Branson encourages Aussies to compare savings accounts

British business tycoon Sir Richard Branson is aiming to break the dominance of Australia’s ‘big four’ banks after launching a new online savings account and two new credit cards at a Virgin Money event on Sydney Harbour today (July 27th).

Sir Richard said he was hoping to claim back a market share from the country’s major financial institutions by offering new options to consumers looking to compare savings accounts and other money products.

"We’ve come to Australia to give the banks a run for their money," he said.

"There are only four banks now in Australia. They’re very big banks and they’ve effectively squeezed out all the small guys."

The Virgin Saver online account has an introductory variable savings interest rate of 6.75 per cent per annum, which lowers to 5.35 per cent after four months.

Meanwhile, the Virgin Flyer credit card offers several discounts and a points system with Virgin Blue, with the other card boasting no annual fee.

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