Get 22,500 Virgin Atlantic miles for moving an EXISTING Stocks & Shares ISA

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Virgin Money has launched a very interesting new offer for anyone who is interested in transferring an EXISTING Stocks & Shares ISA.

Virgin Money has offered Virgin Flying Club miles for many years to people who have taken out new Stocks & Shares ISAs.  I will look at this again over the weekend as the mileage offer is now up to 8,000 miles.

This is the first time it has ever offered an incentive for doing a transfer, however.

Take a look at this page of the Virgin Money website.

This is how it works.

Virgin Money will add up the total value of incoming Stocks & Shares ISA transfers you make between 8th April and 31st August as long as the account was opened by 30th June.  As long as the money remains in your account at 31st December 2019, you will receive a bonus of Virgin Flying Club miles in January 2020.

For clarity, this offer does NOT apply to transfers of cash ISAs to Virgin Money.

This is how many miles you can earn:

£5,000 – £9,999 transferred = 5,000 Virgin Flying Club miles

£10,000 – £19,999 transferred = 7,500 Virgin Flying Club miles

£20,000 – £34,999 transferred = 12,500 Virgin Flying Club miles

£35,000+ transferred = 22,500 Virgin Flying Club miles

There is a lot to think about before you take advantage of this offer.  You need to take a look at the fees charged by Virgin Money and how they compare with your current provider.  Your existing ISA provider may charge a transfer fee which makes the deal uneconomic.  Whilst Virgin Money has a number of different funds you can invest in, they may not be a perfect match for your current investment strategy.

You can find out more on this page of the Virgin Money site.

How to earn Virgin Atlantic miles from UK credit cards

As a reminder, there are various ways of earning Virgin Flying Club miles from UK credit cards.  Many cards also have generous sign-up bonuses!

Click here to read our detailed summary of all UK credit cards which earn Virgin Flying Club miles.  That page is regularly updated with the latest special offers and will still be accurate even if you are reading this article months after publication.

(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. RIccatti says:

    Not the best time for a product that does not allow holding money in cash (out of the market). Be it equities or bonds.

  2. Frenzie01 says:

    Good point! Thanks!

  3. Callum says:

    I invested £1000 in the ISA last time they had the offer and had £997 left when I could withdraw it. Still came out ahead with the 8000 miles but I don’t know if I’d trust them with £35,000 (perhaps irrationally given the past performance can’t predict future performance stuff).

    • Frenske says:

      You should not really invest in stocks and shares for one year. The chance that you will lose money is reasonable high, the chance that will lose money over 5 years is very slim.

  4. At the risk of becoming a bore on this subject, note that Virgin funds are notoriously expensive for what they are. The All Share Tracker they offer was charging 1% until Feb 2019 where it was reduced to 0.6%.
    This is still 10 times more than the cheapest offering.
    These things matter.

    • Shoestring says:

      0.6% doesn’t matter that much if it’s just a smallish short term punt to get the points, esp the new ISA promo tba Sunday though you can see it for yourself on the Virgin site

    • And while their fee includes the platform charge if going direct with them, it’s still a rip off on an epic scale.
      Naturally Virgin was the worse performing all share tracker in 2018.

    • Doug M says:

      I agree, charges are key to choice. Using an ISA allowance wisely will contribute to being able to afford cash tickets. Making investment decisions on the basis of air miles is a bad start.

  5. Thanks, hadn’t seen that.

  6. Main conclusion to be drawn from this is that the good old days of miles from Virgin Money are gone for good, they have obviously learned their lessons. Nobody should be seriously contemplating them for ISAs, savings or money transfers, there are much better options available.

  7. Waddle says:

    Apologies for this OT. A week ago maybe someone posted a link to a site where one could get a card or some sort of pass for the Virgin Money lounges so you don’t have to prove you have a Virgin Money product every time you visit. Can’t seem to find it. Would someone be able to post it again for me please?

  8. You get a card on your first visit. They take a photo (but it isn’t printed on the card, just stored in the database).

  9. It’s a good idea in general (I wish Nutmeg offered something similar) but there are two BUTs

    1) the entry threshold of 5000 is too high
    2) I just requested a transfer of my Virgin ISA to another provider (Vitality Invest)

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