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Up to 1.60% p.a. Interest + 5,000 Points + 8 Points Per Spend ($2,000 Deposit + 5 Purchase Monthly Req'd) @ Virgin Money

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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.

Referral Links

Referral: random (309)

Referees will receive 5,000 Virgin Money Points when they open their first Virgin Money Go Account before 31 July 2024 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.

Related Stores

Virgin Money
Virgin Money

closed Comments

  • If you lock it, how do you transact ?

    • You lock an amount for 32 days that I guess you feel you won’t need to use in that period?

    • As I read it, you transact from the Go Account and lock the Saver account.

      • What happen after 32 days ? Will it be locked for another 32 days unless we notify them 32 days prior ?

        • +1

          Looks like you'll have to lock it again to qualify for the additional .45% otherwise you'll be getting 1.15% if you meet the other criteria.
          I was tempted to apply for this account but after reading the reviews that mention their app and service I'm going to pass:
          https://www.productreview.com.au/listings/virgin-money-home-…

          I was hoping to replace my ubank account for every day transactions to get points, but I'll have to keep looking.

        • It's a rolling 32 days. So it keeps going until you say you need the cash, then 32 days later the cash is unlocked.

  • +1

    BOQ still has a better offer (albeit with $50k max)

  • +7

    Virgin money customer service is a joke. Waited 90 min and still cant get through to the call centre. Happens so many times I just cancelled my card. Good luck if you need any assistance or need to query something. They also dont respond to emailed queries.

    • +1

      Don't insult the word joke please…Joke is a way better person. I don't even want to insult rubbish tbh…

      • +1

        Awfully bad customer service. I second that

        • Same to me personally but I got through with in-app messaging

  • Can these points be converted to velocity points?

  • Just got $90 + from the last sign up deal with Virgin… guessed it was free money so put a bet on labor winning election..money towards my fuel bill

  • +3

    The rate lock is a scam. As soon as you request to unlock you forfeit the bonus rate and have to wait 32 days to withdraw. They hide this in the T&Cs.

    • That's why you wait until the first of the month, let the interest hit the account and then unlock it. Granted, that really only works if you don't desperately need the money. But most people wouldn't be putting their savings into a mini TD if they needed ready access to it.

      • +1

        That's not how it works. If you want to withdraw your money then you have to submit a request to unlock and wait out 32 days while earning interest at the lower rate. Most people would not know this until they read the T&Cs.

        • Ahhhh, I see what you mean now. OK, yeah that's even shi77ier than I realised!

          Just found those T&Cs

          Important Information on Bonus Interest for Boost Savers:

          • Bonus Interest Rate can be activated on all your Boost Savers in the same name as your Go Account when you cumulatively meet the Monthly Criteria in the Monthly Criteria dropdown. For clarity, if you hold an account(s) in your name as an individual, and an account(s) in two names (joint account), you will be required to meet the Monthly Criteria on each account type (individual and joint) to activate the benefits for both.

          • The Bonus Interest rate applies up to a combined total balance of $250,000 across all Boost Savers in the same name.

          • Once the Lock Saver Feature is enabled you will earn the additional variable Notice Interest rate while the Lock Saver Feature is enabled, up until the date that you activate the Unlock Saver Feature. The additional variable Notice Interest rate does not apply during the 32 day notice period which commences once you activate the Unlock Saver Feature.

  • -5

    1.6% interest rate minus 5.1% CPI inflation = -3.5% on your money. This is the state of savings now. Better convert to crypto stablecoin and get much better rate (yes with higher risk)

    • Not wrong but most folks won't install crypto as it's early days just like the adoption of the internet

      • -4

        The internet was useful from inception. Crypto isn't useful beyond being a speculative ponzi scheme even after 13 years. There's a significant difference between the two.

  • +3

    Bank of Qld from my experience worst bank ever, I was customer for number years but found them impossible to deal with. Then started closing branches. First told me my account was moved to 45km away branch, Then got told moved to 70km away, Most branches are franchises lack of service is really noticable.

  • +3

    Reducing the bonus rate to introduce this rate lock crap, worse customer service, impossible to get hold of anyone, leaving a msg on the app and getting a reply hours or days or not at all later…yeah I’m in the process of moving money out, I’ve had enough , good luck to them.

    • Agreed, terrible product and service. Just not worth it. I'm with you, am on the way out.

  • +6

    It's 8 points per transaction, not 8 points per dollar

    • Does paying back BNPL count? If so, just force use afterpay for everything, then pay back in separate transactions.

  • +1

    the word is fairly deceiving, you don't get points per dollar amount but per transaction. so 8 points for $2 spend or $200, Just FYI. was going to use this instead of CC until i found out about this.

    • Yeah, I got burnt on that myself. Just pay for your groceries one item at a time and screw them back lol

    • oh god, thanks for calling this out. had planned so much thinking its 8 points per $

  • Open multiple savers and use the lock. This way, if you do need some of the money, you only lock one of those accounts. You don't have to unlock all of them (unless you truly need all the money).

    Unlocking means the rate is lower, but you still get the bonus rate. The lock rate is 1.6%, the unlocked rate is 1.15%. If you don't satisfy the 5 transactions and $2K in deposits, you only get 0.05%.

  • +2

    So this really isn't a "deal" - it's a long-running offer.

    Word to the wise: if you expect customer service, guaranteed access to your money and a mostly seamless app UX, go elsewhere. As someone who has been with Virgin for coming up close to a year now, be prepared for a tedious, time consuming and very subpar experience.

    • The app is super bloated. Very nice UI but it has a loading icon for almost every screen change within your accounts (definitely not fast or responsive).
    • You can only access your account via their app - not from a website. So if their app goes down, which it has the last couple of days with painfully long load times, good luck getting access to your money.
    • The 'bonus rate' lock used to be 31 days. They upped it to 32 (NFI why they changed it though). So this essentially acts just like a term deposit. If you need ready access to your savings, try AMP, which is 1.35% and minimal conditions (min deposit of at least $250 in the previous month.)
    • Their customer service (as stated above, they are owned by BoQ) is near impossible to get hold of. They really don't care much about their customers. When I asked them about 5 weeks back (when there was clearly an app outage) "If I can't log into my account, how do I access my money?" their response was simply "Yeah, you can't, sorry." And the guy knew there was an outage with their app at the time of my call, but all he could tell me was "It might have something to do with logging in or using the app, so if that's what you're experiencing, it's probably the same bug".
    • As mentioned above, they are pushing everyone to live chat - which isn't "live". It's like messaging a store/company on FB Messenger, where you send a message and someone finally decides to reply in their own sweet time. You respond straight away and then wait again for another long period of time until someone else picks up the next reply. So it takes forever to get a response and often days to get a resolution.

    I use them strictly for the bonus rate now to earn interest for my car and bike fund, but that's it.

    Proceed with caution…

    • +2

      Yeah, spot on.

      ubank (86 400/ubank merge) is now up to 1.35%, ( only $200/mth deposit per month required ).

      • +1

        Ahh yes, I have other savings in uBank also… I totally forgot about them as it was a recent account opening, thanks :-)

        • No worries. I reckon ubank are going along pretty nicely.

  • +1

    I moved my money away from this lock r scam, after 32 days waiting, worst banking trick ever !!!!

  • I took advantage of the last sign up bonus for free money, which I definitely can't complain about, but one day I got locked out my account as the sms code wouldn't register then errors with answers to my security questions (which I was answering correctly) and it took 5 days to get through to customer service to get access again. All my funds were in that account and I couldn't get access in that time. Fuel light on and very close to dinner time, maybe a good thing they didn't answer the same night 😆 customer service did say though to set up biometrics and that would stop it from happening again in the future

  • +1

    I have been locked out of my account for over 2 months for no reason. I have contacted customer support multiple times and they won't do anything about it.
    I am currently trying to get my money back by through the Australian Financial Complaints Authority and it could take months.

    Please do not deposit your savings with Virgin Money.

    • Hope you get it sorted soon.

      Agreed, please avoid.

  • +1

    I would certainly recommend staying away from this mob. Maaaybe worth it (and that's a big fat 'maybe') if you snap up one of their larger sign-up bonuses, but it would want to be worth quite a bit, as you might have trouble receiving it anyway and/or getting your own money out. Plenty of stories of locked accounts and all sorts of nonsense. Customer service is pushing non-existent. If you are considering Virgin for the % return, it could be better to have a slightly lower percentage and go with someone like ubank, who currently do 1.35% and only need to deposit 200/mth.

  • +1

    The Royal Inquiry into Banks is over! Lets start the game of deception over and over again!

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