Virgin Money Boost Saver Account (25+ year olds)
![Virgin Money Boost Saver (25+ year olds)](https://www.finder.com.au/niche-builder/608278ec8ff9f.png)
- Maximum variable rate
- 5.05% p.a.
- Base interest rate
- 0.05%p.a.
- Minimum deposit
- $1,000
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 |
![Piyush P's headshot](https://www.finder.com.au/finder-au/wp-uploads/2024/07/PiyushPillai_Supplied_512x512.jpg)
"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. "
Your reviews
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Alison Finder
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![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2022/03/Profile-picture.jpg)
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
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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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![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2022/03/Profile-picture.jpg)
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
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2021/07/AlisonBanney_Finder_600x600.jpg)
Alison Banney Finder
February 22, 2023
Hi Robert,
Bonus interest is offered on balanced up to $250k.
Thanks,
Alison
![Avatar](https://www.finder.com.au/global/images/finder-default-gravatar-64.png)
ET
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
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2021/07/AlisonBanney_Finder_600x600.jpg)
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
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Nita
January 17, 2023
Is this rate only if you go through their app on your phone
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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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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?