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Virgin Saver - $100 free money for joining and setting up an ASP for 3 months

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Virgin Saver - $100 free money for joining and setting up an ASP for 3 months
Go to Deal
LChoc0 on 06/07/2011 - 15:49 virginmoney.com.au (2558 clicks)
Last edited 06/07/2011 - 16:11

First timer, hope it lasts more than 15 seconds.

Just realised that this offer starts TOMORROW (7/7/11)…not today. I stumbled on it when I was looking for something else on the site!

$100 free money for joining up and setting up an ASP. Their bonus rate is equivalent to Ubank for the first 4 months at least. I would presume once the bonus requirement is met you can return the cash to uBank and the only interest you miss out on is about 3 days worth when the cash is in transit.

Their T&Cs:

To be eligible for the one off $100 bonus you must:
a) Apply for a Virgin Saver from 7 July 2011 to 31 July 2011 and
b) Set up an Automatic Savings Plan that deposits at least $1000 each calendar month for at least 3 consecutive months before 31 October 2011.
Available to new Virgin Saver customers only. Limit 1 $100 bonus per customer. Eligible customers will have their $100 bonus credited into their Virgin Saver account by 30 November 2011. The $100 bonus may be treated as assessable income and create a tax liability. This offer cannot be used in conjunction with any other Virgin Money offer, is not redeemable for cash, is not transferrable and may be amended by Virgin Money at any time without notice

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 Virgin

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Virgin Money

closed Comments

  • jv on 06/07/2011 - 15:51
    +4

    I hope their ASP performs better than their ISP !!!

  • ozhunter on 06/07/2011 - 15:52

    Looks good, only good for 4 months as the introductory will be over.

  • undercut on 06/07/2011 - 15:59
    +3

    oops, was halfway through the signup process when I realised this offer only starts tomorrow!

    • leeroys_dad on 06/07/2011 - 16:02

      good call. maybe bold this in the description OP?

      • Choc0 on 06/07/2011 - 16:11

        thanks mate, it's done

  • leeroys_dad on 06/07/2011 - 16:02
    +2

    LOL at first line. Upvote for that

  • Wally on 06/07/2011 - 16:08

    NVM

  • c64 on 06/07/2011 - 16:14

    i now feel like a got a raw deal for signing up for $50 a couple of months back :(

    i hope citibank does a similar offer again sometime soon

  • morpheu on 06/07/2011 - 16:22

    [creepy mr burns voice]
    E-X-C-E-L-L-E-N-T!

    I just finished off those earlier cba and ing bonuses,, time for a re-fill…

    ps can you put in the $1000 and take it out next day or does the money have to stay there for 3 months?

    • c64 on 06/07/2011 - 16:36

      i assume you are free to use the money. ring them to be sure. asp transactions (direct debits) take about a week to clear.

  • abc on 06/07/2011 - 17:00

    wots the interest rates?

  • abc on 06/07/2011 - 17:01

    but its not as good as previously where you got $50 for $1000 initial deposit and $50 for an ASP of any amount :(

    Now have to find $3k from somewhere :S

    • c64 on 06/07/2011 - 17:07

      .

      • dasher86 on 06/07/2011 - 17:23

        can't you recycle the 1k?

    • Crownanchor on 06/07/2011 - 17:22

      Was this really what the deal was last time? The extra $50 i dont recall.

  • [Deactivated] on 06/07/2011 - 17:09

    doesn't it start now? I cant see anything about it starting tomorrow?

    <>edit<> saw the t&c's. its kinda stupid allowing you to join now from the promo page if it doesnt start yet.

  • furyou on 06/07/2011 - 17:39

    nominated linked account = any acct? or what

    • ttkc on 06/07/2011 - 17:40

      yes any account in your name.

      • Crownanchor on 06/07/2011 - 18:26

        Not any account. An account that features direct debit, which is most transaction accounts in Australia. The excluded accouts are the high interest accounts such as ING Savings Maximiser or UBank.

  • Keef on 06/07/2011 - 17:41

    Can I deposit my thousand and then take it back out again (my pay) or does the deposited total need to be in there when the $100 is credited?

  • nadan on 06/07/2011 - 17:43

    What is their normal rate? I think I being ripped off by COMMBANK's 4.5% rate!!!

    • GreenRomeo on 06/07/2011 - 17:45
      +1

      Ubank FTW!

      • firedragon on 08/07/2011 - 11:11

        UBank is awesome.

    • c64 on 06/07/2011 - 17:49

      I think I being ripped off by COMMBANK's 4.5% rate!!!

      duh

    • delfredo on 06/07/2011 - 19:57

      Why aren't you getting 5.8% on netbank saver?

      • nadan on 06/07/2011 - 23:07

        I have a netbank saver account and the actual rate is 4.75% at the moment, I think that is 1% bonus for new customers. Time to switch to UBANK perhaps.

        • delfredo on 06/07/2011 - 23:30

          Just go into the branch and request for the 1% bonus. When it expires after 3 months, just go back and get them to roll-over the bonus period for another 3 months. I do that all the time.

          You can do the same with nab's iSaver, but they require you to open a new account everytime you roll-over the 3-month bonus period.

          Advantage over uBank is the immediate access that you have, if you ever need it.

  • Kelstorm on 06/07/2011 - 18:29
    +4

    This has me bewildered: "This offer … is not redeemable for cash…"
    How can cash not be redeemable for cash?

    • abc on 11/07/2011 - 20:18

      they are covering their arse just in case. Maybe they mean physical cash? :P

  • moonwalk on 06/07/2011 - 18:56
    +4

    opened the account when they had a $50 bonus in may for joining & setting up an ASP. ended up forgetting the linked account i nominated for ASP (due to lenghty process of opening account: needs to go to post office to validate IDs, complicated procedure for activating the account: needed to wait to receive acc no, internet bank no, passwords etc over mail, needed to transfer money from your linked account to activate etc). Finally I just closed the account without getting anything.

    I understand the security side of these things. but I still think it is too annoying. Complicated steps to activate the account, and you need a password and security question to log in (log in also slow due to very small virtual keyboard). As much as i dont like UBank's web interface, Virgin saver interface is worse in my opinion.

  • dins on 06/07/2011 - 19:01

    damn joined for the $50 some time back i'm now gonna have to change my name and have another go lol

  • Bullion78 on 06/07/2011 - 21:29
    +3

    sounds like way to much hassle for the sake of $100 to me

    • airpoe on 06/07/2011 - 22:16

      they use this to attract new customers as they can't offer a steady high rate!

    • montorola on 07/07/2011 - 11:21
      +1

      You're not a true OzBargainer if it's a hassle for you lol

  • EnALup on 07/07/2011 - 05:59

    As one of the condition says:
    The $100 bonus may be treated as assessable income and create a tax liability. This offer cannot be used in conjunction with any other Virgin Money offer, is not redeemable for cash, is not transferrable and may be amended by Virgin Money at any time without notice

    Does that mean, we can never transfer that 100 dollars out of that saver account?

    If we want to deposit 1000 dollars for 3 months
    and then want to transfer the complete amount deposited + interest + Bonus back to our Other Bank account.
    is it possible?

  • tweety96 on 07/07/2011 - 08:46

    Hey guys, Ubank's bonus 0.5% doesn't start until 1 month after u,ve opened the account and setup the ASP. Is there a way around this?

    • delfredo on 07/07/2011 - 09:50
      +1

      Open towards the end of month and have ASP completed (funds in UB) before month end.

  • firedragon on 07/07/2011 - 09:51

    Opened the account last time for the $50 bonus last time. However, like moonwalk, realised it was a huge hassle. Just finished chasing them for my $50, since I'd gone to the trouble of setting up an ASP and depositing required amount in.

    Does anyone else find the Virgin Money interface not very user-friendly, especially the NetBank equivalent?

    • ttkc on 07/07/2011 - 10:44

      Yeah their internet banking interface is so bad I am going to close my account because of it :)

    • WaywardOne on 07/07/2011 - 11:08

      I had exactly this experience. It was so much hassle (which I guess is in the interests of Virgin) that $50 was definitely not enough compensation. It was not just "create an account and get $50"….it was "undergo three months of significant financial risk and horrible interfaces and you still have to fight for your reward"

      • c64 on 07/07/2011 - 12:50

        undergo three months of significant financial risk

        what risk might that be?

        • WaywardOne on 07/07/2011 - 14:24

          Just that you had to set aside $3000 over three months. At the time I wasn't aware that you could immediately transfer it out.

          So the 'risk' was using $3000 to (hopefully) gain $50. I guess there was no actual risk, but that is a significant amount of money.

    • Crownanchor on 07/07/2011 - 12:12
      +1

      The user interface was aweful, spent too long trying to work out how to transfer founds out, that i decided to just close the account instead. Worst user interface ive ever seen.

    • delfredo on 07/07/2011 - 12:41

      HSBC is equally bad. Those who took up the $100 feebate offer will know…

    • c64 on 07/07/2011 - 12:49

      yes, the interface is bad. but then again, it does all it is supposed to doesn't it? transfer to/from your linked account, show balance and transaction history.

      • uccoffee on 09/08/2011 - 13:52

        no, it doesnt show the schedule payment and you cannot modify it over the phone.
        Still waiting for them to call me back.

        • eleana on 10/08/2011 - 20:04

          It does show the the schedule payment online:

          Click: My Payments & Transfers—>

             List of Scheduled Payment / Transfer (on the right hand side of the webpage under the Quick Actions)-->

   Change / Cancel a Standing Order

          I have successfully changed my Auto Saving thu this way before it started.

  • dmac on 12/07/2011 - 00:03

    So I was wondering, I only have $2000 dollars, could I re-use the same $1000 each month?

    • Crownanchor on 12/07/2011 - 00:14

      The last offer in February, you were required to keep the $1000 in the account to get the bonus, and the way i read the terms of this July one, is that $3000 needs to stay in the account. It would be best to check with Virgin Money on the terms.

      • eleana on 27/07/2011 - 09:34

        I just called them and they said it's free to withdraw it if you want.

  • coolsteps on 20/07/2011 - 18:02

    ref "Available to new Virgin Saver customers only." i wonder what if you close your existing dormant account and reply under offer if you will still qualify for this $100 bonus ?

  • uccoffee on 09/08/2011 - 10:21

    it is kind of a scam, cos the STOPPING auto transfer page on the netbank is faulty, does not work at all.
    the only way is to manually transfer the $ back and close the account, headache!
    Both mine and my gf's account are like this…

    waiting for the supervisor to call back now….

    • uccoffee on 10/08/2011 - 09:52

      I have got a call from virgin money and the supervisor told me there's a technical problem stopping the ASP or any scheduled transaction other than I close the account. And there is no fixed date when they are going to fix it.
      He also told me it's not a spam when I asked him, and virgin did not do it on purpose.

      not a scam.

      • eleana on 10/08/2011 - 19:51

        How did you set up your auto saving? Why do you need to stop Auto transfer?
        I believe there is an option under the Set Schedule that you can enter the date of Ending Auto Saving (Until dd/mm/yyyy). I think auto saving will stop by itself.

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