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Virgin Saver 6.75% p.a. Introductory Rate for The First 4 Months

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Virgin Saver 6.75% p.a. Introductory Rate for The First 4 Months
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LSummerMan on 27/07/2010 - 13:54 virginmoney.com.au (2313 clicks)
Last edited 03/11/2010 - 12:54 by 1 other user

After a fierce competition between Rabo and Ubank, we now have the third player in the game. Virgin Saver offers 6.75%. Number two in the market is UBank which is currently at 6.51%. Here, I am not going to say switching is good or suggest how to switch. It is just a piece of information that you might want to keep an eye on it.

  • variable introductory interest rate of 6.75% p.a.* for the
    first 4 months
  • A variable ongoing interest rate of 5.35% p.a.
  • No fees…whatsoever

PS. I am not going to apply for it right now. Just wait for MoneyBackCo and BuckScoop to offer something. On InfoCHoice site, it is a sponsored product. So, it is likely that MBC or BuckScoop will be able to offer a deal. (To increase a chance of having your transaction tracked please try not to click links on ICH site.)

** Update **
MBC said that they are not eligible to participate in this campaign, so feel free to apply. If you want ICH to earn some money, you can click through their website.

** Update **
1. Virgin is no longer a sponsor of ICH.
2. 6.75 pa is now for a balance upto 250K only for new applicant.
3. Be careful when you change your nominated link account, it can take long time to process and you money are locked up in the account.
4. Four months is from the account opening date, for those who applied early, it will end this month.

Referral Links

Referral: random (305)

Referees will receive 5,000 Virgin Money Points when they open their first Virgin Money Go Account before 31 July 2024 and meet the Welcome Offer Bonus Points Criteria (1 debit card purchase/direct debits/BPAY transaction in the first 30 days).

Referrer will receive 5,000 Virgin Money Points for each referee who meets the Welcome Offer Bonus Points Criteria, for up to 5 referees in a month.

Financial

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closed Comments

  • Pizza The Hut on 27/07/2010 - 14:05
    +2

    Intro offer of the first 4 months is quite good because it doesnt start until you actually have the account open and working, rather than some set date with the other banks which could be a month after you hear about it, after you apply, send in id forms, get password and move money across.

  • tomsco on 27/07/2010 - 14:22

    Thanks for this. Just out of interest, the 6.51% offered by Ubank, is that a permanent rate, or is it an introductory rate like this?

    • GreenGuava on 27/07/2010 - 14:29
      +1

      The 6.51% advertised by UBank is a variable interest rate plus 0.50% bonus, dependent on you maintaining an automatic deposit of $200+ per month. If you cancel your automatic deposit, the rate drops back to the standard variable rate of 6.01%

      • SummerMan on 27/07/2010 - 14:40

        ASP bonus applies monthly.

        If you fulfill the condition any day in this month (ASP deposit of $200), you will enjoy the bonus next calendar month.
        The bonus applies to full calendar month.

      • Horizon on 27/07/2010 - 14:43

        What wasn't immediately obvious to me is that your monthly UBank interest credit (if it's above the threshold) counts as an automatic deposit. Yay!

        • SummerMan on 27/07/2010 - 14:45
          +1

          I believe that interest doesn't count toward this.
          An easy way to get the bonus ==> Schedule monthly payment of $200 to and from you linked account on the same day… That's it. Very easy and don't have to worry about anything.

          • Horizon on 27/07/2010 - 14:48

            @SummerMan: I assumed that the interest credit counted simply because I got the bonus rate without making a deposit other than the automatic monthly credit.

          • XeSSiV on 27/07/2010 - 15:43

            @SummerMan: This might work, but I wouldn't count on it. I guess you could try to do it for a month or two and see if it works or not lol. Best of luck with it =]

        • Emma Tyler - UBank on 27/07/2010 - 17:28
          +3

          Hi Horizon, your monthly UBank interest credit won't count towards your ASP credit. As Summerman has said to receive the ASP bonus interest rate you will need to deposit a minimum of $200 per month via ASP.

          I hope this helps and please let me know if you have any further questions.

          Speak soon, Emma T - UBank

      • tomsco on 27/07/2010 - 14:54

        So deposit $200 a month to get 6.51%. Easy :)

        • rifter on 27/07/2010 - 15:48

          UBank. No, it's not that easy. There are a range of other conditions you need to meet so that you can get this rate in what can be up to 2 months away. Meanwhile your funds are tied up at the lower rate.

          Read the fine print carefully!! For example, if you ever have more than $200K in all of your accounts you will be given the lower rate even after the qualifying period. What a waste of time.

          • massari on 27/07/2010 - 15:52

            @rifter: IF you have above 200k. I have Less, and depsosit 50$ a week, more if I like and get the full interest. Only took 1 month to get it.. No biggy

            • rifter on 27/07/2010 - 16:05

              @massari: Yes it is a biggy. Anybody with over $190K needs to get it out of UBank immediately. Even then they will not be able to get the higher advertised rate for up to two months if they put even $50 back. Sure looks like a reverse loyality program that is getting a lot of existing UBank customers very ….

              • bargainben on 27/07/2010 - 16:41
                +2

                @rifter: Why don't you just keep up to 180K in this account then keep the rest elsewhere? then transfer the interest out when it gets close to the 190K mark.. I don't think a get out of UBank immediately is needed, just following their guidelines and you will be making the Max amount of 'ongoing' interest currently available.

                • rifter on 27/07/2010 - 21:06

                  @bargainben: Won't work if you already have more than $200K in UBank. If you don't get completely out immediately you cannot get any more than 6.01% for the rest of this month and all of next month. And, if you wait til next week, you cannot get any more than 6.01% for the rest of this month next month and the month after.

                  See why it is important for all those with large sums of money in UBank to remove it all immediately and take up either RaboDirect offer or the new Virgin Saver offer now.

                  • puckman on 28/07/2010 - 09:29
                    +1

                    @rifter: I think if anyone was lax enough not to notice this condition (it wasn't hidden or anything) and act accordingly they deserve to lose interest. Most people with that much in the bank are more dilligent with their hard earned dosh.

                    Plus you're still getting a decent rate at 6.01%. Is it worth transferring to the other accounts? Yes. Is it worth getting into a panic over? No.

                    Also I am no fan of any of any particular account - I put my money where it will work best for me. So for my and other people's sake, rifter, please elaborate on the "range of other conditions to meet"?

                    • rifter on 28/07/2010 - 09:49
                      +1

                      @puckman: Agreed. UBank only for small deposits. Otherwise go Virgin Saver or RaboDirect.

                      And, anyone who had large deposits in UBank (before new conditions) should be removing it now that there are some excellent alternatives.

        • Emma Tyler - UBank on 27/07/2010 - 17:24
          +2

          Hi tomsco, rifter, massari and bargainben, to qualify for the 6.51% per annum with the USaver account, you will need to deposit a minimum of $200 per month via ASP. This will accrue the month after your ASP credit and applies to USaver account balances less than $200,000 per customer.

          Please let me know if you have any other questions, I’m happy to help.

          Speak soon, Emma T – Ubank

          • rifter on 27/07/2010 - 21:16

            @Emma Tyler - UBank: Not true. If you have more than $200K in UBank account this month you cannot get the bonus until a month after the end of this month (namely September). That's a low interest rate for 5 weeks if you drop your account to below $195K today (allowing for end of month interest).

    • TomG on 27/07/2010 - 14:58
      -3

      The UBank 6.51% offer is only on balances up to $5000.

      • SummerMan on 27/07/2010 - 15:06

        That's UReach. The other one has a limit of $200,000.

        BTW, here is a post about virgin money. If you have a question regarding UBank, please look into UBank deal at http://www.ozbargain.com.au/node/27565

      • lp on 27/07/2010 - 15:26

        oops didn't see Summerman's comment

      • Emma Tyler - UBank on 27/07/2010 - 17:22
        +2

        Hi TomG, SummerMan is correct, USaver Reach offers 6.51% on balances up to $5000, for customers aged 18 - 29 years.

        USaver offers 6.51% for accounts that have set up an ASP (Automatic Savings Plan) of $200(or more)deposit each month, and a Standard Variable rate of 6.01% per annum.

        Please feel to let me know if you have any further questions.

        Speak soon, Emma T – Ubank

        • SomeGuyOnOzB on 27/07/2010 - 17:27
          +1

          Hi Emma,

          any chance UBank will:

          • match VirginMoney
          • increase that $200,000 limit on the ASP bonus rate

          Thanks

          • Emma Tyler - UBank on 27/07/2010 - 17:37
            +1

            @SomeGuyOnOzB: Hi foundit, at UBank we review our rates regularly and take into account many different factors when changing our interest rates.

            I hope this helps.

            Speak soon, Emma T - UBank

            • SummerMan on 27/07/2010 - 17:43

              @Emma Tyler - UBank: For >200k, I believe that it is a negotiation behind closed door.
              I see some people report a successful negotiation with UBank.
              He had Ubank matched Rabo rate when Ubank's was lower than Rabo's.
              See UBank/Rabo threads for more detail.

              • patientvalue on 27/07/2010 - 18:03
                +1

                @SummerMan: You are correct SummerMan (I am speaking from personal experience).

                And although i am over the threshold i earn a (ever so slightly) higher rate than 6.51 from Ubank. So yes they are open to negotiation (And i do not have to do the ASP). And so even though i could earn a bit more by moving to virgin for 4 months i wont because i dont want to lose the good deal i have with ubank so this is an example of loyatly (to the extent it exists at all these days). cheers

                • SomeGuyOnOzB on 27/07/2010 - 18:43

                  @patientvalue: … by leaving them your money, you are letting them play with that so they can earn themselves even more money …

                  You could ask them to match the virgin deal and still be loyal doing that? :)

                • shu on 28/07/2010 - 14:40

                  @patientvalue: I gave them a call to see if I could negotiate…maybe I got a clueless call centre operator, but after the operator spoke to her team leader, she could only offer me the 6 month 6.41% term deposit and after 6 months, I'll get the 0.1% loyalty bonus.

                  Couldn't even match the 6.51% rate for pushing my deposit over 200k.

            • SomeGuyOnOzB on 27/07/2010 - 18:46

              @Emma Tyler - UBank: Hi Emma,

              that doesn't really help :P

              if you mean they are about to off 6.75% on ASP … can you get them to confirm that?

              At the moment I take it that we can only assume they won't be decreasing the rate, come Friday, and it'll be a gamble for us if we want to transfer our money to Virgin, maybe Wed or shift it to UBank next week.

              …

              :S

            • muzzamo on 28/07/2010 - 09:53
              +2

              @Emma Tyler - UBank: Spin Spin

  • jennkei on 27/07/2010 - 15:04

    Ubank's standard variable is still a good rate if you're looking to have money in an account for more than 4 months. XD

    • Cluster on 27/07/2010 - 15:36
      +1

      After the 4 months are up just move the money back to UBank.

  • footy on 27/07/2010 - 15:26
    +5

    Seriously, can we stop applauding banks for introductory rates! 5.25% standard rate is so average.

    • GreenGuava on 27/07/2010 - 15:41
      +1

      Indeed. Personally, although the intro rate is great, the hassle involved with opening and closing accounts (and transferring money around) isn't really worth it.

      I wouldn't be surprised if people join up to accounts with high intro rates (like this) with the intention of only staying around while the intro rate in force, only to find they they end up sticking with the account for longer because of above hassle.

      • SomeGuyOnOzB on 27/07/2010 - 16:36

        If the rates stay the same

        around $8 extra per $10,000 of savings, over 4 months
        for Virgin Money vs UBank savings account (so, where savings are < $200,000)

        around $11.67 extra per $10,000 of savings, over 4 months
        for Virgin Money vs Rabodirect

  • Cluster on 27/07/2010 - 15:35

    Great deal. Thanks for posting. I'll add this account to my portfolio of UBank, ING Direct, RadoDirect, and BankWest accounts. My money is moved according to whichever bank offers the best deal.

  • SummerMan on 27/07/2010 - 15:41

    Well, at least you can take this information to your bank and negotiate if your saving is large enough for negotiation.
    I've seen someone ask UBank to match Rabo before. So, I just wonder if he is going to negotiate with UBank again.

    BTW, there is no limit or cap on this offer. If you have a million you earn 6.75% on a million principal.

  • Cluster on 27/07/2010 - 15:45
    +1

    Well, I just tried to sign up for an account, but the process appears to be broken.

    First of all I am asked about my details (applicant 1), but the next screen asks "all about them (applicant 2)". Does Virgin Money assume you have to be married to open an account? The screen cannot be skipped.

    Edit: I typed the same details in twice but the linked account name is now "C Cluster & C Cluster", with no way to change it. Hey, Virgin Money, not everyone with money to save is currently married!

    Edit: Silly me, I ticked all the boxes on the opening page, including the joint account checkbox. Ignore this post :-)

    • nadan on 28/07/2010 - 11:59

      The funniest post of the threat, thanks for sharing.

  • SomeGuyOnOzB on 27/07/2010 - 15:46

    If you want Moneyback to get a deal with them, maybe leave a comment here
    http://www.ozbargain.com.au/node/29026

    :)

  • SomeGuyOnOzB on 27/07/2010 - 15:53

    More info (I did click on the link, so I may need to clear the cache later)

    alliance with Citibank

    some claim about earning interest on your interest, but it doesn't look like anything too special or different (ie interest is calculated daily but paid monthly … same as UBank)

    salary can be direct credited to the account

    … not too much else

    Among the fee free explanation it says

    Withdrawals Free to your linked account

    I don't know if that means you are limited to withdrawing to your linked account etc

    Q. How can I get my Virgin Saver Account and how long does it take?

    A. It’s easy to apply for a Virgin Saver. It’s all online, so just click here to go to our application form. It takes less than 10 minutes to complete our online application if you’ve got all your personal information handy, and you’ll have a response in 60 seconds after you’ve clicked submit.

    Note: I haven't tried it

    Q. Who can apply for a Virgin Saver?

    A. Anyone that’s an Australian resident for tax purposes and is 18 or older.

    more stuff here

  • rifter on 27/07/2010 - 15:53

    Does Virgin Saver qualify for the Aust Govt $1m guarantee?

  • [Deactivated] on 27/07/2010 - 16:10

    Nice find. However personally will keep with Rabo and uBank, mainly as this is an intro rate, and why use this up until I cant access the higher rates at either of these two. Have already used up Bankwest, St George intro rates.

    Positive as it adds more competition and will suit some others as well

  • modsec802 on 27/07/2010 - 16:33

    Nice, it's good to see the competition heating up.
    Just wait until the RBA raises interest rates next week, yay to savers!

  • Raz on 27/07/2010 - 17:30

    When does the Ubank 6.51% start?

  • bitcoinorbust on 27/07/2010 - 17:52

    nice..some1 try and get ubank to match like last time with rabo 6.4. unfort my cash is with rabo atm

  • uraha on 27/07/2010 - 17:56

    Does ASP work with Ubank USaver Reach?

    • Emma Tyler - UBank on 28/07/2010 - 17:23

      Hi uraha, the ASP is for USaver only.

      Speak soon, Emma T - UBank

    • SummerMan on 28/07/2010 - 17:24

      You get high interest rate on the first day for USaver Reach provided that the balance is less than 5k.

  • Fong on 27/07/2010 - 18:45

    Hey i applied for Ubank and the 200 deposit from ASP has been on hold in my account for a few days now. Is it suppose to be like this?

    • SummerMan on 27/07/2010 - 18:48

      5 business days, to be precise

      • Fong on 27/07/2010 - 18:50

        So it goes on hold for 5 business days? So would i still get my bonus 0.5% interest?

        • SummerMan on 27/07/2010 - 18:51

          Next month, sir. This month you'll get standard interest rate.

  • Muddy on 27/07/2010 - 19:20
    +2

    I'll be moving my money away from UBank. Because of delays and "holds" in the ASP process my account dropped from 6.51% to 6.01% and has languished there for over a month. I called them and was (not politely) told that even though I have my pay deposited into the account and a balance over $150k I'll have to wait for the ASP to work before the interest will go back to 6.51%. The ASP requirement for 0.5% is a stupid idea anyway and I'll be happy to get away from it.

    I also wasn't impressed with UBank's recent TD promo here on OzBargain, where the eligibility criteria changed after they announced it.

    Loyalty is earnt. UBank doesn't get mine.

  • pmmehta22 on 27/07/2010 - 19:43

    Is it just me or the website but somehow it couldnt let me go to the next page after the first page where it says "before you start". anyone experiencing the same problem?

    • SummerMan on 28/07/2010 - 12:42

      Don't use Chrome. Use firefox.

  • 17833 on 27/07/2010 - 20:29
    +1

    These bonus rates really irk me. The underlying interest rate is nothing special. I would much prefer to have a reliable, simple, friendly account with a competitive interest rate that is maintained over a sustainable period. We are a savvy bunch of people on ozbargain so we are not apathetic, I'd love to peek at a banks stats and discover what the general outflow of deposits are after a promotional period ends i.e. how many people leave their money in after the promo rate finishes. All this considered though, this is a pretty amazing rate, higher that my variable mortgate rate at the moment!!! And if you had substantial savings, then definately a worthwhile proposition.

  • bbqwer on 27/07/2010 - 20:31

    my cba sitting at 4.25% and this is 6.75% , every 50k have a 100aud bonus in interest.

    what a deal, just applied. :)

    • infernal_max on 28/07/2010 - 02:17
      +2

      i just lol'd at the fact you said you bank with cba

      • nadan on 28/07/2010 - 12:04

        I do too, and I am finally looking at these offers and thinking that I am losing thousands per year. I am also on the 4.25%.

  • Raz on 28/07/2010 - 05:38
    +1

    The fortunate few for whom U bank agreed to price match. I asked but was categorically told NO! This is for a higher balance than 200,000

    • muzzamo on 28/07/2010 - 09:57

      yeah I would love to know how people pull this off…

      • shu on 28/07/2010 - 14:42

        same here

  • mysrh on 28/07/2010 - 05:55

    Wondering, how can we move $100k between online bankings easily? So far I know I'd need to transfer the funds into my link account, then because it's large amount I'd need to go to the bank for the transfer and incur $5 fee.

    Is there easier way to do this?

    • nfr on 28/07/2010 - 09:30
      +1

      I think you should change the bank that charges you the $5.

    • muzzamo on 28/07/2010 - 09:58

      I know with St.George/BankSA you need to fill out a form in a branch to make your destination account an "upper limit" account. From then onwards you can do large internet transactions to it.

    • nadan on 28/07/2010 - 12:05

      Do it in multiple transactions, I know it's a pain and takes days but that is better than paying them $5.

    • SummerMan on 28/07/2010 - 12:42

      If you link virgin money account to your UBank account, you can transfer it in one go.

    • SomeGuyOnOzB on 28/07/2010 - 13:45

      depends which bank you are using.

      With ANZ it's possible to ring them and discuss.

      With CBA, I think for some accounts you can get SMS and/or security device to authorise your transactions (allowing for higher transfers)

      Who are you banking with?

  • aurotaro on 28/07/2010 - 16:58
    +1

    ahhh well…. time to move my money again……..

    I like UBank though. Would stick with them if they swiftly match the interest rate.

  • SummerMan on 04/08/2010 - 13:26

    Anyone who went to Post Office have got the account opened?
    I went last week but Virgin Money still emailed me to go to Post Office again. It's strange. Isn't it?

  • SummerMan on 05/08/2010 - 07:26

    I called them today…

    Surprisingly, they use overseas call center… like three mobile!!
    BTW, their accent is better than three's which is sometimes difficult to understand.

  • SummerMan on 05/08/2010 - 15:37

    Ten-digit account number? Ubank supports only nine. As the first digit is zero, l omitted the first one when I added it as a UBank's linked account.
    Let's see what'll happen.

  • Reveen on 06/08/2010 - 13:21

    How do you perform a transfer with this account? Under "My Payments & Transfers" anything and everything I click results in an error message.

    • SummerMan on 06/08/2010 - 13:35

      I'll get back to this question once I have my account set up properly.

      • Reveen on 11/08/2010 - 10:59

        It is working now.

        So far, so good. I'm enjoying 6.75%.

    • SummerMan on 14/08/2010 - 14:24

      I have the same problem.
      You need to initiate a transfer from your linked account to Virgin saver first.
      Three days after the transfer, your virgin saver's linked account will be activated!

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