In a first Richard Branson’s Virgin Money to offer airline miles as interest instead of cash for a new savings account

If you’re a frequent traveler, you know the good that loaded-up airmiles do for you. And while swiping credit cards or travelling via schemes seemed like the only legit way to earn the much need airmiles, Virgin Money is now here with a one-of-its kind savings account that promises to earn you the golden miles in the form of interest

The novel ‘saving over spending’ concept allows you to earn miles for the money you accrue in your account annually. Typically, for every £1,000 ($1321) saved, you’ll earn 1,400 miles. This means that to buy a free return economy ticket from the UK to New York, you’d need to save anywhere close to £15,000 ($19825) in your Flying Club account. Commenting on the launch, 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.”

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However, compared to typical savings accounts, Virgin Money’s new scheme seems lackluster. While, the Flying club account can be opened with a little as £1, the pay-outs don’t seem to do justice when compared to standard Interest rates on savings. Taxes and duties are further not covered by airmiles, meaning you would end up spending a couple of hundreds for the so-called free ticket anyway. However, if airmiles is all you crave, consider opting for the fee-free Virgin Atlantic Reward credit card or the Rewards+ card instead.

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A lawyer with a zeal for writing, Ekta has a deep love for linguistics, travel, and philosophy. Not an adrenalin junkie but likes going on occasional hikes to beat the weekday blues. Her bucket list includes escapades to Vietnam, Cambodia, and Morocco.