The Virgin Red rewards club has launched a new promotion offering members 15,000 Virgin Points when switching to a Virgin Money current account.

To be eligible members must apply online via the Virgin Red app or website, and then complete the following steps within 30 days of their account opening:

  • Complete a full bank switch using the ‘Current Account Switch Service’
  • Download and register for the Virgin Money mobile banking app
  • Transfer or set-up at least two Direct Debits to your new account and don’t cancel them until Virgin Money sends the Virgin Red promo code
  • Credit your linked Instant Access Savings Account with at least £1,000 and keep this in your account until Virgin Money sends the Virgin Red promo code

The Virgin Money current account has no monthly fee, and offers an interest rate of 2.02% AER (2.00% gross per annum variable) on balances up to £1,000, as well as a linked savings account paying 0.50% AER (0.50% gross per annum variable).

Earlier this month the Virgin Red scheme was officially opened up to new members, meaning that Virgin Atlantic Flying Club members can now join Virgin Red and link their accounts together, expanding earn and burn opportunities.

Virgin Atlantic Flying Club members can now link to Virgin Red

Both schemes use the same currency, following the rebranding of Flying Club miles as Virgin Points in September last year.

So once members have linked their accounts they will effectively see just one bank of points when accessing either via the Flying Club or the Virgin Red app, which can be redeemed through either programme.

In addition to the above 15,000 bonus points offer, all new Virgin Red members will receive 500 Virgin Points when they complete their first “earn” through the app, “as long as the points earned are credited before July 31, 2021”.

Note that customers who do not wish to avail of the bonus points offer, can instead opt to switch to a Virgin Money current account and receive a case of Virgin Wines and a £50 donation to charity via Virgin Money Giving.

virginred.com, uk.virginmoney.com