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.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.