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.
Compare Virgin Money accounts below
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.Back to top
What are the pros and cons of banking with Virgin Money?
- 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.
- 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.
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. You do, however, have the option of comparing savings accounts offered by other financial institutions. The basic eligibility criteria when applying for savings account tend to remain the same, which include the following:
- You should be an Australian resident for taxation purposes
- You should have an Australian residential address and an Australian mobile number
- Some account's come with specific age requirements
In applying for any such account, you would have to part with the following information.
- Details from an identification document like your passport, driver’s licence, or proof of age card
- Your residential address, email address, and phone number
Since the Virgin Saver is no longer available for new applications. Existing accountholders can still access their account through the Virgin Money website.