Virgin Money Savings Account

virgin-money

Virgin Money’s savings account does not charge any account keeping fees, and it has no minimum balance requirements.

Virgin Money is an Australian financial services business that operates under the global Virgin brand from Sydney. It's accounts are no longer available for new applications. If you have a savings account with Virgin Money, you can look forward to cover through the Australian Government Guarantee up to a maximum of $250,000. This covers the sum of all balances you hold in Virgin Money and Citibank accounts. This guarantee includes Citibank accounts because Citibank issues Virgin Money savings accounts.

Important information

Virgin Money Saver is no longer for sale. New customers can not apply for this product, however this information has been kept here for the benefit of existing customers.

Who is Virgin Money?

Virgin Money offers credit cards, different kinds of insurance covers and has subsequently added superannuation solutions for individuals and employers. It no longer offers home loans, although it now partners with one of Australia's leading online brokers, eChoice. While it used to offer a savings account in the form of the Virgin Saver account, it stopped accepting new applications in November 2014. Existing account holders can continue to operate their accounts as before.


What high interest savings accounts are offered by Virgin Money?

  • Virgin Saver

You cannot, as mentioned, apply for this account any more. Customers who opened their Virgin Saver accounts on or after 14 May 2012 stand to earn slightly higher interest when compared to individuals who opened their accounts before this date. This is an online savings account so you can deposits funds in your account through direct credit or by mailing cheques. To withdraw funds, you have to transfer them electronically to a nominated linked account. This savings account does not attract any ongoing account keeping fees, and it does not have any opening or ongoing minimum balance requirements.

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What are the pros and cons of banking with Virgin Money?

Pros

  • Add funds in various ways. Existing account holders can deposit funds into their Virgin Money savings account using other Australian bank accounts, through salary credit, through other sources of direct credits, and by cheque.
  • Earn competitive interest. Existing account holders stand to earn a competitive interest rate, especially customers who opened their accounts on or after 14 May 2012. What helps is that account holders earn the same rate no matter what their balances look like.
  • No minimum balance requirement. The Virgin Saver account does not come with an ongoing minimum balance requirement, so account holders can look forward to earning interest on any money they can put away even for a short period.

Cons

  • No longer available. You cannot apply for Virgin Money’s savings account because Virgin Money stopped accepting applications for this account from 7 November 2014.
  • No phone banking. While customers get 24/7 access to Virgin Money’s online banking platform, they get no access to phone banking.
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How do I apply for a Virgin Money savings account?

Virgin Money no longer accepts applications for its Virgin Saver account, and it does not have any other transactions or savings accounts on offer.

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