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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  1. Nick Burch says:

    ISA related but slightly OT – anyone know of any points earning opportunities for opening a LISA (Lifetime ISA)? I appreciate that Rob’s too old to be allowed to open one, but Anika might have scoped it out!

  2. Bah, earn and churn was the only reason to do this, and now it’s blocked…

    Virgin’s fees (as with Nutmeg’s) are pretty high at 1% for a tracker you can get for ~0.2% elsewhere. This makes them both a bad deal for long term buy and hold.

    • Andrew (@andrewseftel) says:

      In fairness, there are no platform fees to pay with Virgin. You’d potentially be looking closer to 0.4% all-in to own that 0.2% fund.

  3. Shame there is no opportunity to gain miles if you’ve already opened an account in the past. Yet another way to earn miles lost!!!

    Opened one twice in the past with good result, however it was the Miles themself that made it worthwhile. Whilst they probably won’t be crying, they have lost another customer.

    Whilst I’ve onky been in the points earning hobby for the last 2 years or so, the opportunities to earn miles other than flying seem to be cut to the bone!!!

  4. So I did this last year when you needed to pay in a minimum of £100 (not £150) each month and you could close after 6 months (which meant 7 months by the time one gave notice after 6 months). I was hoping to do this again but obviously can’t.

    The miles posted within a couple of weeks. They were extremely helpful in returning my money quickly by cheque at the end of the period and I made a very small profit from the interest so didn’t lose anything. It was just a form of saving. So I’d recommend doing it if you have not already and if you need Flying Club Miles.

  5. Any thoughts on what those miles could be spent on if I have no other Virgin miles currently?

    Would anyone that opened a stocks and shares ISA last year (Virgin/Nutmeg) care to share how their investment is doing one year later?

    • Louise says:

      I have the stocks and overseas investment which was doing fine(parity) until Feb 1st. Since then I’ve lost around £15 on it.
      Due to cancel and withdraw now
      Previous years I’ve had the bond and gilt one and even made a few penny’s on that one, however according to their investment report for 1st Feb they were down this year in comparison to the overseas fund one.

      • Same here. Made a loss of £25.

      • imbruce says:

        Just be aware that if you withdraw money from an ISA you will pay tax on that money, to keep the money tax free transfer it to a new or existing ISA.
        When opening a new ISA check that it allows funds to be transferred in as some accounts don’t allow this, If in doubt see advice from a FPA.
        Stocks and Shares ISAs go up and down all of the time.

        • Genghis says:

          Not quite. A tax charge does not crystalise if you withdraw funds from an ISA; that’s the whole point of an ISA. I think the point you were making is that if funds are withdrawn from the ISA wrapper, they become non-ISA funds and so to benefit from tax free status once again would need to be paid into another ISA, using up the current tax year’s ISA allowance.

    • Genghis says:

      Nothing much worthwhile. Virgin wine maybe and IHG (with a small top up) in small quantities. But Virgin miles are quite easy to earn. Start collecting and see your pot grow.

    • Not much although you can spend them on hotels with a Kaligo portal they have. Main ‘non flight’ one is 12,500 miles for a £50 Virgin Group voucher.

      The new credit card would, assuming it had a decent bonus, be an easy way of boosting them.

      The real value with VS is that KLM and Air France will be available for redemption in the near future which opens up a lot of options.

      • Re your last comment, I thought this had happened by now but obviously not….any time frame for access to KLM redemptions?

        • Apparently it may happen before regulatory approval comes for the joint venture which would speed it up.

          No Government approvals are needed to allow cross earning and burning of miles.

        • Mr Dee says:

          Can’t wait need someway to use the points up

    • Lumma says:

      Earn an extra 1000 from somewhere and you’ll get £54 off a Virgin Atlantic flight

    • Chris says:

      You could convert them to 15K of Hilton points, which is worth at least £50

  6. Would welcome more ideas for everyday earning of Vrigin Flying Club miles. Tescos seems the best option. I’m not buying Lego ha ha.

    • Andrew (@andrewseftel) says:

      Virgin wines is 3k for first order, which stacks nicely on their introductory cases.

    • Oh, and if you find yourself with plenty of time on your hands, you could do erewards surveys

      • Intentionally Blank says:

        That’s actually been quite lucrative for me, netting around 2k miles every month

  7. Rob – do you think there’s a chance that you’d still be credited with the points even if you’ve taken out ISA before (more than once :-))?

    Are their IT systems good enough to track this?

    I’m questioning whether it’s worth taking a risk for a quick 6 month dip an minimum investment levels. Not too much risk involved.

    • Genghis says:

      The biggest “risk” is more not being to take up an alternative offer / open another good ISA.

      • Stu N says:

        If they are smart and track this with NI number – which you need to open an ISA – then no chance. Whether they are that smart is another question.

    • Doug M says:

      Given the regulations around an ISA I’d expect them to know, but with IT implementations who knows.

  8. Genghis says:

    “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.”
    IMO it would need much greater fall to lose out due to pound cost averaging.

    • True – but as you need to keep it for a year that has a bit less of an impact than if you closed after 6 months.

      • wally1976 says:

        Presumably you could withdraw almost all of it after 6 months and just leave a small balance for the rest of the year?

  9. Jonathan says:

    Having opened Virgin ISA’s in each of the past five years i’ve always got the bonus miles. I’ve also made 20.8% return on my money over this time after fees so i cannot complain. (I now wish i hadn’t just paid the 6 minimum monthly installments each year). But i wouldn’t open one with Virgin if it wasn’t for the bonus miles each time and i suspect most other people are of the same opinion. Virgin are really limiting their market audience and given you can only pay into 1 ISA per tax year it’s a good. low cost incentive for Virgin to ensure the money doesn’t go to one of their competitors.

  10. Will the nutmeg offer likewise be new customers only? I took out nutmeg Isa last year, so this could be an option for me. Though I don’t currently collect virgin points, partly as my main redemption destination is KUL.

    • For genuine new customers only. See T&Cs

    • My best guest (cough) is that any Nutmeg offer which may launch next week would only be for brand new customers.

      • Thanks. My partner may be taking up and hypothetical nutmeg offer that may or may not launch next week, and I can do this one in my name.

  11. bumpmad says:

    Very disappointing range of funds offered by Virgin….

    • Frenske says:

      A lot of ISA account providers have a limited range of funds. If you want a wide selection of funds, better join a stock broker such as Hargraeves and Lansdown, etc. You’ll rarely find offers to join them.
      Probably one of bigger stock brokers is handling Virgin ISA funds e.g. Vanguard.

      • RussellH says:

        The ISA rules do make the Virgin offer much less attractive than it could be. If I were to put £5000 into a Virgin ISA it would prevent me from putting the remaining £15 000 allowance in my Hargreaves-Lansdown ISA, which I do by transfering funds from a non-ISA a/c to an ISA a/c – there is no new money involved usually.

        H-L actually do do offers to encourage people to move to them, but in the form of an entry to a prize draw which does pay out one useful wodge of cash. Personally I have always been much more attracted by offers for a useful number of small gains rather than one big one – eg I would much prefer to see Premium Bonds scrap the two £1 000 000 prizes and give out an extra 20 000 x £100 prizes instead.
        I guess that the likes of Virgin and Nutmeg are pitched at a rather different sort of customer than those who go with someone like H-L.
        Still might be worth a cheeky e-mail to H-L though.

  12. Sorry for double posting (my internet connection was playing up!). PS this only reiterates a potential use of comments deleting/editing function! Currently I can’t do anything apart from this self-humiliating comment…

    • Stuart_f says:

      While we’re on the subject of website changes that would aid usability…

      Can we have the links to the previous and next articles at the bottom of the comments section as well as at the top? If I read the comments section I’m then forced to scroll all the way back up to the top to click through to the next daily article, the flow would be much improved by letting me finish reading the comments section then click a link just below the comments.

      • Now THAT is actually possible. We won’t do it now but remind when the new site design goes live in a couple of months, assuming I forget, and I will get the guys to code it in.

      • Scott says:

        I click on the link to open the next article in a new tab before I start on the comments – no need to scroll back up!

      • Lady London says:

        ‘Home’ button on your pc might take you back up

      • Yes ‘home’ on a PC , or on an iPhone or iPad, tapping the very top of the screen (where the time is) also scrolls to the top in Safari. Might also work on android (?)

        From there I click the HFP banner to return to the homepage. Or you could scroll through the article again.

    • Mr Dee says:

      Some sort of profiles or real user logins would be useful something such as disqus as the search function has limited ability for the comments area which is often the gold information.

  13. OT: I have the AMEX gold card, am I able to refer my friend for the BA amex ( I dont have my BA amex at the moment, waiting for teh 6 months period to elapse)

    • Andrew (@andrewseftel) says:

      Yes. Send over the link as normal, get your friend to hit the ‘View our other Cards’ option then select ‘credit cards’.

      • thank you

      • Nigel Williams says:

        In theory then, could you refer the same person twice (Once for the BA AMEX, and once for the Gold Amex) and get the referral bonus twice?

        Or would it be better to refer them from your own BA Amex (which I’m picking up in a couple of weeks)

        • mark2 says:

          Yes it is possible. Better still, you upgrade to Platinum getting 20,000 points then get 18,000 for referrals.

        • wally1976 says:

          Nigel, if you have multiple cards, you need to decide the best one to refer FROM regardless of the card you are referring FOR. I.e. if you have BAPP and Gold, would you rather have 9k Avios (think that’s the correct referral amount) or 9k MR? Recently my wife was referring me for the SPG card and she herself had the SPG and the free BA card. So she referred me with the SPG on the basis that 5k SPG is worth more than 5k Avios (to us anyway; may be different for others with a different requirement).

          As mark2 says, if you have platinum, the 18k you get for referring from that probably trumps everything else.

  14. Chris A says:

    Apologies if I’ve missed this, but is there any sense of when the new Virgib credit cards might be available?
    I’ve got to put a few £k on a non-Amex credit card in the next month or so and hate the idea of not getting an intro bonus somewhere!

    • Peter K says:

      Rob knows but is sworn to secrecy. The rest of us are just guessing.

    • Could curve work for you with its ‘go back in time feature’?

      If you pay on curve, I think up to £1000, you can change the funding source up to 30 days after the transaction. It’s easy to do using the app, although I’ve never tried it.

      In theory you could pay your bill in two transactions say mid April, that would afford you until the middle of may to get the new virgin card, register it with curve, and change the funding source over?

      I’d also be interested to see what would happen if the spend on the original funding card triggered any kind of sign up bonus, and then was credited 30 days later?

      I know amex handles refunded transactions, but curve is non Amex so I’m not sure how Lloyds would work for example.

      Anyone tried it?

      • Mr Dee says:

        The time machine could work but its 14 days not 30 and I wouldn’t want to waste the Curve spend limit unnecessarily.

        Not sure what Curve and Lloyds have to do with each other, if your talking about Curve refunding to your Lloyds card when using the time machine it will just post as a refund and charge the new card.

  15. Henry Young says:

    With the VS redemption sweet spot being premium economy off peak one way out of Hong Kong (local laws ban carrier imposed surcharges) at 22,500 miles vs HK$11,265 you’re looking at 4.6p per mile. So you’re getting £368 worth of miles for tying up an average of £450 for 6 month. That’s an 82% return, or 164% annualized. I’m sat here wondering what’s the catch ???

    And it’s a flight I can use several times a year with Avios on the opposite leg, or Norwegian un-bundled one-way to Singapore and a low cost hop over to Manila where I’m based out of on Scoot, Air Asia or Cebu Pacific.

    • Lady London says:

      Oh Henry! the rest of us are so jealous!

      If you bought a return starting in Hong Kong, then do the airlines somehow manage to sneak taxes onto the return half? i.e. does putting the return on same ticket as the outgoing from Hong Kong, also reduce the taxes significantly on the return part?

      • Henry Young says:

        Good question so I tested it out:

        One way out of HK off peak is 22,500 miles plus HK$325 = £30.
        Return out of HK off peak is 45,000 miles plus HK$2,509 = £231.

        So yes they whack on the charges for the second leg, but it’s still pretty good compared with the cash addons to a BA Avios fare. Norwegian cash (unless you have luggage) or redemption on one of the middle easterns still offers a better deal.

        • Genghis says:

          Have you run the numbers vs a cash return from HKG?

        • Henry Young says:

          In the prior post the miles for the return should have been 45,000 – my typo sorry.

          Ghengis – I just ran your numbers – 45,000 miles plus HK$2,509 vs HK$12,069 resulting in an effective value of 2p per mile.

  16. Jeff D says:

    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)

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

  18. 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.

  19. 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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