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Savings News
IMPORTANT INFORMATION REGARDING CHANGES TO
THE VIRGIN SAVER
5 January 2012
As of 5 January 2012, the maximum balance to which the variable introductory rate applies to your account will change from $250,000 to $150,000.
What does this mean?
If your balance exceeds $150,000 on or after 5 January 2012, a lower variable introductory rate will apply to the entire account balance whilst the balance remains above $150,000 during the remaining introductory period.
At the end of the four month introductory period, the current variable ongoing rate will apply to the full balance of the account.
This change will only affect you if your balance exceeds $150,000 from 5 January 2012 and you are still within the four month introductory period.
For our current rates click here www.virginmoney.com.au/savings/
WE’VE INTRODUCED SOME CHANGES TO OUR RATES
13 December 2011
As our Virgin Saver rates are variable, including the introductory rate, we consistently monitor our rates and may need to change them from time to time. These changes follow the recent Reserve Bank of Australia interest rate reduction. We’ve also considered other factors such as the money markets rates. To see what’s happening, click on the following link:
WE’VE INTRODUCED SOME CHANGES TO OUR RATES
18 November 2011
As our Virgin Saver rates are variable, including the introductory rate, we consistently monitor our rates and may need to change them from time to time. These changes follow the recent Reserve Bank of Australia interest rate reduction. We’ve also considered other factors such as the money markets rates. To see what’s happening, click on the following link:
VIRGIN MONEY INTRODUCES BANK SWITCHING KITS
3 March 2011
Shop, switch and save. Download your impartial bank switching guide for details on how to switch your home loan, credit card, savings or everyday banking account.
THE VIRGIN SAVER WINS MONEY MAGAZINE’S 2011 ‘BEST OF THE BEST’ AWARD
Sydney, 7 December 2010.
Still in its infancy, the Virgin Saver has been awarded a coveted ‘Best of the Best’ award for 2011. The award recognises the Virgin Saver as the best pick of online savings accounts in Australia.
Money magazine’s annual awards are widely regarded as one of the most important and recognisable awards in the personal finance world.
Mark Rayner, Virgin Money’s Head of Credit Cards and Savings, was delighted:
“With our game-changing introductory rate, our online platform and the fact that we offer little restrictions to our account we’re thrilled to have been recognised as the ‘Best of the Best’ for 2011. True to our heritage, we’ve delivered great value coupled with innovation. There’s a lot more to come from us.”
The Virgin Saver gets your savings off to a flying start with a market leading introductory rate of 6.51% p.a.* for four months, followed by an impressive ongoing rate of 5.35%. Find out more here.
The Virgin Saver wins InfoChoice Most Popular Savings Account for August and September 2010
Sydney, 13 September 2010
InfoChoice has introduced a new award representing the people’s choice or most popular products. This award is based on objective data captured by InfoChoice tracking, and makes it easier for consumers to understand and resonate with specific products. Three working days after each month, InfoChoice announce the most popular products for each of the following categories: Savings; Home Loans; Personal Loans; Credit Cards. The Virgin Saver was awarded with the Infochoice.com.au Popular Savings Award for August and September 2010.
Australian households could save $4,000 every year by choosing the best financial products on offer
Sydney, 27 July 2010
New research conducted by Access Economics1 has found that the average Australian household could save more than $40,000 over ten years, or $4,000 every year, if only 10% of the population exercised their right to choose the most competitive financial products on the market. The study commissioned by Virgin Money highlights the savings that could be made if the best credit card, mortgage and savings options available on the market were chosen.
Important informationTerms & Conditions apply and are available by clicking here. As this is an online account we can only accept electronic deposits and cheques, and all withdrawals must be made to your nominated linked account. While there are no fees payable on your Virgin Saver Account whatsoever, fees may apply to your nominated linked account. Please check with the relevant financial institution where your nominated linked account is held. Any advice is of a general nature only. We haven’t taken into account your objectives, financial situation, or needs when preparing it. Before acting on this advice you should consider if it's appropriate for your situation. Details about our dispute resolution system can be found by clicking here.
The calculator is supplied by InfoChoice Ltd for illustrative purposes and shouldn’t be relied upon as an exact reflection of the Virgin Saver product. The projected savings amount assumes interest is calculated and paid at the same frequency at which deposits are made. The default interest rate shown is the current Virgin Saver variable ongoing rate. The interest rate entered is assumed to stay constant over the entire period. This projection does not take into account any fees, taxes or inflation. Introductory interest rates may apply to an account and could change at any time.
Virgin Money (Australia) Pty Limited ABN 75 103 478 897 AR No 280884 promotes and distributes Virgin Saver as an Authorised Representative of Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL No. 286869. Citigroup Pty Limited ABN 88 004 325 080 AFSL No. 238098 (“Citibank”) is the issuer of Virgin Saver.
*4.75% variable ongoing rate applies to customers who take out a Virgin Saver product from 14 May 2012.
For customers who opened a Virgin Saver product prior to 14 May 2012 the following rates apply:
- A variable 5.35% p.a. introductory rate for 4 months from date of account opening for customers with balances of $150,000 and under only.
- For balances over $150,000 the variable introductory rate is 4.35% p.a. on the entire account balance during the introductory period.
- If your balance is less than or equal to $150,000 but increases beyond $150,000 during the introductory period your variable introductory rate will be 4.35% p.a. on the entire account balance for the remaining introductory period that the balance remains above $150,000.
- A variable ongoing rate of 4.15%p.a. applies to all Virgin Saver Accounts opened prior to 14 May 2012 and are outside of the introductory period.
#Total balances of $250,000 or less will automatically access (fee free) the Australian Government Guarantee under the Financial Claims Scheme. As Citibank issues the Virgin Saver and is the registered ADI under the Financial Claims Scheme, the sum of all balances held in Virgin Saver and any other Citibank accounts will be covered by the Australian Government Guarantee up to a maximum of $250,000 per person. For more information go to www.apra.gov.au or call 1300 55 88 49.
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