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Our verdict

You can earn up to 5.35% p.a. by enabling the Lock Saver Feature and meeting the account criteria

This savings account offers an ongoing bonus rate of up to 5.05% p.a. each month you meet the account conditions. The monthly deposit requirement of $1,000 into your linked Virgin Money Go Transaction Account is higher than some others in the market, so make sure you can meet this before opening the account otherwise you'll only earn the standard base rate.

You can earn an additional 0.3% p.a. with Lock Saver Feature, which requires you to give 32 days' notice to access your money. This could be a great benefit to you if you've got a long-term savings goal, but it may not suit someone who needs regular access to their savings.

This account could benefit you more if you're aged 14-17, as there are no monthly account conditions to meet to earn bonus interest.

Pros

Competitive ongoing bonus rate available
No account fees
Open up to 9 Boost Saver accounts for personalised goals
Access Virgin Money Rewards
Opportunity to earn an additional 0.3% bonus rate by enabling Lock Saver Feature

Cons

Must deposit $1,000 for bonus interest, which is higher than other accounts
The standard base rate if you don't qualify for the bonus rate is very low
To earn the full rate, you must enable Lock Saver and give 32 days' notice to make a withdrawal or transfer

Details

Key details

Product Name	Virgin Money Boost Saver (25+ year olds)
Maximum Variable Rate	5.05% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Age	25

Key features

Earn an ongoing bonus variable rate of 5.05% p.a.

This account offers an ongoing total bonus variable rate of up to 5.05% p.a. each month you meet the following account criteria:

Bundle your Boost Saver with a Virgin Money Go Transaction Account, and
Deposit at least $1,000 into your linked Virgin Money Go Transaction Account each month, and
Make at least 5 transactions from your Virgin Money Go Account in the previous month (these can include Visa Debit purchases, BPAY payments or direct debits as long a they're settled during the month).

If you're aged 14-17, you have no account conditions to meet to be eligible for bonus interest.

Bonus interest is available on a combined total balance of up to $250,000 across up to 9 Boost Saver accounts.

Earn an additional 0.3% with Lock Saver Feature

The Lock Saver Feature is a way to earn extra interest on your savings when you don't need to access it. You can enable this feature at any time in the mobile banking app. When it's enabled, you'll earn an additional 0.3% p.a. on top of the 5.35% p.a. bonus rate, however you'll need to give 32 days' notice to make a withdrawal or transfer.

You can choose to lock any of your 9 Boost Saver's, and still add money whenever you'd like to. As soon as you do make a withdrawal, the Lock Saver Feature will be disabled and you won't be eligible for this p.a. bonus rate (and you'll need to wait 32 days for your withdrawal request to be actioned).

Linked to a Virgin Money Go Account

You need to open a Virgin Money Go Account in order to open a Boost account (you can't open a Boost Saver account on its own). The Go Account can be used as a day-today transaction account with no account keeping fees, and the opportunity to earn points as you spend.

Virgin Money Rewards

You can earn 8 Virgin Money Points for each purchase you make. You'll automatically earn these points for every settled debit card purchase, direct debit and BPAY payment made from your Virgin Money Go account. There are no conditions to meet to earn these points.

You can then use these points for a number of benefits, such as redeeming them for cash or purchasing gift cards with partnering brands. Once you're a customer, you can see the latest reward offers in the Rewards Hub.

No minimum deposit

You are not required to make a minimum deposit when opening this account. However, there is a monthly deposit requirement for bonus interest.

No minimum ongoing balance

There is no minimum balance in order to earn standard interest or avoid fees.

Open up to 9 Boost Saver accounts

You can link up to 9 Boost Saver accounts to your Virgin Money Go Account, to hep you save for individual goals. You'll earn bonus interest on your entire balance across these accounts up to $250,000.

No monthly keeping fees

Virgin Money does not charge a monthly account keeping fee for the Boost Account or the linked Go Account.

Manage your account via the mobile app

You can manage your account entirely via the Virgin Money mobile app. However, there's no Internet banking portal or phone banking available.

Account use

This is an account meant solely for personal use, and it can be opened as an individual or joint account.

"I've been using the Virgin Money Boost Saver for a few months now, along with the linked transaction account. The lock feature helps with any temptations to break your rainy day fund. It has competitive rates, with the transaction account offering rewards points on everyday purchases. It could do with quicker bank transfers though, especially for large recurring payments like rent: you need to schedule these in advance. "

Piyush P

Finder crew member

How to apply

Eligibility

Minimum age. To apply online for this account, you must be aged 14 or older.
Residency requirements. You must be an Australian citizen or resident that is able to provide proof of being in Australia when the account is opened.

Tax file number. While providing your tax file number (TFN) or exemption code is not mandatory, it will prevent Virgin Money from having to deduct taxes at the highest marginal rate.

Documentation needed

In order to be able to complete the application quickly and correctly you will need to have the following documentation:

Identification. Verify your identity by using a photo identification document such as a passport or driver's license.
Mobile phone number. As this account is managed entirely via the Virgin Money mobile app, you'll need to have your mobile phone number and phone handy when completing your application.

Sources

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Alison Finder

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Nerak

May 29, 2023

If you enable the lock feature on your boost account what happens to the interest credited? Is that also locked or can it be transferred to the transaction account?

Raj Lal Finder

June 01, 2023

Hi Narek,

The Lock Saver Feature means your money needs to be sitting in the savings account for 32 days. So after 32 days, if you want to transfer it, you can. If you transfer within 32 days, you do not earn the extra 0.3%.

Thanks

Raj

George

May 17, 2023

Hi,

The Virgin Money Boost Saver account interest consists of three components: base interest, bonus interest and additional interest if locked. If I request an withdraw from a locked account I need to wait for 32 days. My question is in those 32 days, which interest component(s) I am going to loose, base interest or bonus interest or both? Also if I have more than 1 locked saver accounts, do I loose interest components only for the locked account from which I will withdraw money from or I loose interest components for all locked saver accounts?

Thanks,

George

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Raj Lal Finder

June 05, 2023

Hi George,

The Locked Saver Feature enables an extra 0.3% on top of the base and bonus rate. So if you withdraw within 32 days, you don’t earn the additional savings rate (0.3%) however, you can still earn the bonus rate if you meet the other conditions. Also, meeting the Locked Saver feature only impacts the related savings account.

Thanks

Raj

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robert

February 08, 2023

what is the maximum you can invest

Alison Banney Finder

February 22, 2023

Hi Robert,

Bonus interest is offered on balanced up to $250k.

Thanks,

Alison

February 05, 2023

Hi, I was wondering how are you meant to make 5 transactions per month if you sign up for the bonus 0.3% Lock Saver Feature? Or by signing up to the lock saver feature this means you do not need to meet the 5 transaction requirement? Cheers

Alison Banney Finder

February 22, 2023

Hi ET,

The 5 transactions are to be made from your linked Virgin Money transaction Account. The money in this account is not locked as part of the Lock Saver Feature.

Thanks,

Alison

Nita

January 17, 2023

Is this rate only if you go through their app on your phone

Ren Finder

January 29, 2023

Hi Nita,

Thanks for your question!

You can only enable the Lock Saver Feature to earn the additional 0.3% at any time in the mobile banking app. Earn up to 4.60% p.a. by enabling this and meeting the account criteria.

The account can only be managed via the mobile banking app. There’s no Internet banking portal or phone banking available.

I hope this helps.

Thanks,

Ren

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Virgin Money Boost Saver Account (25+ year olds)

Pros

Cons

Key features

Earn an ongoing bonus variable rate of 5.05% p.a.

Earn an additional 0.3% with Lock Saver Feature

Linked to a Virgin Money Go Account

Virgin Money Rewards

No minimum deposit

No minimum ongoing balance

Open up to 9 Boost Saver accounts

No monthly keeping fees

Manage your account via the mobile app

Account use

How to apply

Eligibility

Documentation needed

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