LAST CHANCE: 12,000 Virgin Flying Club miles for opening an ISA

Here is a reminder that you have just 48 hours left to take advantage of this very generous deal from Virgin Money.

With the new tax year now underway, Virgin Money is offering an impressive 12,000 Flying Club miles to anyone who opens a new stocks and shares ISA.

See here for full details.

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, ie Sunday.

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.

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.

(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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  1. With the Brexit confirmed is it wise to buy a stocks and shares isa?

    • Andrew (@andrewseftel) says:

      There’s certainly a school of thought that you should be buying when everyone else is selling…

  2. harry says:

    Sainsbury’s travel money does not seem up with events…rates to buy holiday money same as yesterday?

    • Thanks Harry. Just ordered some USD @ 1.44.

      • harry says:

        let’s hope we get them

        strange that Travelex runs it for Sainsbury’s and the Travelex site is up with events but not Sainsbury’s

      • Just received my confirmation email from Sainsbury for my USD @ 1.44

        • Genghis says:

          Nice. I tried to get in there this morning but website didn’t appear to be functioning properly.

  3. Hi Nick where did you buy from @that rate?

  4. Alex W says:

    Is there anyone in their right mind who is going to invest in a stocks & shares ISA now after his Brexit disaster. I opened one last week on the assumption that I would smash in a few £k thus morning to jump on the surge. I won’t be doing that now…

    • harry says:

      but £75/ month is pound cost averaging so (for new ISAs) your risk is fairly low that any extreme change in a month will hurt you

      many of us went for the lowest risk Virgin ISA (100% bonds & gilts) and we’re doing rather well out of these events – flight to safety

    • the_real_a says:

      Brexit opportunity you mean? Our products have just become 10% cheaper to our foreign customers, which puts us a significant advantage. The only question now is margin or volume.

    • By the same token, there will be some people investing now to take advantage of any upside. Yes, there is plenty of uncertainty, but the Ftse100 was 500 points higher a year ago and 200 a few days ago (although personally I believe it is likely to drop further). But as other posters have said, there are lower risk options than all-share funds…

  5. Luxparkbaby says:

    Does anyone know if this is a once only opportunity or can you get 12,000 miles now by opening an ISA in 16/17 even if you took up the same Virgin Money offer for the last tax year?

    • harry says:

      You can get it every year but you need to observe the strict ISA rules, ie if you even paid £1 into your old ISA this tax year, you can’t open another one (I think!).

      From Virgin POV, no problem opening 1 ISA every year & getting the points

      • Mycity says:

        Harry does that apply if you have a virgin ISA from last tax year 14/15 running, ie will you still get the points this year tax 15/16

        • harry says:

          it’s contributions that count, ie the date you pay in

          you can have multiple isas ‘running’ ie in existence, but my understanding is you can only pay into 1 stocks n shares isa each tax year

          so if you stopped contributing to isa #1 last tax year, you’ll be fine to start isa #2 this tax year

          and get the points of course

        • Sam Wardill says:

          The Ts & Cs state “This offer is open to Virgin Atlantic Flying Club members who invest in a new Virgin Money Stocks and Shares ISA from 28
          April until 26 June 2016.” I had a 2015 /16 ISA which I paid in £75 / month. There were 6 payments in 2015/16 tax year. A payment was also made 1st May. I then stopped payments because Virgin Money told me I would not get the 12,000 points. I’m debating whether to restart payments and fight Virgin Money for the points. I think they will have trouble refusing them to me under the Ts & Cs of the offer. What do others think?

        • harry says:

          I don’t think legally you can do that – nothing to do with Virgin, who presumably would love your business

          You can’t pay into 2 different Stocks & Shares ISAs in the same tax year, so your 1 May payment means you can’t open a new ISA

        • harry says:

          and you don’t stand a snowball’s of getting the 12K points from Virgin because you didn’t (couldn’t, legally) open ‘a new Virgin Money Stocks and Shares ISA from 28 April until 26 June 2016’

  6. Thanks to the disastrous Leave vote you can now pick up most shares for at least a 10% discount now so perhaps a good deal. Oh except for the fact that the UK is about to get its credit rating downgraded and the pound has plummeted…

    • Plus there might be further drops when more details emerge of the terms of exit and how long it will take etc.

  7. Nick M says:

    Roughly how long does it take for the points to post? – I signed up last week, so interested to have a rough idea of when I should expect them…

  8. Dave R says:

    If opting for the £75 x 6 months investment, are the points credited after signing up or after the 6th month?

    • I did the 75 a month beginning of May and the miles posted very quickly. I don’t remember how long exactly but within a week I think.

    • Genghis says:

      A couple of days after signing up. They’ll post before your first DD taken

      • Danny says:

        Opened one late evening on 22nd June and the 12,000 miles have already just posted!

  9. Sam Wardill says:

    To harry’s point earlier “and you don’t stand a snowball’s of getting the 12K points from Virgin because you didn’t (couldn’t, legally) open ‘a new Virgin Money Stocks and Shares ISA from 28 April until 26 June 2016’”. Is each year’s ISA not (by definition) a ‘new’ ISA?

    • Genghis says:

      That would be my reading of that term: even if you have had Virgin ISAs prior to 16/17 tax year, if you open this stocks and shares ISA with Virgin you will get the bonus points.

      Of course you can only pay into one ISA per year. Each year’s ISA is a separate wrapper.

      • harry says:

        Sam contributed to last year’s ISA in May this year…he’s not allowed to open another ISA this year because you can’t contribute to 2 different stocks & shares ISAs in the same year…

        • Sam Wardill says:

          Why is it last year’s ISA? Each year’s ISA is a new one

        • harry says:

          That’s where you’re mistaken. Eg you open an Isa in (say) March. You can then pay into it March, April, May etc, contributing in as many months, in as many years as you like – provided you do not exceed the limits each year. It’s just 1 ISA.

          You contributed to last year’s S&S ISA in May this year, meaning you can’t open a new S&S ISA this year. Therefore you cannot open Virgin’s new ISA, earning 12K points.

          Nul points for you, I’m afraid lol

        • Genghis says:

          That’s right Harry. You can only pay into one ISA each tax year. If you paid into an ‘old’ one (ie. Set up before this tax year), tough. That’s your ISA for 16/17 into which you can pay £15k or so in 16/17

        • Genghis says:

          Indeed. Wasn’t paying attention.

        • Sam Wardill says:

          Genghis do you now agree with Harry?

        • Genghis says:

          Yes. You paid into an ‘old’ ISA in 16/17 tax year. Therefore you are not able to open a new one and benefit from the bonus

  10. Did anyone take up the recent virgin white credit card promo for 10,000. I did but when my bonus posted today it was only 3000

  11. Carlo says:

    Decided upon a Bond, Gilt, UK and Overseas Share Fund this evening. Slow and steady rise after today’s shock .

  12. Genghis says:

    Signed up to Virgin Money lounges online and visited the Virgin Lounge on Haymarket, London earlier this afternoon. It’s a decent space with good coffee, average cold drinks and biscuits. Toilets were decent. I’d pop in again for a coffee.

    • Not been there. Piccadilly probably nicer as standalone, ie not part of a branch, so more like an airport lounge.

  13. Has anyone who signed up on Sunday got their miles yet?

    • Chris says:

      I’ve got my miles today but I’ve only got given 6000 instead of the advertised 12000. After 20 minutes on the phone trying to explain this I am still no further along.

      • Oh. I will keep an eye out on when mine post. Reading that people got theirs in 2 days I was disappointed that it’s been 5 days and probably won’t post till next week as it’s the weekend now. Hope you manage to get the remaining half.

      • Chris says:

        Just an update. After posting on Virgin’s Facebook page the extra miles appeared!!

  14. Peter Taysum says:

    12 000 miles posted

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