching offer from Virgin Money is a great way to kick-start charity support. Knowing they have helped make a difference to a charity close to their heart during what is an extraordinarily challenging time will give switchers a lift too.”
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.”
A £50 donation could go to:
- Help run Macmillan’s online community for over two hours, helping 22 people affected by cancer to connect with each other and gain much needed support.
- Keep Samaritans’ phone lines open for 5 minutes, providing crucial help to people in crisis.
- Help to pay for Age UK’s regular befriending calls to some of the most vulnerable people in our communities.
- Provide more St John Ambulance and first aid crews across the country.
- Help Mind campaign for better mental health services from the Government.
- Pay for a NSPCC Childline supervisor for two hours, supporting their volunteer counsellors.
- Help Marcus Rashford’s food poverty charity Fareshare, helping deliver enough food for 500 meals.
- Pay for five urgent calls to the Shelter helpline, supporting those under immediate threat of homelessness.
Customers switching to a new Virgin Money Current Account, which is rated ‘Outstanding’ by Moneyfacts, can receive a free luxury case of 12 bottles of wine from Virgin Wines worth £138. A choice of alcoholic and non-alcoholic options are available to choose from. Existing customers can access an offer for a discounted case of Virgin Wines through the ‘Exclusive Rewards’ area of the Virgin Money app.
Further information on the Virgin Money Current Account is available at https://uk.virginmoney.com/current-accounts/pca/
A full list of charities registered with Virgin Money Giving charity is available at https://uk.virginmoneygiving.com/giving/fundraisers/#charity-search