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