As the tax year ends, don’t forget 6,000 Virgin miles for opening an ISA

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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.

See here for full details.

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.

Virgin Money

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.)

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Comments

  1. Jonathan says:

    Ironically my statement from Virgin Money has arrived this morning. 6x£75 investments and 5000 points later i’m £22.12 down on my capital. Or put another way, the points cost 0.004p each so not the worst investment I’ve ever made. I don’t need the £400 odd so will leave it in for the next 12-18 months or so and the points will cost me nothing eventually (if I can wait that long).

  2. If the typical VS UC “J” fare LHR-JFK-LHR is £1,600 net of £500+ taxes etc, then surely 6,000 FC Miles (7.5%.of the 80,000 VS asks for a redemption seat) are worth £120; so, even with the 1.8% management charges, the FTSE would have to fall 10.2% for a £1,000 investment to to turn sour.

  3. Deenesh says:

    can any Virgin Money customers who have had the miles bonus more than once please confirm. I’m currently wrangling with them as they are refusing to pay me miles after opening a new SS ISA as they say I was already a customer. Thanks.

  4. Louise says:

    I have just checked mine and my husbands ISAs online and from what i can see you cannot withdraw the latest deposit until after 10 days of it being in the ISA, so i have a few days to go.

    My two ISAs are valued at £453(Bond & Gilt) and £451(Bond,Gilt & UK Share)

    There appears to be a withdrawal function on the online account.

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