Savers. Get miles more for your money

Virgin Atlantic 1 Year Flying Club Savings Account

Virgin Atlantic has teamed up with Virgin Money to offer a new kind of savings account.

One that allows you to earn Flying Club miles, rather than interest.

Save to earn Flying Club miles
Apply now

Please read the summary box

Please read the summary box

Highlights of this account

  • Money in, miles out: Tuck your savings away, and once you’ve held the account for a year, get your money back and your Flying Club miles.
  • Save yourself a seat: Earn 1,400 miles for every £1,000 you save. Save £15,000 and you could earn enough miles for a return Economy Classic Reward Flight to New York.*
  • How it works: You’ll earn a fixed interest rate of 1.19% Gross1/AER2, with the interest you earn being converted to miles after a year.
  • More for your money: To compare this account to a regular savings account, you’d need to earn 2.10% in interest if you were going to buy the same number of miles direct from Virgin Atlantic.

How many miles will your savings get you?

Tell us how much you plan to save in your Flying Club savings account


If you save £1,000 you will earn...

1,400

Flying Club miles

Where could your miles take you?

Here's an idea of some of the things you can use your Flying Club miles on:

3,000
Flying Club miles

Pay less for your next great escape with a Miles Plus Money discount.

From 17,400
Flying Club miles

Arrive in style. Upgrade your round trip to New York from Economy Classic or Delight to Premium*.

From 20,000
Flying Club miles

Do it all in New York with an Economy Classic round trip Reward Flight*.

From 25,000
Flying Club miles

Escape to Asia with an Economy Classic round trip Reward Flight to Hong Kong*.

More ideas on how to use your miles Link opens in a new window 

*Mileage varies depending on season and route. Taxes, fees and carrier-imposed surcharges apply.
Flying Club miles terms & conditions Link opens in a new window 

Interest converted to Flying Club miles

There is no option to take interest as cash. By applying for this account you acknowledge that interest earned will be converted into Flying Club miles at the end of the fixed term.

Please take the time to read the Summary Box below. It tells you important things you need to know about the account.

Account name: Virgin Atlantic 1 Year Flying Club Savings Account Issue 1

What is the interest rate?
Issue Annual interest Maturity date
% Gross1/AER2 Flying Club miles % Comparison rate 3
1 1.19 When taking into consideration the cost of purchasing Flying Club miles direct from Virgin Atlantic, the comparison rate is: 2.10 20 August 2019

Annual interest is paid on 5 August, all interest paid is converted to Flying Club miles at the account maturity date and is automatically transferred to the Virgin Atlantic Flying Club Account provided within five working days.

Rates are fixed until the maturity date. This means we cannot change the rate until after the fixed rate period.

What would the estimated balance be after 12 months based on a £1,000 deposit?
Issue Fixed term Projected balance at the end of the fixed term
Virgin Atlantic 1 Year Flying Club Savings Account Issue 1 1 Year £1,011.90 1,400 miles

This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This is based on no withdrawals or further deposits being made and interest being converted to Flying Club miles. The projected balance is based on the annual interest rate. Only the projected Flying Club miles will be paid at the maturity date not the projected interest earned (there is no option to take interest instead of Flying Club miles).

  • This account can be opened online by UK residents aged 16 or over.
  • Only one account can be opened per customer per issue.
  • Each customer must have a valid Virgin Atlantic Flying Club membership number and provide it at application.
  • Only one Virgin Atlantic Flying Club membership number can be used. It is the customer’s responsibility to provide the correct Flying Club number.
  • Minimum to open £1.
  • Minimum additional deposit £1.
  • Minimum operating balance £1.
  • Maximum deposit limit £1 million. For all accounts the maximum deposit limit also applies to joint accounts.
  • This is a strictly limited issue and can be withdrawn at any time. Once withdrawn there is a very limited window to make any deposits and any deposits received after this time will be returned to you. We will not contact you to let you know when the Virgin Atlantic 1 Year Flying Club Savings Account is withdrawn.
  • Each customer can save up to a total of £2 million with Virgin Money, across all accounts held.
  • If a deposit results in your account going over the maximum deposit limit we will return the additional money to you.
  • Deposits and instructions can be made by:
    • Cash – Store** only.
    • Cheque.
    • BACS/CHAPS.
    • Arranging an electronic transfer.
    • Transfer from an existing Virgin Money account, subject to the terms and conditions of that account.
  • Early closure or withdrawals are not permitted until after the fixed rate period as detailed.
  • After the fixed rate period your account will become a variable rate account. However, we will email you before the end of the fixed rate period to let you know the options available to you, as well as confirming the Flying Club miles payable. We will also advise you of the interest rate currently payable on the variable rate account.
  • There is no option to take interest instead of Flying Club miles.
  • IMPORTANT NOTICE: interest is converted to Flying Club miles at the maturity date. For tax purposes, Gross¹ interest earned on 5 August and at the maturity date should be included in any tax return(s) and will count towards any personal savings allowance.
  • Please note, the tax treatment and rate of interest payable depend on the individual circumstances of each customer and may change in the future.
  • This account is a non-payment account.
  • The automatic deduction of tax on savings interest ceased with effect from 6 April 2016.
  • We pay interest without deducting income tax, unless HMRC/the law requires otherwise. However, depending on your personal circumstances, you may be liable to pay income tax on the interest you have earned before the conversion to Flying Club miles. Please visit www.gov.uk/hmrc/savingsallowance Link opens in a new window  for further information. We do not issue Certificates of interest paid and tax deducted automatically. However, once you have requested and received a Certificate of interest paid and tax deducted we will provide further certificates in April each subsequent year that the account remains open and, for closed accounts, in the tax year the account is closed.
  • Each month that there is a transaction on your account (other than an interest payment), we may email you at least once to let you know a statement is available to view online. You can view your transactions online at any time.
  • Flying Club miles will not be viewable on your Virgin Atlantic Flying Club membership until after the maturity date.

If you have a complaint, please let us know as soon as possible so that we can look into it for you. You can write to the Customer Relations Team, Virgin Money plc, Gosforth, Newcastle upon Tyne NE3 4PL or email customerrelations@virginmoney.com. If we are not able to put things right to your satisfaction, you have the right to refer your complaint to the Financial Ombudsman Service for independent adjudication. If you would like a copy of our Internal Complaint Procedures leafletPDF opens in a new window (PDF, 164KB), this is available on request.

You are unable to cancel this account once it has been opened.

It is not possible for a Power of Attorney account to be operated online. To apply as a Power of Attorney please download an application form PDF opens in a new window (PDF, 235KB) , complete and return to the address provided on the form. Your account will then be opened and operated by post via our Main Office.

Apply now

The easiest way to open a Virgin Atlantic 1 Year Flying Club Savings Account is online (please make sure you have your Flying Club number to hand). It takes about ten minutes, and you can get started straight away.

Before applying please make sure that you have read the Summary box , the Terms and Conditions  and the FSCS Guide . Retain copies for future reference.

New customers

Apply online

Existing customers

Sign in and apply

Not a Flying Club member yet?

Don't worry! If you're not a Virgin Atlantic Flying Club member yet, it's easy to sign up online, and you can start earning miles straight away. You could be flying off to exotic locations before you know it!

Visit the Flying Club website Link opens in a new window

Save with confidence

As we are covered by the Financial Services Compensation Scheme, savings with Virgin Money are covered up to £85,000 per person.

View the FSCS guarantee

FSCS

Frequently asked questions

No, there is no option to take interest as cash rather than Flying Club miles. At the end of the fixed term, the account converts the interest you earn into Flying Club miles which are transferred direct to the Flying Club account details you have given us.

Yes. Interest is paid on 5 August every year and upon maturity. Although interest is converted into Flying Club miles at the end of the fixed term, interest paid during the term of the product is taxed in the usual way and counts towards any tax-free personal savings allowance. Interest paid can be viewed on your online statement.

Based on the amount of money invested, interest earned with this product is converted into Flying Club miles at the end of the fixed term.

For example, if you invested £1,000 and left it in the account for one year, the interest earned would generate 1,400 Flying Club miles. Please note, you must have provided Virgin Money with a valid Flying Club number to earn Flying Club miles.

At the end of the fixed term. Flying Club miles are automatically transferred to the Flying Club Account provided within five working days after the date of maturity.

Throughout our online application we will ask you for your personal information. We also ask you to have to hand your:

Flying Club is Virgin Atlantic's loyalty program where you earn miles to spend on great rewards. Find out more at virginatlantic.com/flyingclub Link opens in a new window 

Ready to apply for your account?

Apply now
Financial Services Compensation Scheme - Find out more about protecting your money

1. Gross P.A. is the rate of interest paid without the deduction of tax. Please note that the automatic deduction of tax on savings interest for non-ISAs ceased with effect from 6 April 2016.

2. AER stands for the Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to the capital balance each year.

3. Comparison rate represents the interest rate you would need to earn on other savings accounts to be able to buy the equivalent number of miles direct from Virgin Atlantic, excluding any additional fees that may be charged.

Virgin Atlantic Airways is an appointed representative of Virgin Money plc.

Virgin Atlantic Flying Club Savings Accounts are issued by Virgin Money plc - registered in England and Wales (Company No: 6952311). Registered office - Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL. Virgin Money plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

** Not all Stores are able to offer full banking services. Any facility which is not available at your local Store, excluding cash deposits and general cash transactions, can be processed at our Main Office. Please refer to your local Store for details.