The cut to the Boost Saver product would have applied today, but in an email to customers, Virgin Money announced it would walk back on this decision.
"Virgin Money is always reviewing rates to balance your needs with the fast-changing market conditions," the email read.
This means savers will continue to achieve rates up to 5.05% p.a. provided they meet the criteria, and up to 5.35% p.a. if they apply the 'Lock Saver' feature.
The monthly criteria for over-18s includes making a $1,000 deposit into the linked Go transaction account, as well as five settled card purchases.
To attain the Lock Saver bonus, savers must lock away all or a portion of their savings and supply 32 days' advance notice to unlock the account.
These rates apply to balances up to $250,000; should a saver fail to meet the criteria a base rate of 0.05% p.a. applies.
While Virgin Money has reversed the 15 basis point cut, if it applied the 25 basis point hike, the top rate with rate lock would have been 5.60% p.a. - the top ongoing rate in the market.
Three of the four major banks - CommBank, Westpac, and NAB - now have savings account rates of 5.00% p.a. or greater, having passed on the RBA hike in-full, or in CommBank's case by 35 basis points.
InfoChoice Group confirmed with BOQ Group representatives that fellow stablemates Bank of Queensland and ME Bank have maintained their savings rate cuts.
Image supplied by Virgin Money