4.75%
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With the newly relaunched Virgin Saver account by Virgin Money, you can say goodbye to introductory rates that only last a few months, and say hello to a competitive ongoing interest rate of 4.75% with no minimum deposit requirements. Also gone is the $150,000 account cap, so no matter what the balance, you'll earn high interest.
Key features: There are no withdrawal or deposit restrictions with the Virgin Saver which make this a flexible savings account for those who want to earn interest on their savings but don't want to be locked into automatic savings plans. Interest is calculated daily and paid into your savings account monthly and there are absolutely no fees. Deposits in the Virgin Saver are covered under the Government's deposit guarantee (up to balances of $250,000).
The Virgin Saver account is an online only savings account so there is no branch access but who needs it when you'll get unlimited electronic deposits/withdrawals, a monthly eStatement (stored for 3 years) and 24/7 online or phone customer service. The Virgin Saver must be linked with a bank account from any financial provider.
Who it's good for: The Virgin Saver suits a everyday saver looking for competitive interest rates and the flexibility of online banking.
Any catches? While transfers are allowed in from other bank accounts, such as your salary, the Virgin Saver doesn't have a pay-anyone feature, so you can't transfer funds out of this savings account to make a bill payment. You have to transfer the amount first to your transaction account and then make the payment.
Loyal Virgin Money customers will be disappointed to learn that the new ongoing savings rate only applies to new customers who take out the Virgin Saver product from 14 May, 2012.
| Product Type | Overall | Price | Features | Service | Convenience | Trust |
|---|---|---|---|---|---|---|
| Virgin Money savings accounts |
4.1
Based on 18 Virgin Money savings account reviews |
6.6 | 4.2 | 4.0 | 3.6 | 3.7 |
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Not recommended, not trustworthy
Pro: High interest rate Con: Non-user friendly website, unreliable, false bonus offer, by-the-book customer service I received an email offer to open a Virgin Saver account with competitive interest rate, and a bonus of $50 will be given if I ... Full review
Pro: High interest rate Con: Non-user friendly website, unreliable, false bonus offer, by-the-book customer service I received an email offer to open a Virgin Saver account with competitive interest rate, and a bonus of $50 will be given if I deposited min $1000 per month for 3 consecutive months before 29 Feb 2012. So I opened the account in Nov 2011 and even went further convincing my spouse to open one as well. The bonus was promised to be credited by end of Mar 2012, but no bonus comes into our accounts until mid Apr. So I called, and the Customer Service courteously told me that their back office was closed already, so she would get them check and credit the bonus within 3-5 working days. No news and no bonus came, so I called again 10 days later. The CS said she would ask their team to investigate and I could get the outcome within a week. Still no one called, so I rang again. At first the CS said that the promotion ended on 31 October, but after I mentioned that I had the promotion print-out showing that it ended on 30 Nov, she said she would check again. She came back telling me that the result of their "thorough investigation" was that I was not eligible for the bonus. There is no further explanation why, the result was simply "not eligible". I am disappointed to say the least. Three phone calls, zero call back, zero bonus and zero explanation why. I have followed the requirements for the bonus -- opened the account within the promotion period, and deposited the minimum amount for 3 consecutive months before 29 Feb. So I am eligible for the bonus. I decided to close the account, also my spouse's, and will not consider an offer from Virgin Money anymore.
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YesVirgin Money differentiates itself with a high focus on customer service and a strong brand. Virgin Money offers a range of financial service products including credit cards, savings accounts and home loans.
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