Boost Saver 5.05% p.a. on Deposits up to $250,000 (5.35% p.a. with Lock Saver), Preceding Month Criteria Apply @ Virgin Money

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Lthewooz on 27/11/2023 - 13:43 virginmoney.com.au (96 clicks)
Last edited 27/11/2023 - 13:51 by 1 other user

Just received an email saying Virgin Money is reversing the previously announced interest rate cut to their Boost Saver and will retain the 5.05%/5.35% (locked) rate.
Waiting to see if other BoQ HISA accounts follow suit…

From email:
Virgin Money is always reviewing rates to balance your needs with the fast-changing market conditions. We let you know earlier this month that we would be reducing the interest rate on our Virgin Money Boost Saver on Monday, 27 November 2023. However, given the recent decision by the RBA to increase the cash rate, we’ve decided not to proceed with the decrease and rates will remain unchanged.

This means that the rate on your Boost Saver will continue to be up to 5.05% p.a. when you meet the Monthly Criteria. If the Lock Saver Feature is enabled on your account and you meet the Monthly Criteria, your interest rate will remain at up to 5.35% p.a.

Previous deal - https://www.ozbargain.com.au/node/807795

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• 

  Stopback on 27/11/2023 - 13:45

  +5

  4 min from email recevied to ozbargin post

• 

  puglikesabargain on 27/11/2023 - 13:49

  +3

  Yes, I have just advised by email, BOQ are clowns - a stupid, if not greedy, move on their part to even consider reducing Virgin Money deposit rates before the widely-anticipated RBA rate hike of November….

• 

  divineiniquity on 27/11/2023 - 13:54

  +4

  Too late, yesterday/today is the end of the 32-day notice period for that bonus 0.3%. Anyone who was thinking of withdrawing their money would have done so by now.

  • 

    scoop98 on 27/11/2023 - 14:00

    +1

    Yep, just did it an hour before that email.
    32 days was yesterday for me.

    • 

      Stopback on 27/11/2023 - 14:03

      which bank did you go?

  • 

    puglikesabargain on 27/11/2023 - 14:02

    +1

    yep I withdrew a considerable sum from a Virgin Money boost account over the last few days and it won't be returning in a hurry…..

    • 

      chyawala on 27/11/2023 - 14:22

      +2

      Lock saver is not worth it. It features locking in an uncompetitive rate.

• 

  M00Cow on 27/11/2023 - 15:50

  On Friday Ubank will be 5.1%. Best bang for the least amount of effort ($200 deposit each month).

• 

  FBI on 27/11/2023 - 17:33

  I was under the impression that ING offered 5.3%
  https://campaigns.ing.com.au/savings-personal-term-deposit?c…

  • 

    Wolfenstein98k on 03/12/2023 - 09:32

    1 year term deposit not the same thing

• 

  umoddbro on 05/12/2023 - 21:40

  Virgin money is the worst bank to deal with, would not put 1 cent with them…..