Virgin Atlantic partners with Virgin Money to offer the first savings account of its kind in the UK
- Virgin Atlantic partners with Virgin Money to offer the first savings account of its kind in the UK
- Savers earn Flying Club miles rather than interest
- Savers earn 1,400 miles after a year for every £1,000 they deposit
Virgin Atlantic and Virgin Money have partnered to offer the first savings account of its kind in the UK, a one-year fixed rate savings account which pays Flying Club miles instead of interest. Flying Club miles can be exchanged for a full range of Virgin Atlantic rewards, including flights and cabin upgrades.
The Virgin Atlantic 1 Year Flying Club Savings account pays a fixed interest rate of 1.19 percent AER1/Gross² with interest earned being converted to Flying Club miles at the end of the one year term. Customers will earn 1,400 miles for every £1,000 they save, meaning a customer saving £15,000 could earn enough Flying Club miles for a return Economy Classic Reward Flight to New York.
By comparison, a customer would need a rate equivalent to 2.10 percent3 in order to earn enough interest to be able to buy the same number of miles direct from Virgin Atlantic.
Rhian Emmanuel, Director of Savings at Virgin Money said: “The new Flying Club Savings account is the first of its kind and is a brilliant option for savers looking to gain more value from their cash deposits, where customers can earn 1,400 Flying Club miles for every £1,000 they invest. We are delighted to be able to offer such an innovative new account and to further expand our partnership with Virgin Atlantic.”
Oli Byers, Senior Vice President, Sales and Customer Loyalty Manager at Virgin Atlantic, said: “We know how important earning Flying Club miles is to our customers and this innovative account is a great addition to our partnership with Virgin Money and follows on from the successful launch of our new Reward and Reward+ credit cards earlier this year.”
The Virgin Atlantic 1 Year Flying Club Savings Account is available online. Accounts can be opened with just £1 up to a maximum of £1million. This product is non-redeemable and no withdrawals are allowed before the maturity date. At the point of maturity, interest will be converted into Virgin Atlantic Flying Club miles.
Virgin Money is Virgin Atlantic’s preferred retail financial services partner in the UK. Further information on Virgin Money savings accounts can be found at www.virginmoney.com Opens in a new window
Virgin Money Press Office
0191 279 4676
Product details – Virgin Atlantic 1 Year Flying Club Savings Account
|Annual Gross 1||AER2|
1 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.
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.
About Virgin Money
- Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to customers across the UK.
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
- More than 13,900 charities have registered with Virgin Money Giving and, by the end of 2017, over £600 million had been donated to charities through the service since its launch in 2009, resulting in an estimated £19 million more donated to charities because of its not-for-profit model.
About Virgin Atlantic
- Virgin Atlantic was founded by entrepreneur Sir Richard Branson over 30 years ago after he decided the UK aviation industry needed shaking up and style injected back into it. On 22nd June 1984, Virgin Atlantic's inaugural flight to Newark took place, on an aircraft filled with personal friends, celebrities and the media.
- The airline has pioneered a range of innovations setting new standards of service. For example, Virgin Atlantic was the first airline to introduce the Premium Economy product, include a bar in every aircraft for Upper Class customers, offer seatback TVs on every seat in every cabin, develop a fully flatbed seat and fly a commercial aircraft on biofuels. Despite Virgin Atlantic’s growth, the service still remains customer driven with an emphasis on value for money, quality, fun and innovation.
- Today, Virgin Atlantic flies to over 30 destinations worldwide, including locations across the United States, the Caribbean, Africa, the Middle East and Asia. Virgin Atlantic currently has a fleet of 39 aircraft, which is comprised of Boeing 747s, Boeing 787s, Airbus A340-600s and A330-300s.
- Further information on Flying Club membership is available at https://www.virginatlantic.com/gb/en/flying-club/how-flying-club-works.html Opens in a new window
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about this product should visit http://uk.virginmoney.com/savings Opens in a new window for full terms and conditions.Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.