V-Flyer

Hi Guys
Last year I set up an virgin ISA and recived 6000 miles bonus .. does anyone know if I can set another up this year and get the bonus again ?
Last years was the first one I have set up (I know silly when I have normal saving accounts) and im still not sure how it works yet lol

Lisa x

just thought .. can I do one for my boys to ?
they are 13yo and have their own flying club accounts .. money would be coming from my bank though ;)

Lisa x

No idea about any offers sorry, however, you can only have a standard ISA if you're are over the age of 16 and the minimum age for an investment ISA is 18.

Did you close the ISA? You can only have one Stocks and Shares ISA in a tax year. You can also have a Cash ISA and from 2016/17 choose haw you wish to split your annual £15,240 allowance.

Your husband/ partner can also have one of course.

There are Junior ISAs for the under 16s.

Note: I ahve no financial qualifications and am probably the last person to ask about saving!

thanks guys ..

I haven't closed my first ISA with virgin but can do as no probs .. think I will just open another for me come april

Lisa x

Jedimum wrote:thanks guys ..

I haven't closed my first ISA with virgin but can do as no probs .. think I will just open another for me come april

Lisa x

Yes that is allowed but you must stop any direct debits into your current one so the last payment is in March. This same you would do if you wanted to open say a share ISA with a totally different provider.


I'd check the T&Cs though as sometimes the offer is for one set of bonus miles per person not per item bought

thanks guys .. darn I think that mans it would only have been 5 months payments so not the required 6 months for the bonus, and I don't want them taking it back off ... oh well may have to look at doing it next year
Lisa x

tontybear wrote:

Jedimum wrote:thanks guys ..

I haven't closed my first ISA with virgin but can do as no probs .. think I will just open another for me come april

Lisa x

Yes that is allowed but you must stop any direct debits into your current one so the last payment is in March. This same you would do if you wanted to open say a share ISA with a totally different provider.


I'd check the T&Cs though as sometimes the offer is for one set of bonus miles per person not per item bought

There's a discussion about that on HeadforPoints. The main article states "Based on previous experience, if you open a Virgin ISA in this tax year, you should receive another bonus if you open another one after 6th April for the 2016/17 tax year." but the in the comments underneath is reference to someone being refused points when opening a new ISA as Virgin Money was saying they were already a customer.

I'm confused as to why you would need to "close" the one for tax year April - April 2015/2016 or to stop paying into it. It is a completely different entity to an ISA for tax year April - April 2016/2017.

pjh wrote:I'm confused as to why you would need to "close" the one for tax year April - April 2015/2016 or to stop paying into it. It is a completely different entity to an ISA for tax year April - April 2016/2017.

Because the moment you pay into it in 2016/17 tax year that precludes you opening another ISA of the same type for 2016/17 as you can only have one ISA per year (one each for the different types - cash, investment etc so long as you are within the overall cash limit)
.
I wouldn't close it (as in cashing it out) just leave it there doing it's (minimal) growth thing but without putting any more cash into it.

These are the T&Cs Virgin Money

7. The offer is limited to 6,000 bonus miles per eligible application. One per customer.

I read that as you only get one bonus.


Though I'm not sure anyone should be making a decision on an investment based on getting airline miles!

I'm not associated with anything financial so please take this with a pinch of salt but one thing that might be worth looking at is the Santander 123 Current Account. They're offering 3% AER on anything upto £20,000. Seems to be one of the better rates out there at the moment. Plus, you get 2,800 miles by using Shops Away!

http://www.santander.co.uk/uk/current-a ... nt-account

tontybear wrote:

pjh wrote:I'm confused as to why you would need to "close" the one for tax year April - April 2015/2016 or to stop paying into it. It is a completely different entity to an ISA for tax year April - April 2016/2017.

Because the moment you pay into it in 2016/17 tax year that precludes you opening another ISA of the same type for 2016/17 as you can only have one ISA per year (one each for the different types - cash, investment etc so long as you are within the overall cash limit)
.
I wouldn't close it (as in cashing it out) just leave it there doing it's (minimal) growth thing but without putting any more cash into it.

So presumably JM's issue is that to make the 6 months hurdle her last investment would be in tax year 2016/2107?

tontybear wrote:Though I'm not sure anyone should be making a decision on an investment based on getting airline miles!

Thumbs up on that one...

mikethe3rd wrote:I'm not associated with anything financial so please take this with a pinch of salt but one thing that might be worth looking at is the Santander 123 Current Account. They're offering 3% AER on anything upto £20,000. Seems to be one of the better rates out there at the moment. Plus, you get 2,800 miles by using Shops Away!

http://www.santander.co.uk/uk/current-a ... nt-account

Well if you're going to head down that road, you could do worse than to check out the Banking/Savings fora on the Moneysavingexpert website - there's a whole host of information on how to make a good deal of money exploiting current account incentives and regular savers.

Taught me everything I know

Hey guys, so I have just come to the end of my 6 payments for this, I was thinking I can just withdraw the money and close the account - thay way I can reapply in the next financial year to get another bonus.

If I just leave the money in there (Just stop DD) then I don't think I would be eligible for another bonus.
I am sure I read on here that you an get the 6000 bonus once a year if you do this

vanilla8 wrote:Hey guys, so I have just come to the end of my 6 payments for this, I was thinking I can just withdraw the money and close the account - thay way I can reapply in the next financial year to get another bonus.

If I just leave the money in there (Just stop DD) then I don't think I would be eligible for another bonus.
I am sure I read on here that you an get the 6000 bonus once a year if you do this

A stocks and shares ISA is meant as a medium-long term investment. You might not even get the cash you put in back if the market hasn't performed well enough and after V Money takes it's fees.

Making financial decisions based on the possibility of earning airline miles is not a sound investment strategy.

tontybear wrote:
A stocks and shares ISA is meant as a medium-long term investment. You might not even get the cash you put in back if the market hasn't performed well enough and after V Money takes it's fees.

Making financial decisions based on the possibility of earning airline miles is not a sound investment strategy.

I've just been to my online account and my investment is valued just over what I put in - £454.38 - so i have actually made £4.58.
As far as I can see they only charge 1% a year - no other fees
http://uk.virginmoney.com/virgin/isa/po ... figure.jsp

vanilla8 wrote:
I've just been to my online account and my investment is valued just over what I put in - £454.38 - so i have actually made £4.58.
As far as I can see they only charge 10% a year - no other fees
http://uk.virginmoney.com/virgin/isa/po ... figure.jsp

1% is their take. 10% would be a huge...

pjh wrote:

vanilla8 wrote:
I've just been to my online account and my investment is valued just over what I put in - £454.38 - so i have actually made £4.58.
As far as I can see they only charge 10% a year - no other fees
http://uk.virginmoney.com/virgin/isa/po ... figure.jsp

1% is their take. 10% would be a huge...

Thanks for spotting the typo

The risk is low when saving £75/ month for 6 months. When I got my Virgin ISA I never really saw it as an investment, probably as I had every intention of closing it after 6 months, which I did and broke even. But had 6000 extra points.

Every little helps.

But in theory you could loose it all

Yours,

The man who bet it all on red...