Virgin Money is making a play for the mass affluent.

The brand released a new current account for U.K. customers last week, the first product launched by the bank since it was acquired by CYBG in 2018. With its mixture of personal finance management tools, savings features and remodeled branches, Virgin Money is aiming for tech savvy customers who enjoy the extra perk or two.

“The key segment we really want is customers who we characterize as either ‘established affluent’ or on the journey to affluence,” said Zack Hocking, head of deposits at Virgin Money. “We’re not necessarily going after customers who just want to open an account and use it to transfer their spending money.”

The sweet spot for Virgin Money is customers who typically hold between £5,000 and £15,000 (from around $6,700 and $20,000) in their checking accounts. Hocking explained that Virgin Money wants its offerings to be more than ‘paycheck motels,’ or secondary accounts customers use to deposit spending money. The bank is using events to appeal to customers who demand more than low fees, digital interfaces and personal finance tools typical of most digital-only challenger banks.

To hook these customers, Virgin Money is using a ‘digital plus human’ approach. The account includes an app with savings sub-accounts and spending analysis capabilities. Alongside that, customers can go to any of Virgin Money’s 220 U.K. branches, some of which feature yoga classes and studios where customers can record their own podcasts in-branch.

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With free internet access, co-working spaces and networking events, Virgin Money’s branches are aimed at commercial clients, including freelancers and entrepreneurs. Use of the branches isn’t restricted to bank customers, according to Hocking.

“Where we have a high-quality branch presence, the digital performance of our business improves in that immediate locale,” he said. “We get a little bit of a halo effect from the branch onto the digital side.”

Meanwhile, its product offerings are seen to be competitive when compared to offerings from both legacy and challenger banking brands. The current account offers an interest rate of 0.5% for balances of up to £2,000 ($2,700), and customers can send money to a Virgin Money savings account in seconds that offers 1% interest. 

The app also combs through customers’ finances to assess whether a switch from the customer’s utility provider will result in savings, through the GoCompare platform, a product recommendation engine reminiscent of Credit Karma that generates revenue through referral fees brands pay it when customers purchase a product.

CYBG acquired Virgin Money last year, and it rebranded its two bank arms, Yorkshire and Clydesdale Bank, under the Virgin Money name. 

Virgin Money has 6.6 million customers throughout the U.K. and faces competition from incumbents as well as challengers that are aggressively courting customers with high interest rates on savings accounts and low fees. Monzo, for example, offers savings accounts and sub-accounts, including long-term fixed accounts with up to 1.4% interest. 

Ron van Wezel, senior analyst at Aite Group, told Bank Innovation Virgin Money’s features won’t be enough to differentiate in a crowded market. He added, however, the bank’s 24-hour customer service and branch presence might appeal to older, affluent customers.

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