New offer on the Velocity site this month - The Virgin Saver | Virgin Money
For every $10,000 you deposit within the first 6 months, and hold in your account for 6 months, we’ll give you 1,000 Velocity Points.
I did the maths to compare keeping your money in a high-interest U-Bank type savings account vs keeping it in this Virgin Saver account, to get the bonus Velocity points.
U-bank currently have a 5.71% p.a. interest rate meaning for every $10K you have in there, you will receive $285.50 of interest every six months.
Virgin Saver currently have a 4.50% p.a. interest rate meaning for every $10K you have in there, you will receive $225 of interest every six months.
It's not a lot less, but if you are only doing it for the Velocity points it means you are foregoing $57 you would be given by U-bank, in order to collect 1,000 Velocity points. Given the Virgin credit card offers usually dangle 20,000 points at you for $200 annual fee, I don't think this is a remotely attractive offer.
For every $10,000 you deposit within the first 6 months, and hold in your account for 6 months, we’ll give you 1,000 Velocity Points.
I did the maths to compare keeping your money in a high-interest U-Bank type savings account vs keeping it in this Virgin Saver account, to get the bonus Velocity points.
U-bank currently have a 5.71% p.a. interest rate meaning for every $10K you have in there, you will receive $285.50 of interest every six months.
Virgin Saver currently have a 4.50% p.a. interest rate meaning for every $10K you have in there, you will receive $225 of interest every six months.
It's not a lot less, but if you are only doing it for the Velocity points it means you are foregoing $57 you would be given by U-bank, in order to collect 1,000 Velocity points. Given the Virgin credit card offers usually dangle 20,000 points at you for $200 annual fee, I don't think this is a remotely attractive offer.
