Virgin Money have been running a promotion for the past couple of months when signing up to a Virgin Money ISA. Until 31st May you will receive 8000 Virgin Flying Club miles (usually new applications receive around 5000 Virgin Flying Club miles). With the miles from the signup posting to Virgin Flying Club accounts usually within 7 days this is a quick way to boost your existing Virgin Atlantic Flying Club balance.
With the Virgin Money ISA (also referred to as the “Virgin Money Stocks and Shares ISA”) there are 2 different ways to invest. You can either:
- Deposit a minimum of £5000 as a lump sum, or
- Invest a minimum of £150 per month for at least 6 months
If your primary reason for opening a Virgin Money ISA is to quickly boost your Virgin Atlantic Flying Club balance then the 6 x £150 month contribution has the smaller outlay. If you choose to either invest a lump sum or monthly the Virgin Flying Club miles gained when signing up to a Virgin Money ISA are typically credited within 1 week of application. Make sure to add your Flying Club membership number when opening the ISA.
Though the miles post to Virgin Flying Club accounts within 1 week the terms of the application state that you must have “an open account” for at least 12 months. Virgin Atlantic could remove the miles from your Flying Club account (if the miles haven’t been redeemed), though I’m not sure if Virgin would go to that extent.
Having a Virgin Money account already means that you can access Virgin Money lounges throughout the UK for free.
If you already have a “Stock and Shares” ISA with Virgin Money or any other financial institute than you cannot open another account in the same tax year. Also these Virgin Money products, as with many other investments could lead to the loss of your capital. You should take financial advise where needed before opening an account and read through all of the Virgin Money terms and conditions.
Offer ends 31st May 2018.