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AUSTRALIAN HOUSEHOLDS COULD SAVE $4,000 EVERY YEAR BY CHOOSING THE BEST FINANCIAL PRODUCTS ON OFFER
Sydney, 27 July 2010. New research conducted by Access Economics1 has found that the average Australian household could save more than $40,000 over ten years, or $4,000 every year, if only 10% of the population exercised their right to choose the most competitive financial products on the market. The study commissioned by Virgin Money highlights the savings that could be made if the best credit card, mortgage and savings options available on the market were chosen.
Sir Richard Branson signalled Virgin Money’s intent to shift the balance of power away from the ‘Big Four’ banks, further referring to the Access Economics research by pointing out that if only 10% of Australians exercised their right to choose better value banking products, they could collectively save more than $10 billion over 10 years2.
Speaking in Sydney this morning, he said, “Virgin Money is here to make all Australians better off. There is no better time to offer Australians a genuine alternative with simple and fairly priced banking products in an industry where there’s less competition today than ever before. This is classic Virgin territory,” he said.
Launched today, Virgin Money’s new high interest online savings account, the Virgin Saver, features the best introductory variable rate on the market of 6.75%p.a., moving to 5.35%p.a. after four months – the highest ongoing rate versus the Big Four.
Matt Baxby, Managing Director for Virgin Money Australia, added:
“The Virgin brand has been embraced by Australians and nearly 90%3 of Aussie consumers want Virgin in banking. With a five million-strong customer base across all Virgin brands in this country, Australians trust us to deliver great value, quality and superior customer service across the board – this is reflected in our fantastic new products, such as our market leading Virgin Saver, that have been launched today.”
Nick Larkworthy
PR Manager
Virgin Money Australia
T: 02 8249 8006
E: nick.larkworthy@virginmoney.com.au
Notes to Editors:
About Virgin Money Australia
Virgin Money is the financial services arm of Sir Richard Branson’s Virgin Group. Established in Australia in 2003, Virgin Money offers a range of financial products including credit cards, savings accounts, superannuation and car insurance. Virgin Money promises to offer customers a great value, honest and transparent alternative to personal finance. Shaking up the Australian finance scene and driving fair competition to make everyone better off remains the primary focus of everyone at Virgin Money.
References:
1&2Access Economic research – July 2010
Exercising choice with financial products’ was a research report carried out by Access Economics and commissioned by Virgin Money in July 2010. The purpose of the research was to demonstrate the savings that could be made if the best financial products on the market were chosen by the average Australian household. The findings show that individual households could save on average $40,000 over ten years, or $10 billion collectively, if only 10% of the population chose the best financial products available in credit cards, savings accounts and mortgage products.
3Virgin Money brand reputation study’ – Galaxy Research October 2009
Galaxy was commissioned by Virgin Money to conduct research on the health of the Virgin Money brand in October 2009. As a part of the findings for that study, it was found that 88% of the sample would like to see Virgin in finance.
Important informationTerms & Conditions apply and are available by clicking here. As this is an online account we can only accept electronic deposits and cheques, and all withdrawals must be made to your nominated linked account. While there are no fees payable on your Virgin Saver Account whatsoever, fees may apply to your nominated linked account. Please check with the relevant financial institution where your nominated linked account is held. Any advice is of a general nature only. We haven’t taken into account your objectives, financial situation, or needs when preparing it. Before acting on this advice you should consider if it's appropriate for your situation. Details about our dispute resolution system can be found by clicking here.
The calculator is supplied by InfoChoice Ltd for illustrative purposes and shouldn’t be relied upon as an exact reflection of the Virgin Saver product. The projected savings amount assumes interest is calculated and paid at the same frequency at which deposits are made. The default interest rate shown is the current Virgin Saver variable ongoing rate. The interest rate entered is assumed to stay constant over the entire period. This projection does not take into account any fees, taxes or inflation. Introductory interest rates may apply to an account and could change at any time.
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.
*4.75% variable ongoing rate applies to customers who take out a Virgin Saver product from 14 May 2012.
For customers who opened a Virgin Saver product prior to 14 May 2012 the following rates apply:
- A variable 5.35% p.a. introductory rate for 4 months from date of account opening for customers with balances of $150,000 and under only.
- For balances over $150,000 the variable introductory rate is 4.35% p.a. on the entire account balance during the introductory period.
- If your balance is less than or equal to $150,000 but increases beyond $150,000 during the introductory period your variable introductory rate will be 4.35% p.a. on the entire account balance for the remaining introductory period that the balance remains above $150,000.
- A variable ongoing rate of 4.15%p.a. applies to all Virgin Saver Accounts opened prior to 14 May 2012 and are outside of the introductory period.
#Total balances of $250,000 or less will automatically access (fee free) the Australian Government Guarantee under the Financial Claims Scheme. As Citibank issues the Virgin Saver and is the registered ADI under the Financial Claims Scheme, the sum of all balances held in Virgin Saver and any other Citibank accounts will be covered by the Australian Government Guarantee up to a maximum of $250,000 per person. For more information go to www.apra.gov.au or call 1300 55 88 49.
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