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Virgin plans no transaction savings account

14/07/2010

A “market-leading deposit rate” on what may be a no-transaction savings account will be the first product pitched into the market by Citibank, but carrying the branding of its new partner Virgin Money.
Citi and Virgin plan “an eventual full-service retail banking model complete with mortgage products”.

Citi already offers an interest rate of 6.35 per cent (taking into account a promotional loading) in its highest yielding savings account. The present market leading rating is 6.51 per cent for UBank, a brand of National Australia Bank, though the UBank rate is also a promotional rate.

Source: The Australian



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Today's Savings Rates

Institution Product Max. Rate (%) Details
USaver (Base Rate 5.41%, Bonus 0.60% with savings plan) 6.01 Details
ANZ Online Saver (6.00% p.a. until 30th June 2012) 6.00 Details
Savings Maximiser (5.85% p.a. variable intro rate for 4 months on balances up to $250,000) 5.85 Details
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The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.



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