Competition for term deposits has increased with the introduction of Virgin, one writer has noted.
There is more competition in the term deposit market now that Virgin has entered the fray, according to one financial journalist.
John Kavanagh, writing for the Sydney Morning Herald, noted that the organisation is offering a 6.75 per cent rate on its Virgin Saver product, which could be attractive for those looking to store cash in a savings account.
As well as this offering, the company has also launched credit cards and has plans to implement further banking products, Mr Kavanagh added.
"Savers need to compare base rates as well as introductory rates as they are more important in the long run," he observed.
But consumers should be aware that the gap between introductory and bonus levels is increasing, while the former periods are being reduced from six months to four.
It was announced last month that Sir Richard Branson had returned to Australia to release financial products, stating that he wished to take on the so-called Big Four institutions in the country.
By Joe Letts
