How to get Virgin Money’s new 1.50% p.a. bonus savings account rate

Posted: 2 September 2021 12:01 am
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The Virgin Money Boost Saver account is offering a new bonus rate of 1.50% p.a. for a limited time only. Here's how to get it, and how this offer compares.

It's not very common these days for a savings account to increase its rate, but that's exactly what's happened today with the Virgin Money Boost Saver. Virgin Money has launched a bonus rate offer of up to 1.50% p.a. for 3 months on its Boost Saver account, which then drops to an ongoing bonus rate of 1.20% p.a. after the intro period.

This bonus rate is very competitive in today's low-rate savings environment, and is one of the highest bonus rates in the market. And after the 3 month intro period ends, the ongoing 1.20% p.a. bonus rate is also one of the highest on offer. However there are a few things you need to do to qualify for this deal.

How to get Virgin Money's new 1.50% p.a. savings rate

Firstly, the new 1.50% p.a. bonus intro rate is only available to new customers who open a Virgin Money Boost Saver account before 30 November 2021. This must be bundled with a Virgin Money Go Account to qualify for the bonus interest.

As well as being a new customer you'll also need to meet the existing account criteria to get the intro bonus rate of 1.50% p.a. and the ongoing bonus rate of 1.20% p.a. thereafter.

If you're aged 25+ you'll qualify for the special offer bonus variable rate of 1.5% p.a. for the first 3 months when you deposit at least $2,000 into your linked Virgin Money Go Transaction Account and make at least five transactions from the account per month. If you're aged 18-24, you instead need to deposit $1,000 per month into your linked Virgin Money Go Transaction Account.

Once the 3 month intro period ends, you'll still need to meet this same criteria to earn the ongoing bonus rate of 1.20% p.a. If you don't meet the criteria for one month, you'll earn the standard base rate of 0.10% p.a. for that month.

How does this rate compare?

Currently the highest savings rate on offer for under 30s is 3.00% p.a. with a Westpac Life account. However, this rate isn't available if you're 30 or older, and it's only available on balances up to $30,000.

The BoQ Fast Track Starter Account offers 2.5% p.a. for customers aged 14-25 on balances up to $10,000.

The Virgin Money Boost Saver, in comparison, offers its new 1.50% p.a. bonus rate on balances up to $250,000 for all new customers over 14.

If you haven't looked at your savings account in a while, you might be missing out on a better rate. You can compare high interest savings accounts and bank accounts with Finder.

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2 Responses

    Default Gravatar
    RegSeptember 21, 2021

    can I apply on my computer rather than my PC and can I see all my transactions on my computer so that I can print them out?

      Avatarfinder Customer Care
      AlisonSeptember 22, 2021Staff

      Hi Reg,

      You can apply via the Virgin Money website, but you’ll need to download the app to manage your account and view your transactions. If you wish to apply through their website, you can use any device, such as your personal computer (PC), laptop or mobile phone.

      Thanks,
      Alison

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