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 Points from UK credit cards (June 2022)
As a reminder, there are various ways of earning Virgin Points from UK credit cards. Many cards also have generous sign-up bonuses.
You can choose from two official Virgin Atlantic credit cards (apply here, the Reward+ card has a bonus of 15,000 Virgin Points):
You can also earn Virgin Points from various American Express cards – and these have sign-up bonuses too.
American Express Preferred Rewards Gold is FREE for a year and comes with 30,000 Membership Rewards points, which convert into 30,000 Virgin Points.
SPECIAL OFFER: The sign-up bonus on Amex Gold is increased from 20,000 Membership Rewards points to 30,000 Membership Rewards points until 19th July 2022. This card is free for the first year.
The Platinum Card from American Express comes with 30,000 Membership Rewards points, which convert into 30,000 Virgin Points.
Small business owners should consider the two American Express Business cards. Points convert at 1:1 into Virgin Points.
(Want to earn more Virgin Points? 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.)