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.

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0.65% p.a.

Maximum variable rate

0.1%p.a.

Base interest rate

$1

Minimum deposit

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Details

Product NameVirgin Money Grow Saver
Maximum Variable Rate0.65% p.a.
Standard Variable Rate0.10%
Monthly Account Fee$0
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Review by


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.

Expert review

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.

Key features

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.


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.

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