Virgin Money has launched a new monthly raffle giving current account customers the chance to win one million Virgin Red Points.
Every month through September, new and existing customers will have a chance to win the top prize.
Meanwhile, 25 customers will win a case of 12 bottles of virgin wine, worth £150.
Who wants to be a Virgin millionaire? New Virgin Money raffle offers new and existing current account customers the chance to win a million points
The points are for its Virgin Red Rewards Club which turns daily spend into points.
Once a member, customers can spend them on a variety of rewards ranging from a roundtrip flight to the Caribbean to Greggs sausage rolls.
As well as being entered into the raffle, new customers will also benefit from an additional 20,000 Virgin Points via its latest current account switching incentive.
Someone who earns the 20,000 base points by upgrading to the M Plus or Club M checking account with Virgin could purchase a case of 12 bottles of Virgin wines worth 16,000 points and have 4,000 points remaining.
However, with one million points, customers will have enough for a safari, a stay at a luxury hotel like Mahali Mzuri in Kenya, or flights around the world.
Those who take advantage of the current account switching agreement will also earn 2.02% interest on their current account balance up to £1,000.
Customers will also have access to a linked savings account paying 1% on balances up to £25,000 and 0.5% thereafter.
Andrea Burchett of Virgin Red said: “We are delighted to partner with Virgin Money to offer members the opportunity to earn an incredible 20,000 points when switching current accounts and also have the chance to become a points millionaire. .
‘With nearly 200 rewards, members will have no shortage of options for spending their points – whether it’s the little things that make everyday life better like a roll of sausage, a hot drink or a movie ticket or an extra great experience like enjoying a Virgin Red Room concert or a trip to Barbados – the possibilities are endless.
Cashback: Virgin Red is a rewards club that turns everyday spend into points
How does Virgin Red work?
Virgin Red is a reward system. Similar to Avios points, you can collect Virgin Points by spending.
It’s partnered with a number of brands including John Lewis, eBay, Asos and Just Eat, meaning you’ll get Virgin Red Points when you shop with these brands.
While some offers offer large amounts of points for every pound spent, other purchases offer far less.
For example, customers can earn eight Virgin Points for every £1 spent with Booking.com, four for every £1 spent with John Lewis or just one point for every £1 spent with Boots or eBay.
It should be noted that there is no cash conversion for the points, the value varying from partner to partner depending on the reward offered.
This could make it difficult for people to understand what benefit they’re actually getting from the scheme, although if you crunch the numbers for some of their rewards you’ll see you get around 0.5p per Virgin Point.
There are nearly 200 rewards to choose from with Virgin Red.
With 20,000 Virgin Red Points behind you, you can purchase 100 Greggs Sausage Rolls worth 200 points each time. However, with a million points behind, you could collect 5,000 Greggs Sausage Rolls.
You can book a roundtrip Virgin Atlantic flight to New York, Barbados or the Bahamas for 20,000 points, although taxes, fees and surcharges are paid separately.
Spoiled for choice: there are nearly 200 rewards to choose from with Virgin Red
How do you enter?
First, you will need to apply online for an M Plus or Club M current account with Virgin. Although the M Plus account is free, the Club M account charges £14.50 per month.
To benefit from the 20,000 loyalty points offered, you must change your existing current account using the current account change service and set up at least two direct debits.
You’ll also need to save £1,000 in the linked savings account and keep it in your account until Virgin emails you a Virgin Red promo code.
You will then need to join Virgin Red if you are not already a member.
To enter the 1 Million Rewards Sweepstakes, you need to log in to the mobile banking app, tap discover, then click the ‘exclusive rewards’ tile and enter the raffle.
You’ll be asked for a few basic details, then you’ll need to log into your mobile app and make at least one transaction each month from May to September to be eligible for each draw.
Once you submit your sweepstakes entry form, you will be eligible for all future Point Millionaire sweepstakes.
THESE ARE FIVE OF THE BEST MONEY CURRENT ACCOUNTS
Santander 123 Lite Account will pay 3% cash back on household bills. There is a monthly fee of £2 and you must log into mobile or online banking at least once every 3 months, deposit £500 per month and make two direct debits to qualify.
Virgin Money M Plus Account offers £20,000 Virgin Points to spend through Virgin Red when you trade and pays 2.02% monthly interest up to £1,000. To get the bonus, £1,000 must be deposited into a linked easy access account paying 1% interest and 2 direct debits transferred.
HSBC advance account pay £170 when you upgrade to account. You must set up two direct debits or standing orders and deposit at least £1,500 into the account within the first 60 days.
Direct premiere will give newcomers £150 when they switch accounts. It also offers an interest-free overdraft of £250. Customers must pay at least £1,000 within three months of opening the account.
Nationwide’s FlexDirect account comes with up to £125 cash incentive for new and existing customers. Plus 2% interest up to £1,500 – the highest interest rate on any current account – if you deposit at least £1,000 a month, plus free overdraft. These last two benefits last for one year.
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