Our verdict

Aged 18-24? You can earn up to 5.35% p.a. by enabling the Lock Saver Feature and meeting the account criteria.

The great thing about this account is that if you're under 25, it's easier to earn the bonus interest rate. If you're aged 18-24 you can earn bonus interest each month you deposit at least $1,000 into your linked Virgin Money Go Transaction Account and make at least 5 transactions in the previous month. Once you're 25 or older, the deposit condition is increased to $1,000 per month which may be harder to meet.

This account also allows you to earn another bonus rate of 0.3% on top of the 5.05% by turning on the Lock Saver Feature, which requiring 32 days' notice to make withdrawals.

If you're aged 14-17, 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 $1000 and make 5+ transactions per month, plus enable Lock Saver for bonus interest
When Lock Saver is enabled you must give 32 days' notice to make a withdrawal or transfer
The standard base rate if you don't earn the bonus rate is very low

Details

Key details

Product Name	Virgin Money Boost Saver
Maximum Variable Rate	5.35% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Age	18

Congratulations, Virgin Money!

Virgin Money Boost Saver (18-24 year olds) received the highly commended award for 'Young Adult Savings Account' in the 2024 Banking Product Awards.

Full list of 2024 winners

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 25+ you need to deposit $1,000 per month into your linked Virgin Money Go Transaction Account, and make five or more transactions, to be eligible for bonus interest. See the Virgin Money Boost Saver (25+ year olds) for more information.

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.

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.

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Virgin Money Boost Saver (for 18-24 year olds)