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Virgin Money Boost Saver 3.30% p.a. Interest (3.60% p.a. with Lock Saver), Monthly Criteria Apply @ Virgin Money

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Virgin Money Boost Saver 3.30% p.a. Interest (3.60% p.a. with Lock Saver), Monthly Criteria Apply @ Virgin Money
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AssociatedPjcoccio @ Savings.com.au on 26/08/2022 - 10:25 virginmoney.com.au (1763 clicks)
Last edited 18/10/2022 - 15:11 by 1 other user

Up to 3.30% p.a. when you meet the monthly criteria.

3.60% if you switch on the Lock Saver feature, pipping out BOQ's 3.50% p.a.

(Lock Saver feature requires customers to give 32 days advance notice to unlock account or withdraw money from that account).

Criteria from previous post:

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.

Read more: https://www.savings.com.au/news/virgin-money-savings-account…

Referral Links

Referral: random (302)

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.

Financial Bank Account Savings Account

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closed Comments

          • FujiFruit on 02/09/2022 - 08:20
            +1

            @souths123: You are correct.
            Thanks it’s activated today.

            • souths123 on 02/09/2022 - 08:28

              @FujiFruit: great! The same thing happens with ING as well, it shows the next day once you done the qualifying deposit and any cleared card payments.

        • shoppe on 01/09/2022 - 17:26

          Bpays normally take 2 or 3 days to be processed. Not sure if it will affect the time to record the bonus.

        • souths123 on 01/09/2022 - 17:31

          also, the $2000 has to be from another financial institution and going into the everyday account, not the savings account (just in case)

    • seanmilt on 26/08/2022 - 14:43

      Just confirming, my above reference to "you need to meet the Monthly Criteria in the previous month" is relating to the Virgin Money offer, glad to hear it sounds like from the comments that the bonus will apply right away (you wont have to meet the promotional transactions and deposit requirements until the ensuing month

    • fchis on 10/09/2022 - 18:23

      Ubank - deposit $200 and get bonus interest instantly or Macq no condition attached.

  • Jpo on 26/08/2022 - 13:04

    If you're 35 or under and only have up to $50,000 (can open multiple accounts though), BoQ may be the better option: https://www.ozbargain.com.au/node/719112

    • StephenCurry on 26/08/2022 - 13:08

      But to apply for BoQ I have to be an Australian or have PR right?

    • Cynicaloflife on 26/08/2022 - 13:54

      What if I have more than 50000?

      • souths123 on 26/08/2022 - 14:37

        then put up to $50k in BOQ Future Saver (if you are under 35) and the rest in Virgin Money?

    • denserham on 26/08/2022 - 19:32
      +1

      T&c's state they combine the balance of all your savers and that 50k is across all of those

  • swagneto on 26/08/2022 - 13:15

    The Virgin Money Boost Saver vs. The Chad Penny Stock Punter

  • whey4000 on 26/08/2022 - 13:18

    Is it easy to transfer a large amount out when needed?

    • souths123 on 26/08/2022 - 13:31

      as long as it isn't "locked", yes, you can change your pay anyone limit and even above $20k as a temp increase in limit for 1 day.

  • Drakesy on 26/08/2022 - 13:21
    -1

    Virgin money can go jump.

    • souths123 on 26/08/2022 - 13:29

      lol, why?

      • Gazpacho on 26/08/2022 - 13:55

        Curious too

        • Drakesy on 26/08/2022 - 15:15

          Number of hoops and opening an account with them was a PITA

  • HunterxHunter9000 on 26/08/2022 - 14:05

    for under 50k whats best virgin or ubank ? i don't mind the hoops and well luse as main bank so is extra interest better with ubank or lower interest but points 5k+ points on purchases?

    • souths123 on 26/08/2022 - 14:39

      atm Virgin…Ubank only goes to 2.85% on 1/9 anyway….or BOQ future saver if you are under 35

      • HunterxHunter9000 on 26/08/2022 - 15:24

        oh yeah i meant BOQ being 3.5% while virgin is 3.3% but has 8 points per 1 dollar spent, which would be better for up to 50k under 30

  • jadamd on 26/08/2022 - 15:14

    Bonus 5k virgin money points when setting up the linked go account and doing 1 spend in the first month. Or something along those lines. Worth about $20

  • done-deal on 26/08/2022 - 15:17

    Citi bank is 2.85% for up to 500k for people who have more than 250k and want to keep it in one place

  • jadamd on 26/08/2022 - 15:22

    Also the link to download the apple app goes to bank of Queensland…

  • El-Rhi on 26/08/2022 - 16:24

    Can a direct debit / card usage be something like adding $10 x 5 to my AGL account?

    • whey4000 on 26/08/2022 - 17:20
      +4

      I found bpaying my credit card 5 x $1 the easiest

      • El-Rhi on 26/08/2022 - 17:50

        Excellent, thanks!

      • aneil915 on 26/08/2022 - 17:53

        Thanks for the idea. Do you know if this also works for ING?

        • whey4000 on 26/08/2022 - 17:59
          +2

          Happy to be corrected but I don't believe Bpay works for ING

  • bitcoinorbust on 26/08/2022 - 16:57
    -4

    what account for $5 million?

  • IrrumaboRex on 26/08/2022 - 18:50

    It looks like it's only app banking and not online banking. Just tried the process but keeps declining and locked me out.

  • Gavman on 26/08/2022 - 19:59
    +1

    Does Virgin Money have osko

    • tharlow on 26/08/2022 - 21:05
      -1

      No

      • Neoika on 27/08/2022 - 07:39
        +2

        It does, under BOQ. It also provides a unique email for it. It has push notification when the money is in/out, which is useful.

    • Meovel on 26/08/2022 - 21:46
      +1

      It does, it is bank of queensland.

      • Neoika on 07/09/2022 - 09:21

        Just to add, Virgin Money transfer-out via PayID only allows $1k per day. Bank acc transfer-out seems to be normal, not triggering Osko.

  • FujiFruit on 26/08/2022 - 21:57

    This seems like such a good deal. Would Citibank raise their rates to match? I’m thinking of moving over from Citibank to virgin on 1st sept but I hate the idea of locking my money .

    • Yola on 27/08/2022 - 08:52
      +1

      If you do not lock in you will still get a higher rate than Citi - 3.3% v 2.85%. Why wait till 1 Sept?

      • FujiFruit on 27/08/2022 - 11:33

        I chatted with Citibank and they said it takes 3 business days to change linked bank account ?

        • Yola on 27/08/2022 - 17:55
          +1

          This is why my linked account is Citi Plus wherein I can save numerous payees for future use. When I need to open a new Saver account after 4 months those payees will still be in place. The daily limit is still $100k. While your Saver is empty perhaps set this up as you never know when Citi will have the best/good rate again.

          • FujiFruit on 27/08/2022 - 20:07
            +1

            @Yola: I didn’t think of that . Good idea

  • ujwols on 26/08/2022 - 22:43
    +2

    Moved from Macquarie to UP to UBank to Virginmoney 😊

  • Iluvfreebies on 27/08/2022 - 04:27

    I am hoping ubank to match this in 5th gee coming weeks
    If not I will switch

    • izkai67 on 27/08/2022 - 09:20

      3.3% is high, I doubt ubank with only $250 monthly deposit requirement will match it,

      • Iluvfreebies on 27/08/2022 - 11:23
        +1

        Hopefully they can come close.

        • airpoe on 27/08/2022 - 12:01
          +2

          they probably will announce it on 7 Sept to be effective on 1 Oct.

          • Iluvfreebies on 27/08/2022 - 12:05

            @airpoe: Yeah, but won't come close to lock saver. I am more interested in that. I don't mind the 32 days notice for withdrawal.

  • chansc on 27/08/2022 - 11:17

    If I BPay $1 to my superannuation account 5 times as voluntary contribution, will this meet the criteria?

    • Jpo on 27/08/2022 - 11:22

      don't super contributions get taxed 15%?

      • chansc on 27/08/2022 - 11:31

        I am making after tax contribution from the Virgin Go account, I thought it won't be taxed again?

        • Iluvfreebies on 27/08/2022 - 11:32

          No it doesn't get taxed.

          • shoppe on 27/08/2022 - 11:45

            @Iluvfreebies: But I assume you will pay at least 15% tax, via PAYG, even if you earn less than the tax free threshold?

            • Iluvfreebies on 27/08/2022 - 11:47

              @shoppe: That's for before tax contributions like salary sacrifice not after tax.

              • shoppe on 27/08/2022 - 13:11

                @Iluvfreebies: Yes, but if you pay PAYG tax then lodge a tax return at EOFY and your income is below the tax free threshold, then you get all the tax paid back.

                However, if you made a contribution to super then you will get back = (total tax paid - (super contribution x 0.15))?

  • shoppe on 27/08/2022 - 11:37

    If I open an account, I think I'm better off waiting till next month. If I get the bonus interest rate this month, I won't have enough time to meet the criteria for next month.

    • hodgey on 27/08/2022 - 12:29
      +2

      I signed up for this an hour ago. When I look into my account details, the bonus rate is already enabled for next month.

      • Neoika on 27/08/2022 - 12:44

        Yes, it seems the eligibility is automatically met upon opening a new account. I opened it in April for this best deal, did not complete all the steps but the eligibility was applied for May.

      • shoppe on 27/08/2022 - 13:14
        +1

        So you get the bonus rates for the first 2 calendar months after opening the account, regardless of whether you meet the bonus criteria.

  • Windows7forever on 27/08/2022 - 12:35
    +3

    It's kinda bad how you can only do internet banking through an app, not via their website. If the app (1.9 stars!) glitches I would be a little bit concerned about trying to access my money. This is why I prefer ING.

    Update - access to app locked out due to "incorrect code" that was sent to me via sms. Strange. Tried to call. Extended delays. Hung up. Not worth it. I can see this is going to be painful. LOL.

    • Neoika on 27/08/2022 - 12:48
      +2

      It only wants to attract young people, just like ANZ Plus, new Ubank that have APP access only.

      • Windows7forever on 27/08/2022 - 17:48
        +1

        Terrible.

        Maybe my phone dies/gets lost/stolen and I can't access my money?
        what about if an update breaks the app?

        Call me old fashioned but I'm definitely not putting my money with a so-called bank that doesn't offer the basics - telephone and web browser based banking.

      • ginmi on 28/08/2022 - 07:54
        +2

        The new Ubank does have internet banking on a desktop.

        That was one of the first new features they released after acquiring the 86400 tech

  • ginmi on 27/08/2022 - 16:40
    +3

    Your move ING. You have until the end of the month

    • Windows7forever on 27/08/2022 - 17:48
      +1

      Hopefully this will put pressure on ING to lift their game!

      • FujiFruit on 28/08/2022 - 20:03
        +1

        I rather this put pressure on amp

  • timhn on 28/08/2022 - 12:50

    How long would it take to send money out from VM to UBank via BSB & Acc#? Haven't use it for last few months and on Fri night sent .05 to UBank to test and now still dont see anything. UBank to VM is instant.

    • Iluvfreebies on 28/08/2022 - 12:53

      2 business days

      • FujiFruit on 28/08/2022 - 20:01

        Don’t bother sending money on weekends , nothing goes through.

        From my knowledge when I used to have virgin, it takes 5 hours to send any money from virgin to hsbc/amp

    • izkai67 on 28/08/2022 - 12:58
      -1

      it's instant both ways now, i have both

      • timhn on 28/08/2022 - 13:25

        Tried send both the Spend & Save accounts. Not instant. When on the confirm page, there is no mentioned of Osko. Unlike when sent to NAB or Anz, it said using Osko and money appeared in destination accounts instantly.

    • victorheaven on 28/08/2022 - 22:54

      I don't think VM is fully integrated into the NPP meaning paying from VM to a BSB / acct no goes through the usual channel. Paying using a payID would be instant, subject to daily limit of $1000.

      On the other hand, if you pay from a bank that's fully integrated into the NPP (Ubank for example) to VM's BSB/acct no, it would be instant.

  • joeno on 29/08/2022 - 08:10

    If i enable the lock feature, can i still bPAY my CBA credit card 5x a month to be eligible for the interest rate?

    • dorikin on 02/09/2022 - 21:26

      you Bpay from your Go Account so you're not withdrawing from the Boost saver account

  • funsize on 29/08/2022 - 09:20
    +3

    i joined when the previous 2.85% came up here and i would like to give warning that the customer service is appalling. hubby "forgot" to put TFN so our interest is halved and held on yto. 3 months later they still havent solved the issue. i moved all money to Ubank. the little extra % is NOT worth it. try incompetent call centres that you wait for, approx 45 minutes to 90 min. Please learn from me and stick with competent Customer Service banks. This is absolutely terrible.

    • ginmi on 29/08/2022 - 14:15

      Thanks for sharing your experience.
      Have you had much to do with Ubank's customer support? How long does it take to get to a human from your experience?

      • Iluvfreebies on 29/08/2022 - 15:55

        I have received an email back the same day. I have not called them yet. I agree Virgin's CS is bad

      • archiexyz on 30/08/2022 - 14:53
        +1

        ubank customer support (at least when it was 86400) was 2-3 mins max. With virgin expect 1hr+

    • FujiFruit on 29/08/2022 - 14:29
      +1

      It’s true, I joined back two days ago and messaged through chat them and I still haven’t got a reply

  • 17833 on 29/08/2022 - 19:11

    Tried to open account this morning, couldn't verify email, couldn't setup pin, then locked out of account, rang customer service who couldn't find my account, promised to call back short time later when issue resolved, never received call back, have tried to contact customer support again, on phone on hold for over one hour 30 minutes before cut off automatically. In all the years I've been with Ubank I've never had one issue. I guess I will stick with them.

    • bird380 on 31/08/2022 - 15:51

      Same, they locked my account on my first attempt to sign in. I rang the customer service hotline, being on hold for more than 30 minutes and I gave up…

  • chrollian on 31/08/2022 - 19:31

    Does the app tell you when you have unlocked the bonus interest rate for the month?

    • Sblogz on 31/08/2022 - 23:35

      No pop up notifications if that's what you mean but you can check this yourself within the app -it will state if activated or not. I must also add that their customer service is terrible, so would not recommend unless, of course, they improve.

  • Jono454 on 01/09/2022 - 07:37

    Read all the feedback re virgin customer service and went and signed up with another provider for 2.85%.

    I agree that the hoops aren’t too much to go through for a good rate. But terrible service is not worth .45% on your money unless it’s a large amount you’ve got banked.

    • Devil on 01/09/2022 - 18:35

      Which other provider is giving you 2.85%?

      • izkai67 on 01/09/2022 - 19:20
        +2

        ubank

        • Devil on 01/09/2022 - 20:26

          Thanks!

  • FujiFruit on 01/09/2022 - 15:02

    My account is activated this month as I joined 2 days prior to last month .

    I deposited the rest of my large sum today into virgin and did 5 x bpay payments today and it doesn’t say my account is activated for next month??

    I thought I will ask here , as the customer service is horrible and takes ages to reply. Didn’t even get the points for bpay.

    • El-Rhi on 02/09/2022 - 09:04

      Usually takes a day to update

  • OzyBe on 01/09/2022 - 15:42
    +1

    Does the monthly interest get deposited into the Saver account or the attached transaction (GO) account? (transaction account would be desired so you have access to the money when you have the lock applied).

    Also, just checking that the $2000 qualifier is made to the transaction (GO) account, being the reason why you can make the deposit and take it straight out again if you want to?

  • bitcoinorbust on 02/09/2022 - 09:04
    +1

    The Google reviews aren't lying. I opened an account and transferred a large deposit which went through instantly. Suddenly the app said my account was locked and I had to wait on the phone for over an hour only to be told I have to scan and send 100 points photo ID via email to get it unlocked. I even have to include a picture of me holding my ID. Wtf?! So they've got my money for ransom with hopeless support. Joke bank

    • Iluvfreebies on 02/09/2022 - 09:34

      There is nothing wrong with an ID check. Banks usually do the ID check before opening an account.

      • bitcoinorbust on 02/09/2022 - 09:59

        I already completed the online ID check in the application. My account was locked for some other reason. The Google reviews are full of people with accounts getting locked.

        • izkai67 on 02/09/2022 - 20:02
          +1

          this is the reason I don't rely on one bank, have 2-3 bank accounts you can use at anytime.

  • ozproud on 02/09/2022 - 11:27

    Just want to ask about the bonus interest rate. I called the helpline, got stuck for 45 mins and hung up. Then, I messaged them via the app and still no response …
    So, I think asking here should be faster.
    For example, I deposit 10k to my savings acct on 1 Sep and meet the bonus criteria. Do I get the bonus interest rate for the 10k on 1 October?
    Just want to make sure since I don't want to find out on 1 Oct that the bonus interest is just starting from 1 Oct onwards.
    Thanks!

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