Virgin Saver cuts rates and slows deposits

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