FinTech: Virgin Money’s Digital Bank Launches ‘Lock Saver’ Savings Feature
The brand new Lock Saver Feature makes it easier for Australians to reach their savings targets.
After a lot of research, Virgin Money’s (ASX: VUK) digital bank has launched an innovative Lock Saver feature, the first of its kind in Australia, designed to help savers reach their goals sooner. The research found that 70% of Australian households saved towards a medium to a long-term goal in the past six months, but disappointingly, less than a third stayed within their budget or spending allowance. Lock Saver is a digital solution to this problem. (Australian Fintech)
Lock Saver by Virgin Money
Customers can turn on the feature in the Virgin Money app to lock down idle funds in their savings account so that they are out of reach of impulsive spending. By locking these funds down, the customers ensure that they keep saving towards life goals including a car or home, and fritter the precious monies away.
The feature is available for both the Grow Saver and Boost Saver accounts almost instantaneously. No minimum balance criteria apply to Lock Saver.
Funds in the Lock Saver earn an additional variable notice interest rate of 0.35% per annum. A notice period of 32 days is required to unlock these monies again, again through the app.
Virgin Money Australia’s CEO Greg Boyle said: “I’m so proud of what the team has created for our customers with the Lock Saver Feature – it’s a feature that is both innovative and competitive and fills a clear gap in the market.”
“We know it’ll be extra appealing to millennials and Gen X who are not typically drawn to traditional term deposits, but instead want a simple, fast and flexible way to put money safely aside to save for something special,” he added.
Related Story: In The UK, Digital Chase Offers 1.5% On New Saver Account
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