So this will require some reading on your behalf, but there’s an opportunity to earn up to 1.60% on your savings using Virgin’s “rate lock” feature, which acts as a mini term deposit for 32 days and gives you a bonus 0.45% on the 1.15% existing rate. It’s up to balances of $250,000, so perhaps divide across AMP also if you have surplus to this amount?
There’s also a bonus 5,000 points for joining and making 1 transaction on your card, and earn 8 points per transaction.
It’s a poorly laid out page but the deal is pretty sweet.
Welcome Bonus
New Virgin Money Go Account customers will receive 5,000 bonus Virgin Money Points when they make at least one purchase which settle in that month (not pending) with their Virgin Money Go Account or make a direct debit or BPAY payment in the first 30 days from account opening
8 Virgin Money Points per transaction
for any debit card purchase, direct debit or BPAY payment on your Virgin Money Go Account if you have met your Monthly Criteria in the previous month. The Monthly Criteria vary by age and includes a minimum deposit and minimum number of transactions each month that must be made into a Virgin Money Go Account that is issued in the same name.
The Virgin Money Boost Saver
Highest Variable Interest Rate of 1.60% p.a. is made up of
- a Base Interest Rate of 0.05% p.a.;
- a Bonus Interest Rate of 1.10% p.a.; plus
- a Notice Interest Rate of 0.45% p.a. (Lock Saver Feature);
When the Lock Saver Feature is enabled and the Monthly Criteria are met on the Virgin Money Go Account in the previous month.
The Virgin Money Boost Saver Bonus Interest Rate applies up to the aggregate balance of $250,000 across all Boost Savers that are held in the same name. It is applicable for any month, where the Monthly Criteria were achieved on your Go Account in the immediately preceding month.
Lock Saver Feature / Notice Interest Rate
Additional variable interest rate earned on a Boost Saver where the optional Lock Saver Feature is enabled. If you need to access your money you’ll just need to give us 32 days’ notice. The 32 days automatically starts once you make a withdrawal or transfer from your locked account, or when you select to unlock your savings account. This can be done at any time within mobile app.
Monthly Criteria
- If you are 25 years and older, deposit $2,000 or more into your Go Account from another financial institution (such as your salary), and make at least 5 debit card purchases, direct debits or BPAY payments in the previous month which settle in that month (not pending)
- If you are between 18 and 24 years, deposit $1,000 or more into your Go Account from another financial institution (such as your salary), and make at least 5 debit card purchases, direct debits or BPAY payments in the previous month which settle in that month (not pending)
- If you are between 14 and 17 years, no Monthly Criteria apply in order to earn the benefit.
If you lock it, how do you transact ?