Earn Flying Club Miles With a Virgin Money Savings Account

Jun 9, 2019

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There are some great ways to earn Virgin Atlantic Flying Club miles when you spend money, but did you know that you can also earn these miles by saving money?

Virgin Atlantic has partnered with Virgin Money to offer those customers who open a Flying Club Savings Account 1,600 miles for each £1,000 they deposit into the account and keep there for a year. You can deposit anywhere from £1 to £1,000,000 into the account.

If you deposited £10,000 into the account, in 12 months time you would receive 16,000 Flying Club miles. TPG UK currently values these miles at 1.2p each, so that 16,000 would be worth £192.

Virgin Atlantic Premium Economy. (Photo by Ben Smithson / The Points Guy)

Remember that these miles are awarded instead of interest you might earn from other deposit-taking institutions for keeping that money with them. Virgin Money advertises a fixed interest rate of 1.36% Gross/AER for the year, which can only be paid out in Flying Club miles. You cannot access the money you deposit for a year.

So you are essentially buying the miles at a price of 0.85p each as you receive miles for the interest earned rather than cash. That’s well below what TPG UK value these miles at.

You can open a Flying Club Savings Account here.

There are some fantastic uses of Flying Club miles that can provide you with a much higher value than the cost here to buy them — you can read our full guide to Flying Club here.

Featured image by Nicky Kelvin / The Points Guy

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