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

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• Martin wood says:

  2 Mar2 March 06:20

  And Virgin’s annual management charge for this product is significantly above what you’d pay elsewhere.

  • Talay says:

    2 Mar2 March 07:11

    Exactly !

    Can’t see any upside to this as presumably there are charges to exit and transfer, even if only dealing / spread costs.

    You could, theoretically, open this and then transfer the ISA to another provider but I can’t help but think the £60 incentive would be wiped out and if you value your time at all, then you would surely be working for less than minimum wage 🙂

• James67 says:

  2 Mar2 March 07:05

  I opened one of these for the points last November and have made 4x£75 payments already. I seem to recall somebody commenting on a previous post that you have to keep it for 6 months for some reason. Is this true or can I cancel it now without issues or penalties? If I continue making payments to this one after 6th April does that preclude me from opening a S&S ISA with another provider in new tax year? Thanks.

  • Talay says:

    2 Mar2 March 07:08

    You can only invest in one ISA in a single tax year so I suspect they will “open” you a 2016/17 ISA in April to harvest the continuing payments, which would preclude you from opening another elsewhere !

  • Rob says:

    2 Mar2 March 07:44

    You need to make 6 payments or they say they may reclaim the miles.

    • yetyom says:

      2 Mar2 March 08:17

      Money gets deducted on the 1st of every month from November 2015 for my ISA. Am I safe to cancel immediately after the 1st of April deduction (so I can avoid crossing into 16/17 tax year) or do I have to wait till end of April? Thanks!

    • Tilly71 says:

      2 Mar2 March 08:42

      You could transfer the points out!

      • Andy says:

        2 Mar2 March 21:24

        I’ve already done that and in the 5 payments I’ve made my investment has lost £20

    • James67 says:

      2 Mar2 March 16:31

      Thanks Rob, that is the specific piece of information I was trying to recall. Thanks to everybody else too.

• Alex W says:

  2 Mar2 March 08:46

  With so much uncertainty with the EU referendum coming up, I can’t see FTSE doing very well in the near future. While we’re on that topic, what do we think will be the “Brexit” impact to HFP readers? As a significant portion of my salary goes on holidays, it would be useful to have some insight. Not.in the usual theme but perhaps HFP could do an article?

  • Rob says:

    2 Mar2 March 10:55

    No more EU261 compensation!

  • Mr Pax says:

    2 Mar2 March 11:37

    PS.
    The offer is for “Virgin Money Stocks and Shares ISA” not just the FTSE All Share tracker as written in the article. There is a Gilts and Bonds fund too.

  • ankomonkey says:

    2 Mar2 March 14:34

    Maybe the UK can escape the EU interchange cap that’s threatening our credit card rewards so much…

  • Steve says:

    3 Mar3 March 01:41

    My understanding is that BA have to offer the ex eu fares to all eu citizens. However should the UK leave the eu, we may start seeing BA changing the rules of the tickets banning uk citizens from taking part.

• Alex W says:

  2 Mar2 March 08:48

  Can you pay in the £1000 then immediately withdraw £999 to keep the account open for 6 months?

  • Hairy McFlairy says:

    2 Mar2 March 23:05

    It would be against the Ts & Cs – “you can invest a lump sum of £1000 or more, held in the account for a minimum of 6 months”

• Leo says:

  2 Mar2 March 08:52

  Don’t understand the negativity about this. I saw the article last year, first direct debit made in August 15, cashed out in February 16. I had £1.50 profit! Guess what guys this was not a real investment and purely a points earning exercise. Cost me the 5 minutes to set up and the (admittedly) 2 phone calls to exit. Customer services were great by the way. Easier than insuring a non-existent pet in my book!

  • Genghis says:

    2 Mar2 March 08:59

    I think people don’t like the at most 10% sensitivity. A small movement in the fund’s value could wipe out the value of points and start eating into your capital. At least with pet insurance you know how much it is going to cost you.

• Dale says:

  2 Mar2 March 08:59

  +1 I think this is a great deal from Virgin and one I’ve taken advantage of twice, 12000 miles plus a healthy return on investment. 5 star.

• Genghis says:

  2 Mar2 March 10:44

  OT but don’t think it’s been mentioned yet. My wife pointed out that HfP got a mention on Daily Mail online yesterday: http://www.dailymail.co.uk/travel/travel_news/article-3465575/No-wonder-looks-happy-Expert-travelling-free-does-flying-12000-miles-New-York-Melbourne-business-class-without-spending-single-penny.html

  • AndyS says:

    2 Mar2 March 21:22

    It says “without spending a penny” but what about taxes and fees, these were paid! Typical Daily Mail story!

    • harry says:

      2 Mar2 March 21:35

      What about the value of the points?

      • Genghis says:

        2 Mar2 March 21:47

        I know. I didn’t like the article myself. Flights certainly aren’t ‘free’, but ‘good value’. Doesn’t make for much of a story then though does it…

• Mr Pax says:

  2 Mar2 March 11:34

  I assume this offer only applies to the ISAs. I’m non-tax resident so can’t open the, but could open a non-ISA product if the promo allows.

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