Our verdict

Earn up to 2.3% each month you make at least 1 deposit in the previous month, no more than 1 withdrawal and by enabling the Lock Saver Feature.

The Grow Saver account could suit you if you're looking for an easy savings account that you can open as a standalone account, with limited account conditions to meet. To earn the 2.30% p.a. interest rate, all you need to do is make at least 1 deposit of any amount during the month, and make no more than 1 withdrawal. These conditions are much easier to meet than many other bonus savings accounts in the market.

A unique feature of this account is the Lock Saver Feature. When this is enabled you're required to give 32 days' notice to make a withdrawal, but you can earn extra interest.

The main drawback with this account is that you can find many accounts that let you earn much more interest.

Pros

Open as a standalone savings account (no requirement to link to a Virgin Money bank account)
Make just 1 deposit a month of any amount to be eligible for bonus interest
Open up to 9 savings accounts
No monthly spend requirements to meet
Opportunity to earn extra interest with Lock Saver Feature

Cons

You can only make 1 withdrawal a month to be eligible for bonus interest
The interest rate is lower than many bonus savings accounts

Details

Key details

Product Name	Virgin Money Grow Saver
Maximum Variable Rate	2.30% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Age	14

Key features

Earn an maximum ongoing variable rate of 2%

This account offers an ongoing variable rate of 2% each month you make at least 1 deposit (of any amount) and no more than 1 withdrawal.

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% on top of the 2% variable rate, however you'll need to give 32 days' notice to make a withdrawal or transfer.

You can 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 bonus rate (and you'll need to wait 32 days for your withdrawal request to be actioned).

No linked transaction account needed

You're not required to open a linked transaction account with Virgin Money, and you can open the Grow Saver on its own if you want to. This is handy if you're just looking for a standalone savings account. However, if you do also want to open the Virgin Money Go Account you'll be able to earn more interest with a Virgin Money Boost Saver.

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'll get access to Virgin Money Rewards when you open this account. This includes earning Virgin Money Points when you book hotels through the Virgin Money platform.

No minimum deposit

You are not required to make a minimum deposit when opening this account. However, in order to earn interest you need to make at least one deposit into the account each month.

No minimum ongoing balance

There is no minimum balance in order to earn interest.

Set up personal savings goals

You can set up to 9 personal savings goals and track your progress in the Virgin Money app. The app also offers real-time alerts and savings insights to help you stick to your goals.

No monthly keeping fees

Virgin Money does not charge a monthly account keeping fee for the Grow Saver 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.

Sources

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Alison Finder

Editor

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Neil

March 15, 2022

I am an Australian passport holder but reside in the U.K. Am I still eligible for this account? I understand I have to apply in Australia. Would that be at a BoQ branch?

Alison Banney Finder

May 01, 2022

Hi Neil,

You need to have an Australian residential address to open this account, as well as be an Australian citizen.

Thanks,

Alison

Garry Jones

January 20, 2022

I want to deposit a large sum of money $500 000 to $1 million for 3 to 6 months in a secure guaranteed savings or term deposit and earn the best interest I can on this amount. What would you recommend?

Alison Banney Finder

January 28, 2022

Hi Garry,

Thanks for contacting Finder. We are a free financial comparison service that compares different bank accounts. However, we’re unable to give you any personal financial advice or recommendations.

You can compare high interest savings accounts here and term deposits here.

Note that for a deposit of $500k – $1m, the government guarantee only guarantees deposits up to $250,000 per customer per ADI. So for your whole balance to be covered under this guarantee, you’d need to split it up between multiple different banks.

I hope this helps,

Cheers,

Alison

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June

October 08, 2021

Hi is the money in the accounts government backed so you cant loose your money

Alison Banney Finder

October 12, 2021

Hi June,

Yes, Virgin Money is covered under the Financial Claims Scheme since it’s a division of Bank of Queensland.

This means your deposit of up to $250,000 is protected.

You can check the complete list of covered banks on APRA’s website.

Thanks

Alison

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Greg

September 15, 2021

Regarding the Virgin Money Grow Saver Account, can you access via PC internet to process transactions? I understand the requirements to deposit monthly but if I need to withdraw, what is the process? Can I transfer to another bank account?

Alison Banney Finder

September 22, 2021

Hi Greg,

You can access Virgin Money Grow Saver account through Internet banking and the mobile banking app.

Yes, you’re right that if you wish to earn bonus interest on your savings each month, you would need to make at least one deposit and make no more than one withdrawal.

You can transfer money from the Grow Saver account to your bank account online.

I hope this helps.

Thanks,

Alison

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Virgin Money Grow Saver account

Pros

Cons

Key features

Earn an maximum ongoing variable rate of 2%

Earn an additional 0.3% with Lock Saver Feature

No linked transaction account needed

Virgin Money Rewards

No minimum deposit

No minimum ongoing balance

Set up personal savings goals

No monthly keeping fees

Manage your account via the mobile app

Account use

How to apply

Eligibility

Documentation needed

Your reviews

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