Money Hack: Earn Velocity Points by contributing to your super

Posted: 9 September 2017 10:00 am

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Virgin Money is rewarding customers with Velocity Points for topping up their retirement nest egg.

Virgin Money has recently introduced a new offer for its superannuation product, and if you're a points fanatic, I think you're going to like it. When you contribute to your Virgin Money Super account, you'll be rewarded with Velocity Points.

The hack

For every $5 you contribute to your Virgin Money Super account, you'll be rewarded 1 Velocity Point. This includes the compulsory superannuation guarantee that is paid into your super on your behalf by your employer each quarter.

If you're already a Virgin Money Super customer, all you need to do is update your personal details through your online portal and add your Velocity Frequent Flyer number. If you're not a Virgin Money Super customer, you can supply your Velocity Frequent Flyer number when opening your account.

Before you get too points crazy, there are some limitations to be mindful of:

  • You can earn a maximum of 5,000 Velocity Points each quarter through concessional contributions, such as your employer's super contributions.
  • You can earn a maximum of 20,000 Velocity Points for non-concessional contributions, such as those made from your after-tax salary.
  • You can earn a maximum 250,000 Velocity Points each financial year.

This is a great hack if you already have your superannuation with Virgin Money Super, or if you're not a customer and are looking to switch to a new super fund. And it's a double-win because not only are you earning precious points, but you're also looking after your future self.

finder money hacks is a bi-weekly round-up of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.

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