With just a month to go until the tax year ends, it is worth remembering – if you haven’t used up your ISA allowance for the year – that Virgin Money is currently offering 6,000 Flying Club miles to anyone who open a new FTSE Tracker ISA.
Based on previous experience, if you open a Virgin ISA in this tax year, you should receive another bonus if you open another one after 6th April for the 2016/17 tax year.
There are two ways to invest. You can either invest a lump sum of £1,000, or make a £75 monthly investment for at least six months. In either case, you must leave the account open for six months or the miles may be clawed back.
Now, this is obviously an investment and so could lead to the loss of your capital.
The less risky option is £75 x 6 months = £450 invested. If you valued the miles at £60, you would still come out on top with a 10% fall in the market by the time you exit. However, this means that your investment will cross into two tax years.
The £1,000 lump sum investment is clearly riskier – the value of the miles is wiped out with just a 6% fall in the market.
You cannot open this ISA if you already have a ‘stocks and shares’ ISA for the current tax year. You can open one if you only have a ‘cash’ ISA for the current tax year and have not invested your full £15,240.
As always with financial issues, take proper advice if necessary.
In general, the miles post VERY quickly, often within a week.
(Want to earn more Virgin Flying Club miles? Click here to see our recent articles on Virgin Atlantic and Flying Club and click here for our home page with the latest news on earning and spending other airline and hotel points.)