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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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Virgin Money
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Savings.com.au
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closed Comments

    • victorheaven on 02/09/2022 - 12:40
      +1

      You can check if bonus interest rate is activated "this month" and "next month". There should be a 'Yes' or 'No' to both months after you clicking into the savers account in the app

      • ozproud on 02/09/2022 - 12:51

        Thanks for the reply!
        Right now it says not activated but that's because I haven't met the criteria yet.
        Can anyone here confirm if I meet the bonus criteria in Sep, I'll also get the bonus interest for Sep?

        • victorheaven on 02/09/2022 - 13:03
          +1

          All good mate.. answer to your question is no, because I met my criteria (for Sept) in late August but I didn't get the bonus interest in August. Only had the higher interest rate from 1 Sept.

          • ozproud on 02/09/2022 - 13:25
            +1

            @victorheaven: Yeah, that's what I'm worried about since the T&C says bonus interest activated only, not received.
            Tricky, tricky …
            I'll move my funds out then and put them in next month.

  • ozproud on 02/09/2022 - 14:01

    VM call centre is a joke ….
    Only after waiting for 70 minutes, I finally got someone on the phone …
    Anyway, if anyone is interested, it's confirmed now that the bonus interest is NOT received for the month you meet the criteria, only activated for the following month.
    Ubank is much better in that once you transfer $200, you'll get the bonus interest directly for that month.

    • airpoe on 02/09/2022 - 14:25
      +2

      true, but I believe you get the bonus interest in the current month as a new customer.

    • Coops1 on 14/09/2022 - 18:58
      +2

      That’s INCORRECT. I opened an account in September, and have activated the bonus interest for September and “next month” as well. It’s automatic for the first month with most banks!

      Don’t be mislead by other posts saying the bonus isn’t paid in the first month.

      • timhn on 14/09/2022 - 20:41

        It’s automatic for the first month with most banks!

        Not with AMP Saver.

  • Moo Deng on 05/09/2022 - 23:11

    Can anyone confirm if Revolut transactions count towards the 5 per month?

  • El-Rhi on 07/09/2022 - 07:49

    Anyone know if or when the rate will go up to 3.8%?

  • hodgey on 10/09/2022 - 07:01
    +3

    I just took a look at the Virgin Money Rewards that comes with this account. I had 6,500 points, which I then traded for $29.25 (cashback into my account). When delving into how I got the points, there were 5,000 for opening the account, 1,750 for using my digital wallet, and then 8 points for each transaction made, regardless of amount, so it included all $1 BPays to my credit car I'd set up to meet the 5 transactions per month criteria. From a pure cashback perspective, it doesn't beat the 2% cashback from HSBC, but it's a decent bonus from not doing a lot.

    • Moo Deng on 10/09/2022 - 08:12

      How long does it take for the 5 BPAY transactions to register as being countered as meeting the eligibility criteria for next month?

      With ING I think it was 24 hours after they were no longer ‘pending’

      I made 5 BPAY payments with Virgin on 6th Sep and they have not triggered the eligibility for next month.

      • hodgey on 10/09/2022 - 08:54
        +1

        I just checked mine that I have reoccurring each Saturday, and it's already cleared, as have all my reoccurring Friday and Thursdays.

        • Moo Deng on 10/09/2022 - 09:45

          They have cleared but under the monthly benefit section it says ‘activated next month: no’

          • hodgey on 10/09/2022 - 11:31
            +1

            @Moo Deng: Mine is activated, although, I've used it for numerous other transactions as well this month.

  • FujiFruit on 26/09/2022 - 18:00

    Can you open two virgin boost saver accounts ? One locked and other one not locked?

    • Moo Deng on 26/09/2022 - 18:08
      +1

      Yep that is what I have done

    • timhn on 26/09/2022 - 21:45
      +1

      You can have up to 9 boost accounts.

  • Pacify on 29/09/2022 - 21:02
    +1

    Hope this goes up again soon

    • FujiFruit on 29/09/2022 - 21:35

      Yes hope so

  • FujiFruit on 01/10/2022 - 20:05

    I transferred from virgin to macquarie and it was immediately within 10 seconds. So i then transferred my whole savings and it hasn't gone through to macquarie. Does anyone know why it didn't go through immediately or how long does it take to go through?

    • fchis on 01/10/2022 - 20:36

      for small amount, it's instant. it depends on how much you've transferred. it will take few hours if the amount is significant.

      • Coops1 on 02/10/2022 - 08:55

        Or a day or 2 even

        • fchis on 02/10/2022 - 10:51

          Probably on weekends. In my case, 24 hours is the longest I've waited.

  • FujiFruit on 02/10/2022 - 14:24
    +1

    Thanks for the info, I paid yesterday evening , and was starting to panic this morning cause it didn’t come through , let’s hope by this evening it comes through or tomorrow evening the latest.

  • mrcosmo on 04/10/2022 - 21:42
    +2

    Now that other banks are offering the same rate without having to lock in, is it best to transfer the whole amount to the Go Account then reassess in 32 days who has the best rate.
    According to comments you still receive the bonus interest if you withdraw rather than unlock.

    • FujiFruit on 04/10/2022 - 23:46

      So u can withdraw money from virgin lock account and not get penalised ? How does that work?

      • mrcosmo on 05/10/2022 - 01:00

        No I just meant starting the withdraw process, you still have to wait 32 days

        • El-Rhi on 05/10/2022 - 15:15

          Do you still get paid 3.6% once you’ve initiated the withdrawal?

          • mrcosmo on 05/10/2022 - 15:23

            @El-Rhi: Yes according to @Chris T comments on Page 1

          • victorheaven on 06/10/2022 - 08:40

            @El-Rhi: Yes you do, I have withdrawn majority of my balance soon after deposit and still got the expected interest on 1st Oct.

            • El-Rhi on 06/10/2022 - 08:59

              @victorheaven: Thanks, good to know. Time to withdraw and move elsewhere as Virgin don’t have the most competitive rate anymore

    • victorheaven on 05/10/2022 - 11:04

      Good idea, lucky I started the transfer soon after this deal went live and my money will soon be released. Can’t stand Virgin’s app and $1000 OSKO limit per day when interest rate is not higher than others

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