On Friday we looked at a generous new offer for anyone willing to transfer an existing Stocks & Shares ISA to Virgin Money – see here. You can earn up to 22,500 Virgin Flying Club miles.
For everyone else who does not want to transfer an existing Stocks & Shares ISA, or does not have one, Virgin Money has brought back its offer of 8,000 Flying Club miles for anyone who opens a new one.
This is an attractive offer given that the usual deal is just 5,000 or 6,000 miles. The offer runs until 30th June.
IMPORTANT: Virgin Money has a rule which states that you cannot earn the miles if you have EVER previously earned miles for opening a Virgin Money ISA.
You need to invest a lump sum of £8,000 or more to receive the miles. 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.
This is obviously an investment and so could lead to the loss of your capital.
You cannot open this ISA if you already have a ‘stocks and shares’ ISA for the current tax year although, as the new tax year only started last week, this should not be an issue. 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, although the rules say that you may have to wait 120 days.
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, although the one I mention in that review is closing in May.
How to earn Virgin Points from UK credit cards (November 2020)
As a reminder, there are various ways of earning Virgin Points from UK credit cards. Many cards also have generous sign-up bonuses!
As well as the two official Virgin Atlantic credit cards (see here, one has a bonus of 15,000 Points), you can also earn from various American Express cards – and these have sign-up bonuses too.
(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.)