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Savings Account: 1.50% p.a. for 3 Months, Then 1.2% p.a. (on Balance up to $250,000 after Monthly Criteria) @ Virgin Money

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Savings Account: 1.50% p.a. for 3 Months, Then 1.2% p.a. (on Balance up to $250,000 after Monthly Criteria) @ Virgin Money
Go to Deal
Tom088 on 03/09/2021 - 08:18 virginmoney.com.au (456 clicks)
Last edited 03/09/2021 - 18:16 by 1 other user

Boost your savings with up to 1.5% p.a. for 3 months on your first Boost Saver!
Then enjoy up to 1.2% p.a. on all your Boost Savers up to a combined total balance of $250,000 when you meet the Monthly Criteria each month.
New customers only.

As you need to open both a Go and Boost account, you also receive 5000 Virgin Money points for opening an account (approx value $22.50) as posted by @silentkeepcup https://www.ozbargain.com.au/node/613743

Monthly criteria
Age Criteria
> 25 years "Deposit $2,000 or more from an external account into your Virgin Money Go Account and make at least 5 purchases, direct debits or BPAY payments which settle in that month (not pending). Let’s go!"
18-24 years "Deposit $1,000 or more from an external account into your Virgin Money Go Account and make at least 5 purchases, direct debits or BPAY payments which settle in that month (not pending). Ready? Go."
14-17 years "There are no criteria required to unlock the benefits. You’re already good to go."

Referral Links

Referral: random (296)

Referees will receive 5,000 Virgin Money Points when they open their first Virgin Money Go Account and meet the Welcome Offer Bonus Points Criteria (1 debit card purchase/direct debits/BPAY transaction in the first 30 days).

Referrer will receive 5,000 Virgin Money Points for each referee who meets the Welcome Offer Bonus Points Criteria, for up to 5 referees in a month.

Financial Bank Account Banking Interest Savings Account

Related Stores

Virgin Money
Virgin Money

closed Comments

  • coolsteps on 03/09/2021 - 08:25
    +1

    New customers only ? thats sucks as i only opened account a couple of months ago. what if someone closed their accounts and reopens it would they get the 1.5% rate?

    • Tom088 on 03/09/2021 - 08:28

      Unfortunately it seems so for the 1.5% promo rate, but you should still be eligible for the normal 1.2%:

      "Special Offer available to applicants who have never previously held a Go Account, Boost Saver or Grow Saver. Applicants must open a Virgin Money Go Account and Boost Saver bundle between 2 September 2021 and 30 November 2021."

  • mdavant on 03/09/2021 - 08:28
    +3

    Meh.

    They don't need your money.

    The guvnuts prints squazillions and give it to them at such low interest rates.

    Rewarding the fools who provide too much credit.

    Great system.

  • OzyBe on 03/09/2021 - 08:35

    Do Virgin Money come under the Government 250K guarantee?

    • Tom088 on 03/09/2021 - 08:55
      +2

      Yes but the $250k limit is combined with any accounts you have with BOQ

      • OzyBe on 03/09/2021 - 09:02
        +1

        That sounds odd. Obviously BOQ own Virgin Money for this to be the case?

        Does that mean that ME Bank accounts also get combined (as BOQ own ME Bank now)?

        This link below I found was a little confusing, as it stated only Virgin Money Companion Account.

        https://virginmoney.com.au/content/dam/virginmoney/vma-downloads/home-loans/The-Federal-Government-Guarantee.pdf?cid=HL-58-1#:~:text=The%20Financial%20Claims%20Scheme%20(FCS,of%20these%20financial%20institutions%20fails.&text=The%20guarantee%20only%20applies%20to%20Australian%20Dollar%20denominated%20deposits.

  • OzyBe on 03/09/2021 - 08:38
    +2

    Do the requirements for the bonus interest discriminate again people older than 24 yo?

  • CyberMurning on 03/09/2021 - 08:41

    Ing alternative?

  • boostpak on 03/09/2021 - 08:41
    -3

    1.5% lol does anyone realise how low that is?

    • samdiatmh on 03/09/2021 - 08:50
      +4

      happy for you to find an alternative that provides a higher rate

      according to Canstar, this is the highest rate possible,
      damning state of the current economic conditions, but it is the best rate (from my 2 minutes of googling)

      • AH on 03/09/2021 - 09:14
        +1

        For those under 30 (probably a minority here), there's always Westpac's 3%

        • umoddbro on 03/09/2021 - 09:19
          +3

          Up to 30k.

      • boostpak on 03/09/2021 - 09:16

        These rates mean nothing at the moment. Doesn't even follow inflation

      • szy2k on 03/09/2021 - 09:18

        Agree with you, it is a quite high saving rate compares with all other banks.

    • dust on 03/09/2021 - 09:25
      +1

      High interest is no longer high interest.

    • Chickenleg on 03/09/2021 - 09:36

      Is there a generic account that's higher around at the moment?

    • OldBugger on 03/09/2021 - 10:14
      +2

      Remember the good ol' days of 8% with ubank in 2007… 🤔

      • boostpak on 03/09/2021 - 10:24

        yep, no such thing of "high interest" anymore. 1.5% is piddles. not even worth the hassle. central banks around the world are all near zero it's ridiculous. credit is cheap, value of your money keeps going down, they want everyone in debt

  • atom1319 on 03/09/2021 - 08:56

    Why not invest in something like this?

    https://www.latrobefinancial.com.au/investments/investment-s…

    • ForTheGreaterGood on 03/09/2021 - 09:08

      I've never really explored this.. apart from the lock-in period, is there any disadvantage / risk involved?

      • M00Cow on 03/09/2021 - 09:27
        +1

        They says they invest in mortgages, so if you think the economy.is going to keep ticking along, with no job losses or people over extending themselves, then it should be fairly safe.

        I find it hard to reconcile economic theory with current economic reality. So I'm sticking with consumer staples. People gotta eat, drink & be merry.

    • honkyb on 03/09/2021 - 09:14

      Cause they will try to give your money 90 days after you ask for it back

      This is from the website

      "will make every endeavour to provide you with access to your funds 90 days after receiving your redemption request"

    • xdigger on 03/09/2021 - 09:49

      Is this capital protected?

      • Waygood_deals on 03/09/2021 - 10:00

        Are you negging la Trobe or this virgin money deal?

  • bulldoges on 03/09/2021 - 09:21
    +1

    FYI it says they are covered by the "Financial Claims Scheme" but they are using BOQ make sure you read below as if you already have money with BOQ you will not be covered for the full amount.

    "Under the Australian Government’s Financial Claims Scheme (FCS), certain deposits are protected up to a limit of $250,000 for each account holder. The FCS limit of $250,000 applies to the total sum of all bank accounts held with Bank of Queensland Limited (ABN 32 009 656 740) or one of its subsidiaries, including accounts you hold with Virgin Money, BOQ and BOQ Specialist. Please visit apra.gov.au for further information on the institutions and types of accounts covered."

    • tharlow on 03/09/2021 - 09:57
      +1

      Darn… I was going to drop a spare 250k into this account for some extra beer money, but this kills the deal!

      Thanks for the heads-up.

  • umoddbro on 03/09/2021 - 09:22
    +2

    Too much effort for little to no reward.

  • croseks on 03/09/2021 - 09:35

    Less then inflation… you are losing money by trying to save.

    Invest in assets. (Yes you can invest with $100 or $1k)

    • tharlow on 03/09/2021 - 09:59

      I suggest everybody grab a boatload of Turkish lira… to the moon, baby!

    • OzyBe on 03/09/2021 - 10:33

      "Invest in assets. (Yes you can invest with $100 or $1k)" - what are you thinking of when you mention this?

  • alexisagun8 on 03/09/2021 - 10:03
    +6

    This is a terrible deal. The interest rate offered won't even come close to the actual inflation rate.
    Put your dollars in AUD stable coins and earn 8-10% on Celsius Network or crypto . com.

    • Pedro321 on 03/09/2021 - 11:00
      +2

      Cant believe someone negged you for this.

      People still haven't realised banks are ripping us off.

      I'd much prefer earning a stable and safe 8.8% than this crap

      • my2cnts on 03/09/2021 - 12:15

        8.8% how?

      • blighst on 03/09/2021 - 15:30
        +2

        stable and safe 8.8%

        Debatable

    • Mechz on 03/09/2021 - 11:40
      +1

      Couldn't agree more.

  • szy2k on 03/09/2021 - 11:14
    +4

    There is no absolute "safe", depends on which asset you are comparing to:

    Celsius is not a bank, depository institution, custodian or fiduciary and the assets in your Celsius account are not insured by any private or
    governmental insurance plan (including FDIC or SIPC), nor are they covered by any compensation scheme (including FSCS).

    Holding, trading or using crypto assets carry significant risks, please carefully read our Risk Disclosure page. Celsius does not provide any
    financial, legal or tax advice, nor should this website be viewed as an offer or inducement to make any financial decisions.

    • Valjew on 03/09/2021 - 13:27

      This. Rule #1 of investing - risk vs. reward.

  • screensaver on 03/09/2021 - 12:03

    This account also gives heaps of benefits, like extra points for things. And 5000 points for any referrals. I got a referral! Made $22,50

  • Yoo05 on 03/09/2021 - 14:57

    People still use savings account in 2021…geez…

    • miwahni on 04/09/2021 - 00:18

      Diversification. If you're already overweight in other assets it only makes sense to have some holdings still in cash. The percentage will depend on how close to retirement you are.

      • Valjew on 04/09/2021 - 13:08

        Or if you're saving for a deposit in the short-term - house, car - you'd be foolish to have your money anywhere else.

  • Munchy on 03/09/2021 - 17:35

    Currently my savings account is a Qantas transaction account. 0.3 points for every $100 calculated daily. Suits me better at the minute.

    • p-plater on 03/09/2021 - 18:43

      sadly capping at $50k very soon…

    • archiexyz on 18/09/2021 - 11:09

      Correct me if I'm wrong but by my calculations that is c.55 cents worth of qantas points per $100 per annum (on the basis that 2000pts=$10 based on their gift cards). So probably worth less than a reasonable savings account.

  • juzz0 on 03/09/2021 - 23:50
    +1

    Kicking myself for opening AMP savings, ah well 1.25% isn't that bad… maybe if I had around $250,000 to put in there it would make around $50 a month more, perhaps worth it to transition then (around $12 a week better).

    It's difficult to gauge but I would guess around 90-95% of individuals still use savings accounts vs. a minority using cryptos or ETFs or whatever securities or funds you want. I have the majority of my funds in a savings account, works for me and despite being aware of them for what must be around 5-10 years now - happy not to get involved with exotic financial instruments (and I find some of the commentary by fanatics around it a bit condescending to be honest).

    • FujiFruit on 18/10/2021 - 22:22

      Amp has gone down to 1.16%

  • payless69 on 04/09/2021 - 11:57

    provided by BOQ the "new" bin raiding company

  • Jayharley95 on 22/09/2021 - 22:27

    Can I put $2000 in and then withdraw it?

  • CVonC on 27/09/2021 - 18:38

    To those that applied for this, how long did it take to receive your debit card?

    • szy2k on 19/10/2021 - 10:12

      Can't remember exactly but it was fairly quick, 3 to 4 working days maybe.

  • Mad Max on 25/10/2021 - 20:44

    What is the process/limits/troubles/fees in getting the money out of this account when you need it?

  • FujiFruit on 01/11/2021 - 13:30

    I think this is a very good deal. Why has it only got 22 votes?

    • Nom on 01/11/2021 - 21:14

      Because 1.5% interest is less than inflation. You're actually losing money by putting it into this account !

      • coffeeinmyveins on 19/11/2021 - 09:58

        you're losing money to inflation in any savings account, can you find one that is above 1.5% ?

        If you want to increase your risk profile, crypto, or stablecoins, or the stockmarket but for savings accounts with literally zero risk, this is fine.

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