With the arrival of Richard Branson into Australia today comes the launch of a market-leading high interest savings account named the Virgin Saver. Granted, this high interest rate only lasts for 4 months after which it reverts to 5.35% which is well behind the UBank Usaver.
Plus there’s the launch of two new Virgin credit cards to the market, one a money-saving no annual fee credit card and the other, a frequent flyer credit card linked to Branson’s Virgin airlines (except Virgin America).
I’m loving all of the attention being given to savings accounts because of the launch. Saving is something Australians need to do a lot of if we are ever to get out of debt and save for a house deposit.
If you compare Australia to other countries for the best rates on online savings accounts (where you can withdraw your money at any time) you’ll discover that Australia is really well placed for savers. Look at the what your savings would get if you were in the USA, Canada, UK, New Zealand right now:
- Australia: 6.75% p.a.
- New Zealand: 3.75% p.a.
- United Kingdom: 2.75% p.a.
- Canada: 2.10% p.a.
- United States: 1.40% p.a.
David is a 20-something based in New South Wales, Australia and is co-founder of