Account that earns flights

VIRGIN Money has launched a one-year fixed-rate account paying air miles instead of interest.

With the Flying Club account, customers will earn 1,400 Flying Club miles for every £1,000 saved. Someone who saves £15,000 could earn enough to fly to New York and back with Virgin Atlantic.

In theory, the account pays 1.19 pc interest, but this is converted to air miles at the end of the term.

Flying Club miles can then be exchanged for rewards, including flights and cabin upgrades. They do not cover taxes, fees, charges or surcharges added to the cost of the flights. Customers can top up miles with cash if needed to buy flights.