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Earn $50 for Opening a Virgin Saver (6.51% Introductory Rate)

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Earn $50 for Opening a Virgin Saver (6.51% Introductory Rate)
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[Deactivated] on 12/04/2011 - 14:44 virginmoney.com.au (2047 clicks)
Last edited 12/04/2011 - 15:00

Just got this email
The Virgin Saver
Welcome to our high interest online savings account
that gets you saving faster.

Features at a glance:

  • A market leading variable introductory rate of
    6.51% p.a.* for the first 4 months on accounts
    with balances of up to $250,000
  • Competitive variable ongoing rate of 5.35% p.a.
  • Absolutely no fees whatsoever
  • Added security with the Government Guarantee
    through our alliance with Citibank#

Receive $50 to help boost your savings^

  • We'll also give you a $50 bonus when you set up an Automatic Savings Plan and save $1000 or more by 31 May 2011 (new customers only)
    Click here for more details
  • To be eligible just follow the instructions on your application form on how to set up an Automatic Savings Plan at Step 3, and start saving today.

*edit: expiry date is removed since you actually need to deposit $1000 via Automatic Savings Plan by 31/05/2011. Not sure how long the application take so maybe apply as soon as you can.

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.

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closed Comments

  • [Deactivated] on 12/04/2011 - 14:47
    +1

    Receive $50 bonus^ when new customers set up an Automatic Savings Plan and save $1000 by 31 May 2011.

    ^ To be eligible for the one off $50 bonus, set up a new Automatic Savings Plan to deposit at least $1000 by 31 May 2011. Limit of one $50 bonus per customer. Available to new Saver customers only. Eligible customers will have their $50 bonus credited into their Virgin Saver account by 30 June 2011. Virgin Money may vary or amend this offer at any time.

    This means you can set up a weekly Automatic Savings Plan of $250, fortnightly of $500, or monthly of $1000 – the total amount of your Automatic Savings Plan deposits must be at $1000 by 31 May 2011.

    Follow Step 3 of your Virgin Saver application to set up an Automatic Savings Plan. Customers must set up their ASP at application (Step 3) & not afterwards to be eligible.

    Just a friendly reminder that you must activate your Virgin Saver account in order for your Automatic Savings Plan to commence. To activate your account, transfer funds of any amount from your nominated linked account into your Virgin Saver using the online, or telephone banking service, provided by the financial institution holding your linked account. You'll need our BSB 242-265 and your Virgin Saver Account number. Only funds transferred from your linked account will activate your Virgin Saver and your account will be activated 3 business days after we receive the funds. Account set up and activation generally takes 10 business days.

    • c64 on 12/04/2011 - 19:11

      from what i gather, it is a semi-permanent offer and each month they just release a new offer with new key dates.

      i deposited $1k last month and i should be payed at the end of this month.

  • uraha on 12/04/2011 - 14:53
    +2

    free money!

    • ESEMCE on 12/04/2011 - 14:54

      31 May is still more than 1 month away
      EDIT: Ah, you've realised.. :-)

    • AncientWisdom on 12/04/2011 - 14:57

      $50 seems to be the least you could get for inventing a time machine…

      EDIT: NM it's may now

  • jv on 12/04/2011 - 15:03

    does this get reported as income to the Tax Office ?

    • esq on 12/04/2011 - 16:32
      +1

      Yes.

    • c64 on 12/04/2011 - 19:17
      +1

      i think it depends on whether they treat it as bonus interest (ala ingdirect) or they treat it as some miscellaneous credit (nab promotion).

  • nubzy on 12/04/2011 - 15:03
    +3

    pffft $1000 you gotta deposit. cant be bothered.

    I like these offers like NAB when you only have to deposit as much as you want..

    and looks like you'll be waiting until end of may for your bonus anyway

  • newguy on 12/04/2011 - 15:06
    +2

    so when can I withdraw my money? As soon as I get the $50?

    • jv on 12/04/2011 - 15:18
      +14

      can I withdraw my money?

      you will have to lose your Virginity…

    • c64 on 12/04/2011 - 19:18
      +2

      can I withdraw my money?

      yes, but hopefully not prematurely :)

  • morpheu on 12/04/2011 - 15:19

    you probably won't need to transfer via auto savings plan anywhere near $500 or $1000, "To activate your account, transfer funds of any amount from your nominated linked account into your Virgin Saver using the online, or telephone banking service, provided by the financial institution holding your linked account" you transfer say $900 to activate the account and then do at least one transfer using ASP of $100 before 31 may right? unless they don't count the activation transfer towards the $1000

    • [Deactivated] on 12/04/2011 - 15:28

      I'm afraid you have to, as it says "the total amount of your Automatic Savings Plan deposits must be at $1000 by 31 May 2011."

  • 17833 on 12/04/2011 - 15:31
    +2

    Thankyou! Bit irrelevant but hate how these online accounts and deals are for over 18yr olds only. My 17yr old is an apprentice, these accounts would be a great way for him to put some money away, save and see the benefit of interest.

    • dasher86 on 12/04/2011 - 15:58
      +1

      open up an account for him in your name to get the bonus.
      Then transfer to Ubank after promotional period is up =)

    • heatseeker424 on 12/04/2011 - 18:03
      +1

      I agree.
      I'm 16, and I already see the benefits of saving and interest. Thankfully my parents invested in shares for me when I was younger, and now I'm claiming the dividends and through shares aquired by inheritance. I now have saved 5 figures, but I only get 4.75% with CBA, dissapointing.

      • c64 on 12/04/2011 - 19:26
        +2

        I now have saved 5 figures, but I only get 4.75% with CBA, dissapointing.

        i think one of your first savvy business decisions in life should be to part ways with the cba if you are only getting 4.75% on a 5 figure sum …

      • grips on 12/04/2011 - 20:10

        Open a Commsec Cash account, it pays 5.50%. See the Commsec website. Transfer to any account no problem.

  • kaikor on 12/04/2011 - 15:50
    +1

    So can I open this account, deposit $1000 by 31/5, then grep the $50, withdraw all my $1050, and walk off w/o any penalties?

    • skytree on 12/04/2011 - 16:17

      suppose…
      ING seems doing similiar thing, so you could get $100 away by opening and withdrawing account in 2 days, aha :)

  • jamessyc on 12/04/2011 - 16:02

    dup, any questions just have a read of:
    http://www.ozbargain.com.au/node/39476

    • [Deactivated] on 12/04/2011 - 16:53

      Thanks! I did search before I posted this deal, thought that one has expired (says valid till 31/03/11 on the title).
      Can I ask this deal to be removed later? I think I may leave this deal for a few hours as many people may not know it's still active.

  • abc on 12/04/2011 - 16:19

    ^ This offer is available to the addressee of this email only. To be eligible for the one off $50 bonus, set up an Automatic Savings Plan (ASP) when you apply that deposits at least $1000 by 31/05/2011. Limited to one $50 bonus per customer. Available to new Virgin Saver customers only.

    This email only?

  • grizz_li on 12/04/2011 - 16:56
    -2

    I still haven't received my $50 incentives from the previous NAB offer on opening a new account and depositing $50.

  • dmc900 on 12/04/2011 - 17:34
    +1

    I've tried this offer last time, they didn't even process my $1000 deposit, now I'm not a new customer I'm probably not eligible to try this again. Any ideas?

    And what's with these stupid introductory rates, UBank offers 6.51% constant rate. Other than free $50, why bother fluffing around with these introduction rates.

  • dkslim on 12/04/2011 - 17:43
    -1

    Why is it always "new customer only"? Any chance we might still get $50 if we had an account but closed it?

    • watwatwat on 12/04/2011 - 17:56
      +2

      Why would they give their own customers $50 for no reason? They can attract customers this way and make money from them. Derp.

      • dkslim on 12/04/2011 - 20:08
        +1

        It makes sense to give old customers (who have left) the $50, because it entices them back. No difference between attracting back old customers and new ones.

        • Ughhh on 12/04/2011 - 20:47

          Did you join and then leave for the free money? Maybe thats why theyre not including existing customers in this. They know your plan!

        • dkslim on 12/04/2011 - 21:48

          No I didn't, I left because their 4 month introductory rate expired. I missed out on the $50 last time :( signed up too early!

    • morpheu on 12/04/2011 - 20:07

      banks still keep your details on file, when i opened that new CBA account to get the $100 bonus they still had all my details from years ago (when they weren't charging monthly fees) but not all banks make the distinction between "new account" and "new customer"

      • Phil Anthropist on 12/04/2011 - 21:23

        Banks keep your records on file for 7 years from the time you close the account or stop using a particualr service (so close a loan and loan docs kept for 7 years even though you may still be a customer with another product).

        So they will know if you have been a customer within 7 years of account closure.

  • grizz_li on 14/04/2011 - 14:23

    This hasn't stopped me from getting my $100 from CBA.
    I was previously their customer, which was sometime around last year.
    I closed it then as they kept charging me account keeping fee even though I signed up as a student and was validated.
    When the new offer of $100 incentive came around this year I couldn't resist and opened a new account again.
    From their system they could tell I was previously a customer and even asked me.
    No problem in the end.

  • ttkc on 17/04/2011 - 15:48

    Just applied. Let's see if I can get the $50 bonus. Thanks YTS.

  • neo21 on 18/04/2011 - 16:41

    I dont get it, this gets 1500+ clicks for giving $50, We Share gives $1000 and only gets 150 clicks.

    Doesn't sound right

    • AncientWisdom on 04/05/2011 - 12:52
      +1

      Maybe because putting $1000 away is easier then taking a mortgage?
      Also, in percentage this gives you 5% of your investment (which you don't even lose), while the We Share will give you 0.25% of your house worth (for a 400k house) - that's not counting how much the mortgage would actually cost you…

      So I don't understand YOUR comparison at all!

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