Boost Saver 4.90% p.a. on Deposits up to $250,000 (5.20% p.a. with Lock Saver), Preceding Month Criteria Apply @ Virgin Money

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puglikesabargain on 25/10/2023 - 17:28 virginmoney.com.au (116 clicks)
Last edited 02/11/2023 - 13:13 by 1 other user

Following on from yesterday's announcement about the imminent 0.10 percent reduction in the ME Bank HomeME saver account (https://www.ozbargain.com.au/node/807521), another Bank of Queensland brand - Virgin Money - is set to reduce their rate by 0.15 percent on their Boost Saver products (locked and unlocked).

Not happy Jan……especially against the background of a potential 0.25 percent hike in the official cash rate at the 7th November 2023 RBA meeting, due to today's inflation figures. I am posting this announcement merely as a 'heads-up' to OZBargainers to consider their current deposits/investments (and perhaps be ready to jump to something better.)

"Virgin Money regularly reviews the rates on our savings accounts. When we do this, we balance the needs of our customers and the changing market conditions. So, after careful consideration, we’ve made the decision to change the interest rate for the following product.

Effective, 27 November 2023, we will be decreasing the variable Bonus Interest rate on our Boost Saver by 0.15% p.a.

If you meet the Monthly Criteria your new rate will be 4.90% p.a. If the Lock Saver Feature is enabled on your account and you meet the Monthly Criteria, your new interest rate will be up to 5.20% p.a." - per an email sent to customers this afternoon.

The Accounts Leaderboard sets out what's currently available in the market. - https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

Previous deal - https://www.ozbargain.com.au/node/780947

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• 

  Drakesy on 25/10/2023 - 17:38

  +2

  Still have another rate rise left in us with inflation as high as it is.
  Definitely vote with your feet if they're reducing their rates.

  Still happy with Ubank

  • 

    Stopback on 25/10/2023 - 18:23

    Ubank is at 5% but BOQ was at 5 ages ago

  • 

    callum9999 on 25/10/2023 - 20:33

    +1

    If you're happy with Ubank then why would you encourage people to vote with their feet after a 0.15% drop? You're already getting 0.55% less than the market leader.

    I'm really not following the rationales given in a lot of the posts we've been getting recently!

    • 

      Drakesy on 14/11/2023 - 15:47

      +1

      Ubank pays out up to $250k. Unfortunately the market leader doesn't

• 

  HamBoi69 on 25/10/2023 - 18:00

  +5

  How is a reduced rate a bargain?

  • 

    Nedkellyinthebush on 25/10/2023 - 18:05

    +3

    Still a welcomed PSA

    • 

      pennypincher98 on 25/10/2023 - 19:55

      +2

      This is exactly what forum posts are for like BoQ. The section we are currently in is called "Deals" and if we posted every situation were certain customers would be worse off there would be more of them than actual "deals".

      Besides, affected customers should be notified already. Rates are going to inevitably drop at all banks at some point and we really do not need to post every time a bank drops their rate.

• 

  bk1973 on 27/11/2023 - 13:20

  +3

  Clowns have cancelled the decrease due to the RBA rate increase. Net result, same rate as before yet the RBA rate has risen 0.25%. Clowns.

  • 

    puglikesabargain on 27/11/2023 - 13:41

    +1

    yes, just advised by email, yes they are clowns - a stupid move on the part of Bank of Queensland to even consider reducing deposit rates before the widely-anticipated RBA rate hike….