Virginmoney On-line saving 6.75%

[rosehill]

The 6.75% introductory savings rate seems to be the highest compared with that offered by other banks. Is it good and safe?

 

[The Y-man]

Is it good and safe?

It's through a bank called Citibank.

Not sure if you have heard of them....

Also note the account can't be opened in a corporate or trust name.

The FAQ indicates you are covered up to $1m by the AGG.

The Y-man

 

[lizzie]

is it accessible or fixed?

looking for somewhere to park our reno profits as all our mortgages are locked in at 5.19% and i'm not going to break any of them - especially if i can get more than that in an on-call account.

 

[alexlee]

From the website:

A great variable introductory rate of 6.75% p.a.* for 4 months and a competitive variable ongoing rate of 5.35% p.a.

 

[zed_kid]

That’s pretty bad. UBank is better @ 6.51% and doesn’t change after 4 months. There is a little catch but I can’t remember it off the top of my head, something like minimum balance or minimum transfer amount per month... I can’t remember but it goes to 6% if you don’t meet the requirement, which is still better than virgin.

 

[RumpledElf]

We've got a net saver through CBA at 6% but the deal is for new accounts from 6th august.

I only found this out when I went to check what rate we were getting after I saw this thread, saw the ad, and had a *doh* moment because we opened our net saver on august 5th. They very nicely switched us to the new rate though. Yay CBA

Turns out we need our house deposit by next Friday so not going to get much benefit from a high interest savings account in that kind of time frame but whatever, it might be handy.

 

[ldriver]

Hi, *bumping* up this older post.

Does anyone have experience with Virgin Money, especially with the time taken to transfer money in/out to a regular account?

Thank you.