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.

No reviews yet. Write a review

1.5% p.a.

Maximum variable rate

0.1%p.a.

Base interest rate

$2,000

Minimum deposit

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameVirgin Money Boost Saver (25+ year olds)
Maximum Variable Rate1.5% p.a.
Standard Variable Rate0.10%
Monthly Account Fee$0
Minimum Age14

Review by


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.

Expert review

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.

Key features

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.


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.

Ask an expert

To ask a question simply log in via your email or create an account.

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

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 Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

8 Comments

    Default Gravatar
    Mervi
    September 28, 2021

    Is virgin money covered by the government guarantee for 250k?

      Avatarfinder Customer Care
      Alison
      September 30, 2021

      Hi Mervi,

      Yes, your deposit up to $250,000 held in Virgin Money Boost Saver Account is covered by the Australian Government Deposit Guarantee Scheme.

      Thanks,
      Alison

    Default Gravatar
    Valentina
    September 21, 2021

    To be eligible for 1.5% interest, do we have to deposit min $2,000 per month for 3 months without making withdrawals at all? What would happen if we regularly withdraw or transfer some of the funds into other financial institutions within the first three months?

    In the case we are able to maintain depositing $2000 per month after the first three months while circulating the funds (monthly salary) between financial institutions, paying bills, and making purchases; would I still be eligible for 1.2% interest?

    Thank you!

      Avatarfinder Customer Care
      Alison
      September 29, 2021

      Hi Valentina,

      To be eligible for the special 1.5% rate for the first 3 months, you need to be a new customer and you need to meet the standard account criteria. This means you need to link your account to a Virgin Money Go account, deposit $2000 a month (or $1000 if you’re under 25), and make 5 transactions a month.

      You can make withdrawals from the account and still be eligible for the bonus rate, as long as these conditions are met.

      Thanks,
      Alison

    Default Gravatar
    Wayne
    September 17, 2021

    Does this account require me to only use the account by phone? I would rather log in and bank with my computer.

      Avatarfinder Customer Care
      Alison
      September 22, 2021

      Hi Wayne,

      Yes, you can only manage your account via the Virgin Money mobile banking app. Virgin Money doesn’t offer an Internet banking platform.

      You can open an account on the Virgin Money website, but you’ll need to use the app to manage it after that.

      Thanks,
      Alison

    Default Gravatar
    Maria
    September 9, 2021

    Can the Accounts be opened in the name of an organisation

    If so what Company Documents are required

      Avatarfinder Customer Care
      Alison
      September 14, 2021

      Hi Maria,

      Virgin Money’s transaction and savings account are for personal use only. At this time, they do not offer any business accounts, which means that you would not be able to open an account under your organisation’s name.

      If you’d like to open a business savings account, please visit this page (https://www.finder.com.au/business-banking/business-savings-accounts) to see your options.

      I hope this helps!

      Cheers,
      Alison

Go to site