Money Hack: Earn Velocity Points by contributing to your super
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.
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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