This was posted 13 years 2 months 15 days ago, and might be an out-dated deal.

Related
  • expired

$50 Bonus for Opening Virgin Saver Account + Savings Plan + Deposit $1000 before 31/03/2011

260
$50 Bonus for Opening Virgin Saver Account + Savings Plan + Deposit $1000 before 31/03/2011
Go to Deal
c64 on 14/02/2011 - 20:53 virginmoney.com.au (1694 clicks)
Last edited 22/03/2011 - 17:32 by 1 other user

I just noticed this on the Virgin Money web site. $50 bonus for new customers who open a Virgin Saver account (currently 6.51% interest for first 4 months, 5.35% thereafter) and set up an Automatic Savings Plan (ASP) DURING the application and deposit $1000 using ASP before 31/03/2011.

Note: for the ASP during signup, it says the commencement date of the ASP has to be at least 10 days in advance. So you will need to complete the application at least 10+ days before 31/03/2011.

Edit: I rang up and queried the wording of "deposit at least $1000 over a 30 day period before 31/03/2011" in the T&Cs. The person I spoke told me that $1000 from savings plan deposits must be in the account at 31/03/2011. I tried to ask about using some of deposited money before the 31/03 but I couldn't get away from the scripted responses. All I can suggest is, set up a savings plan commencing after March 1, make sure $1000 is deposited before the end of March and leave it in there until after the 31 March.

From the Terms & Conditions at http://virginmoney.com.au/savings/features/automatic-savings-plan/$50_asp.html:

Receive $50 bonus^ when new customers set up an Automatic Savings Plan and save $1000 or more a month

^To be eligible for the one off $50 bonus, set up a new Automatic Savings Plan when you apply and deposit at least $1000 over a 30 day period before 31/03/2011. Limited to one $50 bonus per customer. Available to new Virgin Saver customers only. Eligible customers will have their $50 bonus credited into their Virgin Saver account by 30/04/2011. Virgin Money may vary or amend this offer at any time. See virginmoney.com.au for details.

This means you can set up a weekly Automatic Savings Plan of $250, fortnightly of $500, or monthly of $1000 – the total amount of your Automatic Savings Plan deposits must be $1000 over a 30 day period.

Follow Step 3 of your Virgin Saver application to set up an Automatic Savings Plan. Customers must set up their ASP at application (Step 3) & not afterwards to be eligible.

For more information about Automatic Savings Plans click here.

Just a friendly reminder that you must activate your Virgin Saver account in order for your Automatic Savings Plan to commence. To activate your account, transfer funds of any amount from your nominated linked account into your Virgin Saver using the online, or telephone banking service, provided by the financial institution holding your linked account. You'll need our BSB 242-265 and your Virgin Saver Account number. Only funds transferred from your linked account will activate your Virgin Saver and your account will be activated 3 business days after we receive the funds.

Mod: this offer has been extended. Via this comment:

To be eligible for the one off $50 bonus, set up a new Automatic Savings Plan when you apply and deposit at least $1000 over a 30 day period before 30/04/2011. Limited to one $50 bonus per customer. Available to new Virgin Saver customers only. Eligible customers will have their $50 bonus credited into their Virgin Saver account by 31/05/2011. Virgin Money may vary or amend this offer at any time.

Referral Links

Referral: random (336)

Referees will receive 5,000 Virgin Money Points when they open their first Virgin Money Go Account before 31 January 2024 and meet the Welcome Offer Bonus Points Criteria (1 debit card purchase/direct debits/BPAY transaction in the first 30 days).

Referrer will receive 5,000 Virgin Money Points for each referee who meets the Welcome Offer Bonus Points Criteria, for up to 5 referees in a month.

Financial

Related Stores

Virgin Money
Virgin Money

closed Comments

  • nubzy on 14/02/2011 - 21:16
    +5

    not as good as the free $50 from NAB for just opening a completely free account and putting $1 in it.

    • mirovich on 14/02/2011 - 21:21

      So if I open student account, I get $50?

      • c64 on 14/02/2011 - 21:29

        no, there was a promotion back in december. it is not valid anymore

        • mirovich on 14/02/2011 - 21:33

          Cheers :)

    • c64 on 14/02/2011 - 21:39

      not as good as the free $50 from NAB for just opening a completely free account and putting $1 in it.

      you can do all this online (and not have to visit an nab kiosk). you just need some spare money, but otherwise it's fine.

      just setup a once off (yearly) $1000 ASP payment (direct debit) commencing on a date at least a couple of days before the end of the month, make sure you have sufficient funds in the linked account on the date of the direct debit and you've got the bonus money. you can cancel the ASP afterwards by ringing up (according to the direct debit service agreement).

      the deal does not require you to maintain a minimum balance of $1000, just total deposits of $1000. you could withdraw the money again once it's cleared (direct debits will take 2+ days to process) if you want to.

      you also need to transfer some money from your linked account (say $1) to activate the virgin saver account.

    • IVI on 15/02/2011 - 04:34
      -1

      Don't be so sure… a friend has had HEAPS of trouble with NAB (eg, 3x deducting ~$40.00 in undue fees from her account… unexplained… later - but only after HEAPS of time on the phone - returning the $$$ for those bogus fee deductions).

      I'd stay clear of NAB, after that kind of error.

  • annarchon on 14/02/2011 - 21:33
    +2

    I am just a bit wary with Virgin, because the actual entity providing the service may not be "Virgin". In this example, it seems like its CitiBank backing Online Savings accounts. Or Virgin Super is actually Macquarie Group.

    In short Virgin does "sell" off its branding to other companies to jointly offer products, so make sure of who exactly you are dealing with. They are probably as safe as another bank/credit union etc, but just know who you are dealing with.

    • c64 on 14/02/2011 - 21:45
      +1

      from the bottom of the website:

      Virgin Money (Australia) Pty Limited ABN 75 103 478 897 AR No 280884 promotes and distributes Virgin Saver as an Authorised Representative of Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL No. 286869. Citigroup Pty Limited ABN 88 004 325 080 AFSL No. 238098 (“Citibank”) is the issuer of Virgin Saver

      in any case, the goverment's deposit guarantee is applicable to 12 oct 2011 (all your money is safe)

    • IVI on 15/02/2011 - 04:36

      So what?

      I'd say the $50 would be the same as any other offer's $50.

      What would the problem be?

      PS I trust you could close the account anytime - without prejudice or fee - if you didn't like it.

  • krushgroove on 14/02/2011 - 21:59

    I'll leave this one for those with the disposable incomes. Who has a spare 1k lying around? Sheesh. And if you do, does $50 really mean that much to you?

    • [Deactivated] on 14/02/2011 - 22:29
      +3

      Of course some of us do, we are bargain hunters and its the thrill of the hunt. But this is linked to Citibank, thru reports here (do a search) and personal experience they can be difficult to deal with if you need to contact them. So the $50 might be a great deal if it wasn't for this….

      • John Dough on 15/02/2011 - 08:16

        Yes steer clear of Citi, they are a pack of mongrels to deal with.

        I had a Virgin card a few years ago, and they sold my account to Westpac, and now they have started up a new credit card through citi!!!!

        Only use Virgin &/or Citibank if you can handle having them treat you with contempt and offer little or no useful customer service.

        You have been warned.

    • Crownanchor on 14/02/2011 - 23:49
      +1

      $50 return on $1000 is a 5% return, not bad for one month with low risk. Interest being earned at 6.51% on top of this for a few months, what a great deal, thanks OP.

    • prisonerzero on 14/02/2011 - 23:54

      Us Youth Allowance types are expecting around $1000 in the next could of weeks. A small detour to Virgin money for a couple of days won't hurt :D.

  • Bob81 on 14/02/2011 - 23:04

    UBank beats this with 6.01% + .50% when you deposit $200 P.M using ASP. Not an introductory offer either.

    • c64 on 14/02/2011 - 23:21
      +2

      there are lots of high interest bank accounts available and i just switch from one to the next when the introductory period is up. $50 interest for locking up $1k for say, 1 week, equates to a lot of interest.

      • lechuck123 on 15/02/2011 - 11:28

        I like this. I Think I'll start doing this too.

        My bank screws me over so bad with Fees and charges, but I just haven't had a chance to investigate alternatives, there's so many choices out there and I always procrastinate starting.

  • bendertiger on 14/02/2011 - 23:16

    Can you stick it in, withdraw, stick it in, withdraw without losing interest or the bonus money to make it up to $1000 worth of deposits?

    • c64 on 14/02/2011 - 23:24
      +9

      Can you stick it in, withdraw, stick it in, withdraw without losing interest

      is valentine's day on your mind :)

      • pilchard on 15/02/2011 - 00:39
        +4

        definitely doing it wrong if losing interest. ;)

        • Daabido on 15/02/2011 - 18:49
          +1

          LOL. If you repeat too many times, you will eventually lose interest ;)

    • c64 on 14/02/2011 - 23:30

      i think the minimum you can do, with the time left in the promotion, is a single $1k deposit. the soonest commencement date for the savings plan is 10 days from the application. so the 24th is earliest you can schedule a savings plan direct debit assuming you applied today. the minimum savings plan period is 1-weekly.

      • delfredo on 15/02/2011 - 09:04

        Not much to lose when you're earning such high interest rate when maintaining the deposit there anyway. Good deal.

        • muzzamo on 15/02/2011 - 15:58

          just remember you will need to declare the interest come tax time..

        • anthony on 15/02/2011 - 16:06

          just remember you will need to declare the interest come tax time..

          If you do your tax return using etax it will automatically download the information from the ATO

      • c64 on 15/02/2011 - 15:45

        @bendertiger: sorry, i'm speaking rubbish. i thought the closing date was the end of february, when in fact it is the end of march.

        edit: i rang up and asked about the wording of the promotion. the person i spoke to suggested that there must be $1000 in the account on the 31/03/2011.

    • anthony on 15/02/2011 - 10:08

      Can you stick it in, withdraw, stick it in, withdraw without losing interest or the bonus money to make it up to $1000 worth of deposits?

      the total amount of your Automatic Savings Plan deposits must be $1000 over a 30 day period.

      What you want to do should work.

      It does not say that the balance must increase by $1000 all it says is that you must have deposits of $1000

  • huey on 15/02/2011 - 00:39
    +1

    LoL at Mattgal

  • coolsteps on 15/02/2011 - 01:04
    +1

    I wonder if you can setup an ASP of at least $1000 and withdraw it a day after and still qualify for the $50 bonus or does it need to remain in the account until the end of the promo until you receive the $50 before making a withdrawal.?
    I send them many secure online messages and they never answer this question directly and take their time replying or just ignore some. they use the exact citibank interface system which is terrible and doesn't accept certain characters so you need to restart typing your whole message a few times before it go's through. terrible secure messaging site that needs an overhual.

    • IVI on 15/02/2011 - 04:39

      So pre-compose your message (without any of their "illegal" characters) in a text editor… then copy & past.

      • John Dough on 15/02/2011 - 08:19

        You shouldnt have to.

        One example of many of why I would never wish Citi upon my worst enemy.

        Good luck with your enquiry, they dont care, they just want you to sign up.

        Lucky this has the Virgin stamp on it, because if it was just Citi you would never get your 50 bucks.

    • c64 on 15/02/2011 - 10:45

      there is no reference to maintaining a minimum balance in the promo advertising. you should be free to withdraw after the money has cleared. but check with virgin money to be certain (phone or email).

      • c64 on 15/02/2011 - 16:28

        i rang up regard recycling deposits. see the deal post for details about this.

    • c64 on 15/02/2011 - 15:55

      the other wording to be careful of is "deposit at least $1000 over a 30 day period before 31/03/2011". does that mean during march only, or does it mean $1000 during any 30 day period before 31/03/2011?

  • delfredo on 15/02/2011 - 08:36

    Not as good as the $100 cash back I got for opening a Citibank Plus account and making $1,000 deposits (no requirement to maintain this balance) for two consecutive calendar months. This was 3 months ago. Virgin deal is still a bargain though.

  • browser on 15/02/2011 - 23:40

    This is lame! So many conditions for $50, must be a stingy marketing department.

  • chiefbodge on 03/03/2011 - 15:20

    Make sure that you complete an automatic savings plan during the sign up phase! I stupidly didn't read the terms properly and went through all the effort of setting this up only to find out from the call centre that I wouldn't be eligible because I set up my automated savings plan AFTER my account was active. What a waste of time! Call centre staff wouldn't do anything for me - they say they have forwarded it to their promotions department but there's not much hope. Great way of getting customers though - for a few days that is.

    • John Dough on 03/03/2011 - 19:19

      Ahhhh Citi, how much I love Citi Group! Bunch of crooks….

      • c64 on 03/03/2011 - 19:28

        I know alot of people don't hold them in high regard. Why is this?

        • John Dough on 03/03/2011 - 20:59

          For me its the 'fine print' and the terrible customer service direct from India.
          You can get a good deal sometimes if you are incredibly vigilant in following the t&c's to the letter, but the fine print will bite you if you dont research fully.

          I had a BP mastercard that promised the world, so I bit the deal, and got a 0% intrest deal thrown in so I put a couple of grand on the balance transfer - why not? Well after spending a couple of hundred dollars over a couple of months at BP, it ended up costing me more than if I just used my everyday savings account. The interest free part was first to be paid off, so the balance of my petrol bill was charged at 20% intrest until the balance was paid off. I paid it off as soon as I knew, and it took a few days to 'process' the payment, all the while attracting more interest… Oh and they put the annual fee upfront, and it started attracting interest straight away as well!! The Hide!!

          I have tried to close the account twice now, and both times they have conned me into keeping the card, first time by waiving the annual fee, second time by doing a text book run around 'we cant close your account, I will have my manager call you to discuss within one business day' guess what - no call.

          Went to the citi office in Chinatown Melbourne, guess what, they pointed me to a phone and a lounge chair and said that I can use it to call 1800citi to close my account, we only do business here, not regular accounts….

          Every deal I see now with them ALWAYS has a catch… as long as you are aware and read every last bit, you can do ok, but I say dont bother.

          My 10c.

  • hollycow on 14/03/2011 - 22:31

    ID verification last week, still haven't received any email/letter confirming my account's opened, what should I do? they have no email address at all and i dun wanna waste my phone's credit!

    • c64 on 15/03/2011 - 16:17

      i never got asked for verification. maybe it is because i have been at the current address for > 3 years? maybe i have a credit history? who knows. i got an email the same day saying my application was approved. a landline number for virgin is 02 8288 2222, which is the same as calling 133 739. can't you check the application status online with the application number they gave you?

      • hollycow on 22/03/2011 - 17:06

        I did check it and it finally said it's approved, but I still haven't rec'd the ATM card and pin, etc after three weeks of application! p.s. i've been at my current affress from more than 3years as well. have u got ur $50?

  • dins on 15/03/2011 - 11:31

    I think they have extended this offer till 30 April

    http://compare.smh.com.au/savings-accounts

    • c64 on 15/03/2011 - 16:13

      yeah, looks like a new offer. maybe it is semi-permanent and they just change the dates each month. if you signed up previously you need to meet the requirements outlined in the terms and conditions current at the time.

  • hollycow on 22/03/2011 - 17:04

    anybody knows if they have email address to contact? i can't call their hotline on my phone! and i've opened my account for like three weeks and still haven't received my account details, card, etc…

    now my first payment of Automatic Saving Plan past already! i still can't access my account, not even login to internet banking!!

    Virgin Saver sucks!

    • c64 on 22/03/2011 - 19:27

      i suspect that the only way you can sort it out is to call them. they won't be able to discuss your account details through email.

      it's an online-only account, so there is no card. i think they send out 4 (?) separate mails for your account number, client id, telephone pin, internet pin.

      • hollycow on 22/03/2011 - 21:47

        no card? that means whenever i need the money, i need to transfer it to my nominated link acccount, implying i hv to wait for like 3+ days to have the money transferred? then y it says "•Direct access to your savings 24/7"?

        and can I have more than 1 nominated link accounts?

        i dunno y whenever i called them, the screen showed "barred call" and cut, that's y i want their email address.

        Do you if i can change the date of deposit of the ASP to a later date coz the one i set be4 has passed already….$50 gone…and i dont think i will be using this bank as i opened it merely for the bonus=(

        • c64 on 23/03/2011 - 00:39

          Transfers from Virgin -> other bank are overnight as long as you do them before the cut-off time (4pm AEDT - Sydney time).

          Transfers from other banks (initiated by the other bank) to Virgin are overnight as well (check your bank's cut-off times).

          However, if you use Virgin to initiate a transfer from your linked account to Virgin then Virgin direct debit your linked account which takes a couple of days to clear.

          So, as long as you don't use the direct debit method then transfers will be overnight. You can also pay bills (BPAY) directly from the Virgin account.

          i dunno y whenever i called them, the screen showed "barred call" and cut, that's y i want their email address.

          They will need to verify your identity, so really it is a phone-only thing. From http://virginmoney.com.au/my-virgin-money/my-savings/contact…, try 02 8288 2222 if the 13 37 39 doesn't work. Alternatively just use a pay phone and dial the 13 number.

        • hollycow on 23/03/2011 - 01:15

          thanks then can i change the date of deposit of the ASP to a later date?

          i'm still waiting for the internet pin to activate my account…dunno y the most important thing comes last…

  • anthony on 22/03/2011 - 17:27
    +1

    The terms and conditions reflect the extension of the deal

    To be eligible for the one off $50 bonus, set up a new Automatic Savings Plan when you apply and deposit at least $1000 over a 30 day period before 30/04/2011. Limited to one $50 bonus per customer. Available to new Virgin Saver customers only. Eligible customers will have their $50 bonus credited into their Virgin Saver account by 31/05/2011. Virgin Money may vary or amend this offer at any time.

  • c64 on 29/04/2011 - 14:01

    i got paid today 28/04/2011 50.00 DEPOSIT ASP SET UP BONUS. i did one $1000 ASP payment in march.

    • [Deactivated] on 01/05/2011 - 10:35

      So did I. Then they took another $1000 a month later when I didn't want that. Will close account now I have $50 before they try to take another $1000. They still have the money as uncleared funds since 27/4. Not happy.

      • Crownanchor on 01/05/2011 - 11:30

        Another $1000 was debited from your nominated account as you have setup a monthly ASP.

        Its a little tricky to find the ASP to cancel/modify.

        The uncleared funds is a feature of the ASP at other banks also.

      • c64 on 01/05/2011 - 13:11

        From the direct debit service agreement,

        .3. Amendments by you

        You may change, stop or defer a debit payment, or terminate this agreement by providing
        Virgin Money with at least 7 days notification by writing to:
        Virgin Money
        Reply Paid PO Box 40
        Sydney NSW 2000
        or

        by telephoning Virgin Money on 13 37 39;
        or

        arranging it through your own financial institution, which is required to act promptly on your
        instructions.

        • Crownanchor on 01/05/2011 - 13:26

          Yes, but i also initially setup monthly and was able to cancel/modify sucessfully online. Its a difficult place to find, but you can do this online.

  • Crownanchor on 29/04/2011 - 15:41

    Also received the asp set up bonus today/yesterday.

  • abc on 01/05/2011 - 21:30

    dammit i missed this :( Are they gonna extend the offer or offer it again later?

  • hollycow on 06/05/2011 - 12:26

    how come i still hven't received the $50 yet! i meet all the requirements and keep sending msg thru online banking and their replys are alawys copied from those terms & cond. I'm angry!

    • eggtartyum on 16/05/2011 - 00:43

      i haven't receive my one as well :(
      i called them and they say i need to put it there for 60 days and the thing i hate is it takes 2 working days to transfer my funds from another bank account to this account.. and i could not take my $1000 for 2 months :(
      i think if virgin money have another offer like this
      i'll pass :(

      • hollycow on 29/05/2011 - 15:04

        two working days only?i thought 7….the worst thing is everytime u change the linked account (which is the only way u can draw your money out), it takes like 3 weeks to settle, plus u need to transfer money to activate it, so basically u always need to keep on track on the process, soooo annoying!! ING Direct is way better! but honestly their 6.51% interest rate is attractive with no doubt!

  • hollycow on 31/05/2011 - 12:16

    looking forward to receive my $50 today, if not, i dont know wt will i do!!! 've been waiting for 2 damn months already!!!!

  • Future Kids on 31/05/2011 - 17:48

    Received an email from virgin today stated that this offer now extended to existing account holder as well (to whom received the email).

    • hollycow on 31/05/2011 - 21:13

      i wonder wt this bank is, i still havent rec'd my $50 till now, it was supposed to be credited to me on 30th April, and after thousands of email that i sent to trace, they said they will deposit today(31 May), but now…????!!!!!!!

  • csg001 on 01/06/2011 - 11:48
    -1

    received my monthly interest payment and the $50 bonus today! w00t! Next in line is the $100 ING bonus. Hehehe

  • gumbs on 04/06/2011 - 16:52
    +1

    Still nothing in my, or my girlfriends account. I just rang them to bitch and apparently they will sort it out… Once my bonus interest period is over I'm closing my account, they're set up is horrible and the interest isn't good enough to put up with this crap. I'm going back to ING.

    • hollycow on 04/06/2011 - 17:31

      yes, me2, i've been waiting since mid april, expected the payment would be deposited on 30th April, but then they just keep delaying the payment! hate this bank! i think i will close my account as well once my bonus interest period is over and switch back to ING direct! ING Direct is way better in many ways!

Login or Join to leave a comment
Login Join