The site allows charities to publish their own pages and send out email alerts with links to them.
Fundraisers are not yet able to start using the site, but Virgin Money said it would announce the start of that service shortly.
A spokesman for Virgin Money said the service would raise more money for charities than other online giving sites because it would look only to cover its costs. He said it would charge a £100 set-up fee for charities and a 2 per cent transaction fee on donations, but would not charge for administering Gift Aid.
Justgiving typically charges 90p to process a £10 donation that is eligible for Gift Aid.
The Virgin Money spokesman said it would also allow charities to view data about their fundraisers and donors through customisable reports.
Virgin founder Richard Branson said: "As a not-for-profit business, charities can be confident that Virgin Money Giving's fees are as low as we can possibly make them so they receive the maximum amount possible from every donation. For every £100m raised, more than £5m extra will find its way to the intended causes."