Virgin Money has launched a new monthly prize draw offering current account customers the chance to win one million Virgin Red points.
Each month up until September, new and existing customers will get the chance to scoop the top prize.
Meanwhile, 25 customers will win a 12-bottle case of Virgin Wines, worth £150.
Who wants to be a Virgin millionaire? Virgin Money’s new prize draw offers new and existing current account customers the chance to win one million points
The points are for its Virgin Red rewards club that turns everyday spending into points.
Once a member, customers can spend them on a variety of rewards ranging from a return flight to the Caribbean to Greggs sausage rolls.
As well as being entered into the prize draw, new customers will also benefit from an extra 20,000 Virgin Points via its latest current account switch incentive.
Someone earning the basic 20,000 points from switching to the M Plus or Club M current account with Virgin could buy a 12-bottle case of Virgin wines worth 16,000 points and have 4,000 points left over.
However, with one million points, customers will have enough for a safari, a stay at a luxury hotel such as Mahali Mzuri in Kenya, or flights across the globe.
Those taking advantage of the current account switching deal will also benefit from 2.02 per cent interest on their current account balances up to £1,000.
Customers will also have access to a linked savings account paying 1 per cent on balances up to £25,000 and 0.5 per cent thereafter.
Andrea Burchett, from 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 their current account and also be in the chance of becoming a points millionaire.
‘With almost 200 rewards, members won’t be short of options to spend their points on – whether it’s the smaller things that make the everyday better like a sausage roll, hot drink or cinema ticket or a bigger experience like enjoying a concert from the Virgin Red Room or a trip to Barbados – the possibilities are endless.’
Cashback: Virgin Red is a rewards club that turns everyday spending into points
How does Virgin Red work?
Virgin Red is a reward scheme. Similar to Avios points you can collect Virgin points from spending.
It has partnered with a number of brands including John Lewis, eBay, Asos and Just Eat, which means you will get Virgin Red points when you shop with these brands.
While there are some deals offering large amounts of points for every £1 spent, other purchases offer much less.
For example, customers can earn eight Virgin points for every £1 spent with Booking.com, four per £1 spent with John Lewis or just one point per £1 spent with Boots or eBay.
It’s worth noting there is no cash conversion for the points with the value varying from partner to partner depending on the reward on offer.
This could make it tricky for people to understand how much benefit they are actually getting from the scheme, although if you run the numbers on some of their rewards you’ll see that you are getting roughly 0.5p per Virgin Point.
There are almost 200 rewards to choose from with Virgin Red.
With 20,000 Virgin Red points behind you could purchase 100 Greggs sausage rolls worth 200 points each time. However, with one million points behind you could grab 5,000 Greggs sausage rolls.
You could book a return Virgin Atlantic flight to New York, Barbados or The Bahamas for 20,000 points, although taxes, fees and surcharges are paid separately.
Spoilt for choice: there are almost 200 rewards to choose from with Virgin Red
How do you enter?
First, you’ll 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 a month.
To benefit from the 20,000 reward points on offer you’ll need to switch your existing current account using the Current Account Switch Service and set up at least two direct debits.
You’ll also need to save £1,000 into the linked savings account and keep this in your account until Virgin emails a Virgin Red promo code to you.
You’ll then need to then join Virgin Red if you aren’t already a member.
To enter the one million rewards prize draw, you’ll need to log in to the mobile banking app, tap discover, then click the ‘exclusive rewards’ tile and enter prize draw.
You’ll be asked for a few basic details and then need to log in to your mobile app and make at least one transaction each month from May to September to be eligible for each prize draw.
Once you have submitted your prize draw entry form you will be eligible for all future points millionaire prize draws.
THIS IS MONEY’S FIVE OF THE BEST CURRENT ACCOUNTS
Santander’s 123 Lite Account will pay 3% cashback on household bills. There is a £2 monthly fee and you must log in to mobile or online banking at least once every 3 months, deposit £500 per month and hold two direct debits to qualify.
Virgin Money’s M Plus Account offers £20,000 Virgin Points to spend via Virgin Red when you switch and pays 2.02 per cent monthly interest on up to £1,000. To get the bonus, £1,000 must be paid into a linked easy-access account paying 1% interest and 2 direct debits transferred over.
HSBC’s Advance Account pays £170 when you switch to the account. You need to set up two direct debits or standing orders and pay in at least £1,500 into the account within the first 60 days.
First Direct will give newcomers £150 when they switch their account. It also offers a £250 interest-free overdraft. Customers must pay in 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 on up to £1,500 – the highest interest rate on any current account – if you pay in at least £1,000 each month, plus a fee-free overdraft. Both the latter perks last for a year.