- 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 1,600 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 1.36% Gross2/AER1, 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 2.40% in interest if you were going to buy the same number of miles direct from Virgin Atlantic.
Is this account right for you?
Great if you...
- Want to earn Flying Club miles.
- Have a one-off amount to put away.
- Are happy to leave your savings for a year.
- You'll need your Flying Club membership number to apply.
- You can’t access your money for a year.
- Your interest will be converted and paid in Flying Club miles.
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...
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:
Flying Club miles
Pay less for your next great escape with a Miles Plus Money discount.
Flying Club miles
Arrive in style. Upgrade your round trip to New York from Economy Classic or Delight to Premium*.
Flying Club miles
Do it all in New York with an Economy Classic round trip Reward Flight*.
Flying Club miles
Escape to Asia with an Economy Classic round trip Reward Flight to Hong Kong*.
*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
By applying for this account you acknowledge that the interest earned will be converted to Flying Club miles at the end of the fixed term.
You'll need your Flying Club membership to apply. Not a Flying Club member yet?
It's free to join and you can start earning miles straightaway.
Forgotten your Flying Club membership number?
Retrieve your existing Flying Club number Link opens in a new window
Please read the following Summary Box before applying for this account
|Issue||Annual interest||Maturity date|
|% Gross2/AER1||Flying Club miles||% Comparison rate 3|
|10||1.36||When taking into consideration the cost of purchasing Flying Club miles direct from Virgin Atlantic, the comparison rate is:||2.40||20 May 2020|
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.
|Issue||Fixed term||Projected balance at the end of the fixed term|
|Virgin Atlantic 1 Year Flying Club Savings Account Issue 10||1 Year||£1,013.60||1,600 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.
- 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, Gross2 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/apply-tax-free-interest-on-savings 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 firstname.lastname@example.org. 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, 129KB) , complete and return to the address provided on the form. Your account will then be opened and operated by post via our Main Office.
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
Apply now in just 10 minutes
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).
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