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Virgin Saver cuts rates and slows deposits

30/01/2012

Virgin Money chief executive, Matt Baxby said he was pleased with the progress of the deposit account, Virgin Saver, although he did not say what the inflows were.

Baxby said inflows have slowed as a result of the rate cut but the product is still selling. He said savers were more interested in a good ongoing rate (4.65 per cent) than a high introductory rate.

Despite a modest marketing spend, Virgin Money’s “consideration” was the second highest in the consumer finance market (consideration is a measure of people’s propensity to buy one of the company’s products).

“We use Facebook and Twitter as a customer service channel, for customer engagement and to provide content.”

Source: Banking Day



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Today's Savings Rates

Institution Product Max. Rate (%) Details
Citibank Online Saver (5.70% Variable intro rate for 4 months on balances up to $500k) 5.70 Details
RaboDirect Savings Account (up to 5.60% 4 month special variable rate up to $250k) 5.60 Details
Savings Maximiser (5.60% p.a. variable intro rate for 4 months on balances up to $250,000) 5.60 Details
HSBC Serious Saver (5.55% variable intro rate for 4 months on balances up to $1m) 5.55 Details
USaver (Base Rate 4.91%, Bonus 0.60% with savings plan) 5.51 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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