In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.

Virgin Money Boost Saver (for 18-24 year olds)

  • Avatar
Virgin Money Boost Saver

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Compare other options
Maximum variable rate
5.35% p.a.
Base interest rate
0.05%p.a.
Minimum deposit
$1,000

Our verdict

Aged 18-24? You can earn up to 5.35% p.a. by enabling the Lock Saver Feature and meeting the account criteria.

The great thing about this account is that if you're under 25, it's easier to earn the bonus interest rate. If you're aged 18-24 you can earn bonus interest each month you deposit at least $1,000 into your linked Virgin Money Go Transaction Account and make at least 5 transactions in the previous month. Once you're 25 or older, the deposit condition is increased to $1,000 per month which may be harder to meet.

This account also allows you to earn another bonus rate of 0.3% on top of the 5.05% by turning on the Lock Saver Feature, which requiring 32 days' notice to make withdrawals.

If you're aged 14-17, there are no monthly account conditions to meet to earn bonus interest.

Pros

  • Competitive ongoing bonus rate available
  • No account fees
  • Open up to 9 Boost Saver accounts for personalised goals
  • Access Virgin Money Rewards
  • Opportunity to earn an additional 0.3% bonus rate by enabling Lock Saver Feature

Cons

  • Must deposit $1000 and make 5+ transactions per month, plus enable Lock Saver for bonus interest
  • When Lock Saver is enabled you must give 32 days' notice to make a withdrawal or transfer
  • The standard base rate if you don't earn the bonus rate is very low

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Virgin Money Boost Saver
Maximum Variable Rate 5.35% p.a.
Standard Variable Rate 0.05% p.a.
Monthly Account Fee $0
Minimum Age 18

Best Young Adult Savings Account Finalist

Congratulations to Virgin Money Boost Saver (18-24 year olds) for being a finalist in the Best Young Adult Savings Account category in the 2024 Finder Awards.

Full list of 2024 winners

Key features

Earn an ongoing bonus variable rate of 5.05% p.a.

This account offers an ongoing total bonus variable rate of up to 5.05% p.a. each month you meet the following account criteria:

  • Bundle your Boost Saver with a Virgin Money Go Transaction Account, and
  • Deposit at least $1,000 into your linked Virgin Money Go Transaction Account each month, and
  • Make at least 5 transactions from your Virgin Money Go Account in the previous month (These can include Visa Debit purchases, BPAY payments or direct debits as long a they're settled during the month).

If you're aged 25+ you need to deposit $1,000 per month into your linked Virgin Money Go Transaction Account, and make five or more transactions, to be eligible for bonus interest. See the Virgin Money Boost Saver (25+ year olds) for more information.

If you're aged 14-17, you have no account conditions to meet to be eligible for bonus interest.

Bonus interest is available on a combined total balance of up to $250,000 across up to 9 Boost Saver accounts.

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% p.a. on top of the 5.35% p.a. bonus rate, however you'll need to give 32 days' notice to make a withdrawal or transfer.

You can choose to lock any of your 9 Boost Saver's, and 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 p.a. bonus rate (and you'll need to wait 32 days for your withdrawal request to be actioned).

Linked to a Virgin Money Go Account

You need to open a Virgin Money Go Account in order to open a Boost account (you can't open a Boost Saver account on its own). 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 can earn 8 Virgin Money Points for each purchase you make. You'll automatically earn these points for every settled debit card purchase, direct debit and BPAY payment made from your Virgin Money Go account. There are no conditions to meet to earn these points.

You can then use these points for a number of benefits, such as redeeming them for cash or purchasing gift cards with partnering brands. Once you're a customer, you can see the latest reward offers in the Rewards Hub.


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.

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Go to site