I haven't been post any worthwhile Bargain. I hope this one would appreciate some others.
$50 bonus EFTPOS card for doing a $500 deposit for 6 months.
For me this is very easy to set up the ASP and wait for 6months for money to grow.
However rates is not really good compare to UBank. Only the $50 bonus make it worth a go.
mod - added deposit requirement to the title and that it's for new customers only
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.
Although the $50 bonus after 6 months (assuming you close the account after 6 months) gives an effective interest rate of
4.5% + (50/3000) = 6.17% > UBank.
Is the extra work worth it for only an extra 0.46%?
I think your math is not right. Assuming you are moving in the $500 at the last minute, it's an effective APR of 12.5%. And assuming the source of funds is a USaver, interest foregone is $7.50, making a net return of $42.50 after six months. Not that exciting to me personally, but free money is free money I suppose.
In the first month, you start with your initial deposit - which can be $1, adding $499 on the last day. This meets the condition "Grow your balance by $500 a month for the first 6 months" for the first month. So interest foregone is even less than calculated above, as almost none is foregone in the first month.
As an UBank account can not be used as the linked account, the juggling of money between Virgin & Ubank involves at least an extra 10 transactions in & out of a normal bank account! That could mean a loss of interest during the multiple transfers.
If you or one of the 3 banks involved stuff up / delay just 1 of those transfers - you don't get the $50 for all your effort.
Not worth the bother to juggle the balances imho.
Bruce, my calcs were based on "moving in the money at the last minute", just like you suggest. And we even came up with the exact same result: a net gain of $42.50 ($78 - $36).
My misunderstanding, sorry.
UBank is 5.71 as long as you have an ASP of $200
Details…:
How to earn your $50 Visa gift card*: 1.Open and fund your account within your first month;
2.Grow your balance by $500 a month for the first 6 months; and
3.You’ll receive a $50 Visa gift card as a reward for your good savings habit*
Is this for existing customers also?
The Offer can only be used once per person and is not available to pre-existing Virgin Saver Customers.
i've had a virgin saver account previously but was closed a while back. i assume it excludes me
The clause say nothing about taking money out.
So my plan is to put the $500 in late of the month and take out out $500 early next month.
You do that for 6 ongoing months and then get the $50 gift card
no need to stuck $3000 into the account
It clearly states:
2.Grow your balance by $500 a month for the first 6 months
ah, you are right. the lost interest could be a lot less. you only need the money in the account at the end of each month
T & C at the bottom says….
Grow their balance by at least $500 per calendar month for 6 consecutive calendar months. (The account closing balance at the end of the month must be at least $500 greater than the account opening balance).
yeah, the end of month balance needs to grow by $500 each month but you don't need to leave the money in the account all month.
but the interest is generated over the month, not just on the turn of the month.
interest for the rest of the month is in ubank silly
(The account closing balance at the end of the month must be at least $500 greater than the account opening balance).
The account opening balance means can be confusing. To what I know is the opening which is zero then put it back in.
Conditions: Applicant must be a virgin* :)
Damn !! :-(
Not sure about the Tax implicataions on the $50 card.
you will need to pay tax on it
Sorry, we don't recognise the BSB you've entered.
We currently can't accept this account as your nominated linked account.
Please check the BSB you've entered or nominate another financial institution.
Does not recognise UBank as linked account - need to transfer through a 3rd account!
Total earned at end of 6 months $28.29 + $50 card against $36 in UBank on same conditions
($1 initial deposit, then $500/month automatically deposited at end of month with no withdrawals)
Those figures were generated by the respective banks tools.
Seems little advantage to withdraw money at the start of each month back to Ubank considering it needs to be done via another bank, with possible loss of a few days interest each time.
10 additional transactions are hardly worth the effort for $8. (an extra 5 withdrawals at the start of each month (months 2-6), from Virgin to Linked Account, and 5 extra from Linked Account to Ubank)
[As I am a frugal OBer with few expenses, I was able to divert some of my usual UBank ASP (Automatic Savings Plan is a monthly deposit to UBank) from my linked online bank account from UBank to Virgin for the next 6 months, keeping the ASP to $200/month needed to receive the bonus interest from UBank. Will be ahead nearly $50 by just changing the automatic payments. Would seem not worth the effort for $50 unless you already have money to spare.]
Needed somewhere to stash the money I save with OB!
it probably requires a linked transaction account.
Yes - both the Virgin & UBank accounts need a third bank's transaction account to link to to transfer funds. (I linked both to an online account in a regular bank.) That makes funds transfer more difficult & slow between Virgin & UBank than suggested in comments at the start of this deal.
Too much work and too long time for just $50. Rate is not as competitive as before.
http://www.ozbargain.com.au/node/29018
*** Be careful when you change your nominated link account, it can take long time to process and you money are locked up in the account. ***
They seem to be offering 4.5% interest. not bad.
what does ubank give? i thought it was around the same mark…