One you get the hang of the product linked to the high interest savings account then it’s effortless.
I switched to Virgin Money earlier in the year and the experience has been excellent. It has been really easy to set up and manage ongoing. The interest rate is very competitive (which is great when you're putting away decent money each month). The app is incredibly easy to use and card easily added to digital wallet. Transfers to other banks are also quick Haven't had to interact with customer service yet, so can't make a comment here. Lock in saver can be difficult if you need to access money quickly (30 days' notice needed). But worth it for the higher interest rate. Suggest you have a reserve somewhere else
Interest rates are good, if you can meet the criteria. I have been with over 6 banks ans never has it been hard to meet the criteria. They make you jump through hoops to get the advertised interest rate. The criteria applies only for the next month, not the current month either. Not a good system. And you need to deposit yours savings into your transaction account for it to apply, not your savings account? Like why??
Their high interest account is not high interest as they do not pay what they say they will. It is designed to deliberately not pay the bonus and you have to chase them for it, I had double the amount in my account the second month yet I received just $21 interest yet the first month I received $42.19 for have $30,000 less ? You have to go chasing around on a phone they never answer and chat they also never answer as busy, yes I bet they are. Do yourself a favour and do as I did remove your money and close your account
Their high interest rate saving accounts are designed to deliberately not paying the bonus interest rate. I bank with 9 other banks and by far the only two banks that make you go around chasing monthly interest rate. The other being BOQ which is subsidary of Virgin or related. In more details. From time to time they will chamge their critieria to meet the bonus interest payment. I had them put down on my spreadsheet to make sure I wont fall into their trap after 2 previous time. The 3rd time was the critieria of *external bank*. I transfer from BOQ and the representative told me they are related? Who knows? Do we go research every single bank we bank with who is their subsidary and how are they related? Also the term * external* can include and exclude many banks. Nevermind. I make sure I transfer for a bank not know to be in any affliation with them. C. Forth time they did not pay again so I wondered what could be wrong. They say despite I have mad more than 5 eligible payments every month they have not process the payments to merchant. *pending* that can last up to 21 days. One virgin presentative says 3 days, another 5 days and last one 21 days. The other representative replied the reason they need to hold 21days is to make sure we do not overdraft. It is a debit account, no funds no payment. What are they talking about? All to trap their customers and you end up with much less interest money in the bank every month. An yes. Their customer service is horrible. I have to repeat the same messages 6 times.
DO NOT BANK HERE , they charge you double on eftpos purchases and take 21 days to return funds, when calling the wait time is an hour to speak to someone, they are unprofessional rip off merchants, DO NOT BANK HERE
An app only bank, that doesn't have an app that works! Every time I open the app, it takes 2 minutes to load, displays several error messages and just lags. I've seen screen recordings over and over again but they just can't fix it. The offshore customer service department have absolutely no idea and provide a terrible level of service. I don't feel secure banking with a company that doesent offer Internet banking or branches, the only way to access your banking is on an app, that doesn't work. Enough is enough
Slow, clunky, outdated, insecure security questions that everyone in my family knows the answer to. Money transfers take forever even though supposed to be instant, charges for transferring. Old fashioned, annoying outdated website.
It took Virgin Money 2 months to finally open my saver account! And after they did, I deposited $10 to verify my account and they LOST IT! When you call customer service, you talk to someone in an Indonesian call centre who says "I'm sorry, but I can't find your account on my system." And to top it off, in my online Virgin bank user area, when I click transfer money, it says "I'm sorry, this feature is only available to Virgin Money credit card customers.' What! Do yourself a favour and stay away from Virgin money. And a bit of advice to Virgin: Stick to Flying Planes! And thanks Mozo for keeping Aussie's safe!!!!
Stay away! I spend 2 months trying to open a saver account, over 10 phone calls later they only opened the account in my name and not my wife's name as well. And they lost the $1 activation deposit, and when I ask about that, they say they don't have a record of my account!!! Oh yeah, and when I go to transfer money out of the account, it says that feature is only available to Virgin credit card customers. I have now switched to AMP, my account was opened in 2 days.
Have spent the past 4 weeks just trying to open a virgin online saver account (and, yes, I am very familiar with the procedure - have opened two other online accounts recently without any problems). After numerous phone calls (to a call centre - no joy there), and emails (to which I get no reply whatsoever) will give it a miss. If opening an account is this troublesome, do not fancy my chances of good service once I do have an account.
Virgin Money provide a great online savings account that you can just set and forget. I only use their online account for nest egg savings so that I can't see the money when I log into my everyday bank accounts and the money just piles up in there. Their interest rate could be better but I'm happy with my "stealth" savings account nevertheless.
Bonus rate for the first 4 months from account opening
Bonus variable rate is available for the first four months.
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
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