Special offer: 8,000 Virgin miles for opening a Virgin Money ISA

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Virgin Money has brought back its impressive offer of 8,000 Flying Club miles for anyone who opens a new stocks and shares ISA.

See here for full details.

This is an attractive offer given that the usual deal is just 5,000 or 6,000 miles.  The offer runs until 31st May.

IMPORTANT:  Virgin Money has brought in a new rule this time around.  You cannot earn the miles if you have EVER previously earned miles for opening a Virgin Money ISA.

Virgin Money

There are two ways to invest with Virgin Money.  You can either invest a lump sum of £5,000, or make a £150 monthly investment for at least six months.  In either case, you must leave the account open for twelve months or the miles may be clawed back.

There are five different investment funds to choose from, each with a different risk profile.

Now, this is obviously an investment and so could lead to the loss of your capital.

You would need to invest at least £150 x 6 months = £900.  If you valued the miles at £80, you would still come out even with a 8% fall in the market by the time you exit.

The £5,000 lump sum investment is clearly riskier – the value of the miles is wiped out with just a 2% 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 £20,000.

As always with financial issues, take proper advice if necessary.

Historically, 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 as I wrote about here.  They are surprisingly pleasant.

You can apply 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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Comments

  1. Jeff D says:

    Hi
    If I open an ISA for my wife then can I post the miles to my flying club account? (I opened a Virgin ISA last year with miles booked to same account)
    Thanks

  2. Nutmeg have now altered their /avios page to a 1 avio/£1 offer, rather than the flat rate 2509 avios.

  3. LuckyJim says:

    The Avios return is negligible relative to the risk and lost opportunity of investing in a better fund. It really should not be a factor in your decision.

    The Virgin offer is a much better deal – 8000 miles for a £900 investment only tied up for 12 months. You are very unlikely to lose money on that.

  4. With this deal, am I able to put the £150 in each month and then simply withdraw it immediately (or with a few days delay for transfers etc), or do you have to hold the money in the account for the full 12 month period for it not to be considered “closing down” the account?

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