Virgin Money Boost Saver Account (25+ year olds)
For a limited time only, earn an intro bonus rate of up to 1.5% p.a. for 3 months, and an ongoing rate of up to 1.20% p.a. thereafter.
Earn a limited-time bonus intro rate up to 1.5% p.a. for the first 3 months. This rate is for new customers only when you open an account bundled with the Virgin Money Go Transaction account before 30 November 2021 and meet the account criteria (listed below).
You must meet the following account criteria to earn bonus interest; deposit at least $2,000 each month and make at least five transactions from the account in the previous month. If you're aged 18-24, you instead need to deposit $1,000 per month. After the intro period ends you can earn an ongoing bonus rate up to 1.20% p.a. when this criteria is met.
Maximum variable rate
Base interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
Once the special intro rate period ends, this savings account offers a competitive ongoing bonus rate of 1.20% p.a. each month you meet the account conditions. this is very rare, as most intro saver accounts don't offer bonus interest after the intro period ends. The monthly deposit requirement of $2,000 into your linked Virgin Money Go Transaction Account is higher than others in the market, so make sure you can meet this before opening the account otherwise you'll only earn the standard base rate. This account could benefit you more if you're under 25, as you only need to deposit $1,000 a month into your linked Virgin Money Go Transaction Account instead to be eligible for bonus interest (plus meet the transaction requirement). And if you're aged 14-17, there are no monthly account conditions to meet to earn bonus interest.
Limited time only: Earn up to 1.5% p.a. for 3 months
Earn a special intro bonus intro rate up to 1.5% p.a. for the first 3 months. This rate is for new customers only on your first Boost Saver account when bundled with the Virgin Money Go Transaction account when you open it before 30 November 2021 and meet the standard account criteria (listed below).
Earn an ongoing bonus variable rate of 1.20% p.a.
After the 3 month intro period ends, this account offers an ongoing total bonus variable rate of up to 1.20% 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 $2,000 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 transactions can include Visa Debit purchases, BPAY payments or direct debits as long a they're settled during the month.
If you're aged between 18-24 you only 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 (18-24 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.
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.
🔥 Special offer: Welcome bonus of 5,000 Virgin Money Points!
You'll receive a welcome bonus offer of 5,000 Virgin Money Points when you open your first Virgin Money Go Account and make your first transaction within 30 days of opening the account. T&C's apply ends 31 October 2021.
Virgin Money Rewards
If you meet the account conditions (outlined above) you can earn Virgin Money Points for each purchase you make. 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.
No minimum deposit
You are not required to make a minimum deposit when opening this account. However, there is a monthly deposit requirement for bonus interest.
No minimum ongoing balance
There is no minimum balance in order to earn standard interest or avoid fees.
Open up to 9 Boost Saver accounts
You can link up to 9 Boost Saver accounts to your Virgin Money Go Account, to hep you save for individual goals. You'll earn bonus interest on your entire balance across these accounts up to $250,000.
No monthly keeping fees
Virgin Money does not charge a monthly account keeping fee for the Boost Account or the linked Go Account.
Manage your account via the mobile app
You can manage your account entirely via the Virgin Money mobile app. However, there's no Internet banking portal or phone banking available.
This is an account meant solely for personal use, and it can be opened as an individual or joint account.
How to apply
- 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.
- Tax file number. While providing your tax file number (TFN) or exemption code is not mandatory, it will prevent Virgin Money from having to deduct taxes at the highest marginal rate.
In order to be able to complete the application quickly and correctly you will need to have the following documentation:
- Identification. Verify your identity by using a photo identification document such as a passport or driver's license.
- Mobile phone number. As this account is managed entirely via the Virgin Money mobile app, you'll need to have your mobile phone number and phone handy when completing your application.