Virgin Money

Account name

Virgin Atlantic 1 Year Flying Club Savings Account Issue 5

What is the interest rate?

What is the interest rate?
Issue Annual interest Maturity date
% Gross2/AER1 Flying Club miles % Comparison rate 3
5 1.36 When taking into consideration the cost of purchasing Flying Club miles direct from Virgin Atlantic, the comparison rate is: 2.40 20 December 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.

Can Virgin Money Change the interest rate?

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?

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 5 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).

How do I open and manage my account?

  • 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  • This is a strictly limited issue and can be withdrawn at any time. Once withdrawn there is a very limited window to make any deposits and any deposits received after this time will be returned to you.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.

Can I withdraw money?

  • 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.

Additional Information

  • 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.

Complaints and cancellations

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.

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

2 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.

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 PDF opens in a new window. Please refer to your local Store for details.