With the new tax year now underway, Virgin Money is currently offering an impressive 12,000 Flying Club miles to anyone who opens a new stocks and shares ISA.
This is a VERY attractive offer given that the usual deal is just 5,000 or 6,000 miles. The offer runs until 26th June.
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.
There are six different investment funds to choose from.
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 £120, you would still come out on top with a 20% fall in the market by the time you exit.
The £1,000 lump sum investment is clearly riskier – the value of the miles is wiped out with just a 12% 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.
There is an additional upside to having a Virgin Money product – you are able to use the Virgin Money lounges in London and various other cities across the UK. They are surprisingly pleasant and you will occasionally finding me working in the Piccadilly Virgin Money lounge which I reviewed here.