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 per cent 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 per cent3 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.