Virgin Money Grow Saver account
Earn 0.65% p.a. on your savings each month you make at least one deposit and make no more than one withdrawal.
The Virgin Money Grow Saver account offers an ongoing variable rate of 0.65% p.a. each month you make at least one deposit (of any amount) and no more than one withdrawal from the account. With no requirement to link the account to a transaction account and no spending condition to meet, this is an easy, fuss-free standalone savings account.
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.
The Grow Saver account could suit you if you're looking for an easy savings account that you can open as a standalone account, with limited account conditions to meet. To earn interest, all you need to do is make at least one deposit of any amount during the month, and make no more than one withdrawal. There's no requirement to link to a Virgin Money bank account, and you don't need to meet any monthly spend requirements.
However, if you're looking to earn a higher interest rate on your savings and don't mind meeting the extra account conditions, there are accounts better suited to this. The Virgin Money Boost Saver account is one example.
Earn an ongoing variable rate of 0.65% p.a.
This account offers an ongoing variable rate of 0.65% p.a. each month you make at least one deposit (of any amount) and no more than one withdrawal from the account.
Limited conditions to meet
Compared to other savings accounts, the Virgin Money Grow Saver has limited conditions to meet to be eligible for interest. However, if you're happy to meet a few more conditions in order to earn a higher interest rate take a look at the Virgin Money Boost Saver instead, as it offers 1.2% p.a.
No linked transaction account needed
You're not required to open a linked transaction account with Virgin Money, and you can open the Grow Saver on its own if you want to. This is handy if you're just looking for a standalone savings account. However, if you do also want to open the Virgin Money Go Account you'll be able to earn more interest with a Virgin Money Boost Saver. 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.
Virgin Money Rewards
You'll get access to Virgin Money Rewards when you open this account. This includes earning Virgin Money Points when you book hotels through the Virgin Money platform.
No minimum deposit
You are not required to make a minimum deposit when opening this account. However, in order to earn interest you need to make at least one deposit into the account each month.
No minimum ongoing balance
There is no minimum balance in order to earn interest.
Set up personal savings goals
You can set up to 9 personal savings goals and track your progress in the Virgin Money app. The app also offers real-time alerts and savings insights to help you stick to your goals.
No monthly keeping fees
Virgin Money does not charge a monthly account keeping fee for the Grow Saver 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.