Virgin Money Boost Saver 2.30% p.a. Interest (2.60% p.a. with Lock Saver), Monthly Criteria Apply @ Virgin Money

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Lbigbadaboom on 29/07/2022 - 20:46 virginmoney.com.au (151 clicks)
Last edited 29/07/2022 - 21:13 by 1 other user

Up to 2.30% p.a. when you meet the monthly criteria.

2.60% if you switch on the Lock Saver feature.

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. The Monthly Criteria below must be made into a Virgin Money Go Account that is in the same name as your Boost Saver:

• 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 debit 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 debit or BPAY payments in the previous month which settle in that month (not pending)

• If you are between 14 - 17 years, no Monthly Criteria apply in order to earn the Bonus Interest Rate.

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• 

  kerfuffle on 29/07/2022 - 20:59

  Citibank are offering 2.6% for four months without any hoops …

  • 

    INFIDEL on 29/07/2022 - 21:03

    +2

    Citibank: Only for four months & only for new customer setting up first Online Saver account!
    Then about 1.6%

    "without any hoops …" - that's a pretty big hoop - setting up a new account, then needing to move your money elsewhere after 4 months to get reasonable return😉

    ---

    In my case…
    Already have the Virgin Money account (received $100 of rewards when was recently set up).
    Can easily meet conditions for ongoing 2.60%.
    Similar conditions to ING Maximiser (which has no bonus interest above $100k! And balance must increase each month!).
    Just requires a bigger monthly transfer in. But should be able to then automatically transfer out.

    Don't qualify as a new customer with Citi.
    This offer is only applicable on the first Citibank Online Saver that you open.

    • 

      Tleyx on 30/07/2022 - 10:45

      2.3 might not be that good rate next month let alone four months time based on how rates are.moving

      • 

        INFIDEL on 30/07/2022 - 11:00

        Rather grab the 2.6% now with Virgin or ING & get more than that in the future😉

• 

  INFIDEL on 29/07/2022 - 21:47

  +1

  Thanks - will look into it👍

• 

  G-rig on 30/07/2022 - 06:06

  +2

  What about ING, they have an ongoing rate, four months will go quickly. Shame about the hoops still.

  People are saying ubank will have 2.35% standard come August.

  • 

    kerfuffle on 30/07/2022 - 07:36

    +1

    And the only hoop of UBank is to deposit $200 into the Spend or linked Save account, and the 2.35% will apply to all Save accounts

    • 

      G-rig on 30/07/2022 - 07:52

      +1

      Annoying they all typically try and push a card account on you as well, prefer a standalone online saver if I've already got similar products
      ps. Already got a usave, will have to see what difference this 'save' account is. Don't particularly want a 'spend' account nor have to make purchases.

      • 

        INFIDEL on 30/07/2022 - 11:11

        Just don't activate the cards. And use as an online account.
        I've never bothered (destroyed cards) unless spends are part of the conditions.

        • 

          G-rig on 30/07/2022 - 11:14

          @INFIDEL: yeah that's the go, easier doing a few deposits a month that having to use it to spend.

          • 

            INFIDEL on 30/07/2022 - 11:19

            @G-rig: Recently opened this Virgin Money account (for $100 rewards & not used since). Otherwise requires 5 spends & deposit for up to 2.6%.

            ING has its conditions. @2.6% its OK.
            Pretty easy with 5 x 1c split payments once a month when grocery shopping. The rest is done automatically each month: $1000.01 deposit & then $1000 withdrawal.
            Been meeting the conditions for years.

            But as am returning to prolonged overseas travel from next year, will have to rearrange my banking to avoid any spend conditions.

            • 

              G-rig on 30/07/2022 - 11:45

              @INFIDEL: yeah may just look into ING then, just make 5 purchases or something.
              too easy withdrawing/transferring from Ubank to Citi (now that NAB owns Citi too).

              • 

                INFIDEL on 30/07/2022 - 12:14

                @G-rig: Lots of discussion about conditions in ING Maximiser Deals. I have no problems with it.

                Have accounts with many of the banks… with better interest rates. Withdrew most funds from Ubank & UP when their rates fell earlier.

                Expect to go back to travelling overseas most of year from next year, so need more set & forget options.
                Will consider term deposits (currently [3.5% for 1yr[(https://www.ozbargain.com.au/node/715754)) etc. But will wait to see what interest rates do…

                Managing funds while travelling can be more difficult. Its not what I like to do on holiday🌴

                • 

                  G-rig on 30/07/2022 - 12:17

                  @INFIDEL: yes agree, will look into it. surely there's a way to automate a few payments or set up debit/purchases for small monthly items. Prefer using CRO card for 2% cashback for most sundry purchases.

                  Otherwise 28 degrees for decent purchases (that have a good chance of dropping in price). The 28d and Citi debit card are a great combo for travel too, and have used that combo for years :D

                  • 

                    INFIDEL on 30/07/2022 - 12:27

                    @G-rig: Used those 2 cards over so many years of travel. As used to be recommended on OzBargain!

                    Always good to have multiple ways to access money when away from home.

                    Had a card eaten by ATM in a tiny rural Japanese village on a Sunday… There was a bank phone beside the ATM, but my Japanese ability is limited. Bank responded very quickly & I resumed my travels (hitchhiking - often the most reliable means in remote areas). But have been stuck in some countries waiting to access funds.

                    • 

                      G-rig on 30/07/2022 - 12:28

                      @INFIDEL: yes always good to have more than one card for sure.
                      that combo is great considering fee free banking (citi) and both don't attract currency conversion fees etc.

                      • 

                        INFIDEL on 30/07/2022 - 12:45

                        @G-rig: Also carrying Visa & MC cards is a good idea. In case one system isn't accepted or isn't working.

                        Both my Citi & 28° are MC. So I carry at least 1 Visa. (MC used to be difficult to use outside of big cities in Japan.)

                        Long ago (before Citibank travel card was available), 28° put a hold on my card as I was using it in Japan. I had notified them. (Back then we could deposit into the CC account & make free cash withdrawals! Effectively combined credit & debit card on same card.)
                        Japan usually requires cash payments. I didn't have enough cash…

                        That created an embarrassing situation when I couldn't buy a bus ticket from mountains to airport - to fly home on my final day. Card was swallowed by ATM at bank! Bank manager was called… Used my bank Visa card, which charged fees. 28° compensated me.

                        Anyway that's a travel finance forum discussion.

• 

  izkai67 on 30/07/2022 - 08:29

  +2

  if you you just want to keep money, try credit union SA, no withdraw and at least one deposit any amount into saving acc you'll get 2.50%. Easy, and you can direct debit or make payment direct from saving acc.

  • 

    HeyHi on 30/07/2022 - 09:56

    Best deals are in the comments!

  • 

    hawkeye93 on 30/07/2022 - 11:49

    Even if I just transfer $0.01 out, I won’t get bonus rate that month?

    • 

      izkai67 on 31/07/2022 - 10:54

      no, this is for people who want to grow saving, set auto credit any amount and leave it.

  • 

    lomo on 31/07/2022 - 15:59

    Is there a maximum amount of deposit that they pay interest on? can you go over that amount and they'll still pay interest on the max amount without voiding interest? I cant find it anywhere

    • 

      izkai67 on 06/08/2022 - 18:20

      I asked them, and this their reply "There is no threshold for how much you can have in a Bonus Savings account to earn the 2.5% interest." My understanding is this means it's unlimited. But, with Ubank raised interest to 2.85, this may not be too attractive anymore.