Virgin Money Boost Saver (for 18-24 year olds)
Aged 18-24? You can earn an ongoing bonus variable rate of 1.2% p.a. on your savings when you meet the account conditions each month.
This account offers an ongoing total bonus variable rate of 1.2% p.a. each month you deposit at least $1,000 and make at least five transactions from your linked Virgin Money Go Account. If you're aged 25+, you instead need to deposit $2,000 per month.
Maximum variable rate
Base interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
The great thing about this account is that if you're under 25, it's much easier to earn the bonus interest rate. If you're aged 18-24 you'll earn an ongoing bonus variable rate of 1.2% p.a. each month you deposit at least $1,000 and make at least five transactions. Once you're 25 or older, the deposit condition is increased to $1,000 per month which may be harder to meet.
If you're aged 14-17, there are no monthly account conditions to meet to earn bonus interest.
Earn an ongoing bonus variable rate of 1.2% p.a.
This account offers an ongoing total bonus variable rate of 1.2% p.a. each month you deposit at least $1,000 and make at least five transactions from your linked Virgin Money Go Account. These transactions can include Visa Debit purchases, BPAY payments or direct debits as long a they're settled during the month. This bonus variable rate is available on a combined total balance of up to $250,000 across up to 9 Boost Saver accounts.
If you're aged 25 or older you need to deposit $1,000 per month, 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 and Virgin Money Points as you spend with your Virgin Money Go Account.
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 July 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.