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Virgin Money Boost Saver 4.30% p.a. Interest (4.60% p.a. with Lock Saver), Preceding Month Criteria Apply @ Virgin Money

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Virgin Money Boost Saver 4.30% p.a. Interest (4.60% p.a. with Lock Saver), Preceding Month Criteria Apply @ Virgin Money
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puglikesabargain on 07/12/2022 - 14:27 virginmoney.com.au (1549 clicks)
Last edited 29/01/2023 - 14:30 by 1 other user

According to their press release/Facebook page, Virgin Money is changing the interest rates on their Boost Saver. Effective 9 December 2022, the new Boost Saver interest rate will be up to 4.30% p.a. when the account-holder continues to meet the Monthly Criteria. And, if the account-holder also enables the new Lock Saver Feature, the interest rate will increase up to 4.60% p.a. https://virginmoney.com.au/blog/news/december-rba-decision, https://www.facebook.com/VirginMoneyAU/photos/a.262276297139…

"Virgin Money understands how the importance of savings and deposits rates with the current cost of living environment and is listening to customers by increasing rates by 0.45% p.a. on its popular Boost Saver savings accounts. By enabling the Lock Saver feature, customers can smash their savings goals even sooner."

Bonus Interest Rate and Monthly Criteria:

Additional variable interest rate earned on all your Boost Savers, up to a combined total balance of $250,000, in the same name as your Go Account when you meet the Monthly Criteria:

** Deposit at least $2,000 into your Go Account from another financial institution.
** Make at least 5 purchases on your Go Account that settled in that month (not pending).

If you are under 25, the Monthly Criteria may be different. Refer to the Monthly Criteria in the Rates and Fees section for more information.

Notice Interest Rate:

Additional variable interest rate earned on a Boost Saver where the optional Lock Saver Feature is enabled.

** Provide 32 days’ advance notice to unlock your account or withdraw your money.
** This feature may be suitable for savings you don’t need to immediately access to. For more information, go to the Lock Saver Feature website page.

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

  • shoppe on 07/12/2022 - 14:29
    +4

    Yeah!

  • ozvictor on 07/12/2022 - 14:34

    This or ubank

    • Weshouldgetsushi on 07/12/2022 - 15:21
      +1

      I've commented on Ubank elsewhere.
      Ok as long as you don't ned to move more than $20k per day. The process of calling them is a grind.

      • knobbs on 31/01/2023 - 13:19

        Doesn't both UBank and Virgin have 20k limits?

    • browncamry on 09/12/2022 - 09:19
      +2

      Ubank benefits:

      • It only requires $200 monthly deposit.
      • It has no spending requirements. Yes, you can send 1c x 5 somewhere with Virgin/BOQ/etc.

      Virgin has a higher interest rate (extra .5%), turns out to be ~$105pm extra if you have a $250k balance. Less tax.

      Edit: realised virgin has 250k limit and not 100k!

  • adrianehm on 07/12/2022 - 14:35
    +1

    It's only 4.60% with LockSaver (4.3+0.3), not 4.75%.

  • adamm12 on 07/12/2022 - 14:36
    +1

    The maths doesn't add up here. ..

    • puglikesabargain on 07/12/2022 - 14:57

      yep their press release (on internet site) contradicts their Facebook post

  • Feeblely on 07/12/2022 - 14:42
    +4

    Virgin is better than ING right? You don't have to grow your account, so technically you can just transfer $2000 in and then out.

    • puglikesabargain on 07/12/2022 - 14:44

      Yes and you can earn the rate up to $250,000 (not limited to $100,000) - plus reward points are offered on the Go Account. Their app is a bit clunky

      • SimAus007 on 08/12/2022 - 09:37
        +1

        I use their app daily and find it very reliable now, all my family members are with them also.
        It was terrible in the beginning, but no issues now and I like the rewards points just for using the transactions account (Go Account) which can be used as bonus $ into your account :)

    • bdl on 07/12/2022 - 14:49
      +3

      Their app is a bit shittier, IMO

      • bluesky on 07/12/2022 - 15:16
        +2

        Wait till you need to message their cust support via app … It keeps scrolling the page at short intervals before you finish typing. If the issue requires a few paragraphs to explain, then tough. The scrolling causes parts of your message to be repeated multiple times if you happened to be typing, when it decides it is time to scroll on you. Until the message looks like a mess. I am guessing this is on purpose - to force customers to be brief.

        • SimAus007 on 08/12/2022 - 09:39
          -1

          Yeah, you aren't meant to be using the in-app messaging for an essay, it's just for quick questions and answers.

          • bluesky on 08/12/2022 - 15:02
            +3

            @SimAus007: In my case, they made calling no easier, just more time-consuming. You are basically stuck between two non-ideal modes.

            The message started off short enough with funds not credited but got longer each week chasing up on the same unresolved issue. I wrote about this elsewhere:

            So you contact them over and over on the same issue, each time a new cust rep would say they would raise it with the relevant department. No one ever got back, and the next time you contacted them again for a status on the issue, a new cust rep would say they would raise it with the relevant department. And this repeats itself.

            The response was the same whether messaging or calling (would raise to relevant team). Calling actually made things worse. A week or so later, when I went back to messaging, now had to include the fact I called, when, and so forth. So the message got longer.

            I am not that impressed with their cust support. But it is a trade-off - after all, they offer a great rate.

    • Yola on 07/12/2022 - 15:14
      +3

      You also need to

      Make at least 5 purchases on your Go Account that settled in that month (not pending).

      • SimAus007 on 08/12/2022 - 09:40
        -1

        I think I manage to do that in a day or 2 usually, but worth noting, yep :)

      • kacak on 08/12/2022 - 15:43
        +1

        I found an easy set & forget approach was simply to schedule 5x$1 transactions from the Go account to my credit card via BPay.

        Edit - as per other suggestions in posts below

        • uwuwu on 09/12/2022 - 00:20

          I make Bpay payments to my cc as well, easy way to meet that criteria

        • zbys on 19/12/2022 - 14:26

          D'oh I tried this to realise that 28 degrees charges $0.95 fee for each BPAY payment received :x
          Time to find a new target for BPAY ha!

  • FujiFruit on 07/12/2022 - 15:14
    +5

    This is so far the best interest rate

    • SimAus007 on 08/12/2022 - 09:40

      It sure is for the up-to-250k mark :)

    • uwuwu on 09/12/2022 - 00:21

      Yep! currently top of the whirlpool savings leaderboard

  • Weshouldgetsushi on 07/12/2022 - 15:20
    +3

    Wish the rate went up on the first day of the month. Once you lose 9 days interest out of the month, it's not worth moving for that month to get the higher interest.
    Rinse and repeat each month.

    • bluesky on 07/12/2022 - 15:31
      +1

      Anyway, if you have not prepared the account last month, you will not receive the bonus this month anyway. This account needs the conditions to be fulfilled in the previous month to qualify for the bonus rate this month, if I am not mistaken.

      • puglikesabargain on 07/12/2022 - 15:34
        +3

        Virgin Money give you the first two months grace (waiver from conditions) as a new customer

        • bluesky on 07/12/2022 - 15:36
          +1

          That is good to know, I signed up a while back - was not aware of this.

          • puglikesabargain on 07/12/2022 - 15:50
            +1

            @bluesky: Virgin and ING give a grace period for current/next month's criteria for new accounts. :)

          • puglikesabargain on 07/12/2022 - 15:56
            +2

            @bluesky: This is from Virgin Money website:

            https://virginmoney.com.au/blog/my-money/unlock-your-monthly…

            "First, you’ll need to open a new Virgin Money Go Account and Boost Saver (if you already have these, skip this step). Surprise! We’ve unlocked your Monthly Criteria for the remainder of your first two calendar months. That means you can enjoy all the benefits above as soon as your Go Account is open!

            For example, if you’ve opened a new Go Account on the 7th of September, you’ll have up until the 31st of October to earn 8 Virgin Money Points per purchase and bonus interest on your Boost Saver. How good is that?

            Once you enter your second calendar month, like October in the above example, head on over to the next step."

      • FujiFruit on 10/12/2022 - 22:11

        Omg i transferred into my old virgin account and it doesn’t show activated . Does this mean I won’t get interest rate? Does this mean I need to transfer back to st George ?

        • bluesky on 11/12/2022 - 11:37
          +1

          If the "Bonus rate activated this month" says "No", and your account is quite old (does not qualify for the first 2 months' condition waiver), yes, cut your loss, and transfer out.

          • FujiFruit on 11/12/2022 - 13:59
            +1

            @bluesky: Yep thanks it says now activated for next month but it’s not activated for this month. I just transferred it back to St.George

  • JoeyJoeJoe on 07/12/2022 - 15:48
    +2

    This is a 32 day term deposit with hoops.

    • puglikesabargain on 07/12/2022 - 17:32

      but only a "term deposit" if you lock in, for the extra 0.3 percent 'notice' interest - otherwise it is at call.

    • Coops1 on 07/12/2022 - 20:51
      +4

      I’ll take the 4.6%! Geez, who the duck cares about hoops. I met them all on Dec1, took all of a minute

      • jimbler on 07/12/2022 - 23:42

        There's hoops Coops

      • SimAus007 on 08/12/2022 - 09:42
        +1

        Haha, yep, same, the hoops are easy peasy to meet.

  • nige0090 on 07/12/2022 - 19:13

    "Deposit $2,000 or more from an external account into the Go Account and make at least five purchases, direct debits or BPAY payments which settle in that month (not pending). "

    Any suggestions on how to meet the 5 purchases (debit card I think) or BPay payments per month requirement.
    Most of my regular bills are on direct debits, and my ad hoc spending is mostly OZBargain related, and by credit card.
    Also, what is the requirement for a min $ amount for these 5 purchases?

    • shoppe on 07/12/2022 - 20:00
      +3

      Minimum purchases amount is 1c.

    • El-Rhi on 07/12/2022 - 20:40
      +2

      BPAY 5 small amounts to the ATO

      • nige0090 on 07/12/2022 - 22:56
        +1

        How about BPAY 5x $1 payments to my WBC CC??

        • El-Rhi on 08/12/2022 - 06:44
          +1

          Yep, that would work

          • nige0090 on 08/12/2022 - 09:18

            @El-Rhi: Thanks. This is a good option, because I can set this up as a repeating scheduled BPAY transaction. So set and forget.
            I could also buy 5x $1 amazon Gift Cards per month. Not automated, but easy.

            • SimAus007 on 08/12/2022 - 09:43
              -1

              @nige0090: Or just Bpay to your electricity company 5 x $1 amounts each month as an automatic transfer. Done!

        • SomeGuyOnOzB on 09/12/2022 - 14:07

          Can you do the same with other banks like ING and MyState?

          • Coops1 on 09/12/2022 - 18:21
            +1

            @SomeGuyOnOzB: Not with mystate.

          • rokufan on 16/12/2022 - 23:38
            +1

            @SomeGuyOnOzB: ING doesn't count BPay as a qualifying transaction for the bonus interest - I've tried. It states "make 5+ settled (not pending) card purchases". BPay isn't considered a card purchase. Buying 5 x $1 Amazon gift cards did the job.

        • leiiv on 18/01/2023 - 10:23

          I tried to do 5x bpay to my Citi CC but it does not unlock the bonus interest rate. The info [Bonus rate activated next month] still says "no". I had $2500 deposited on 16th and 5x$1 bpay today (does not say that they're pending). Can anyone else confirm if bpay transactions can unlock the bonus?

          • SomeGuyOnOzB on 18/01/2023 - 14:45

            @leiiv: I had the same thing happen. You have to wait till the next business day for it to update

    • nokia3660 on 07/12/2022 - 21:27

      Afterpay counts as well.

    • Coops1 on 07/12/2022 - 22:16
      +3

      5x cafe coffees
      5x split payments at the grocery shop, $1.00 on card, rest on credit/gift card
      All mine get done on the first day of the month.

    • Yola on 08/12/2022 - 08:16
      +1

      I send 5 x 1c to another Paypal account.

    • bdl on 08/12/2022 - 19:06

      bpay 5 x $2 to water bill

  • Coops1 on 07/12/2022 - 20:53
    +7

    I am impressed. A 0.45% increase, on an already great rate, and in 2 days time. Wow.

  • dq2020 on 08/12/2022 - 12:23
    +1

    Am moving my fund from MyStates to Ubank, and now looks like will need to move from Ubank to Virgin!

    • Coops1 on 08/12/2022 - 13:12
      +2

      Yeah, not impressed with Mystates 0.15% rise.

      • souths123 on 08/12/2022 - 14:00

        BOQ only did 0.15% rise (for people over 35) as well

  • chrollian on 08/12/2022 - 14:52

    This is huge. A lot of people will change to them.

    MyState and UBank's increase is abysmal and you have to wait longer. Very silly.

  • SomeGuyOnOzB on 08/12/2022 - 17:53
    +1

    If you haven't done it yet, add your Tax File Number via the app; no point giving the government withholding tax

  • Chances on 08/12/2022 - 18:59
    -1

    Virgin Money????
    Turn out to be BOQ…….LOL
    Wouldn't touch them with a barge pole…….

    No wonder they use all kinds of trick to lock your money in for long term …… be very careful…….

    • Yola on 08/12/2022 - 19:04

      Can you detail your concerns please.

      • kacak on 08/12/2022 - 19:17
        +2

        x2 as I’m not experiencing any issues with them

      • Chances on 08/12/2022 - 21:10

        Short answer: BOQ has security problems!

        I had an account with BOQ before.
        Immediately after opening the account, I received letter from BOQ saying someone deposits a bounced check into my account.
        But I have not received my bank card and PIN code from BOQ yet.
        I reported to BOQ immediately and the local head report to their internal security department.

        To make the long story short, this security lady simply sweep it under the carpet and blaming on lost postal mail.

        But TRUETH is later I received both the bank card and pin code through two separate mails.
        They are never never lost! Simply very late……like one month later …….

        Would you trust you account with such company????

        • fancytuna on 12/12/2022 - 10:33

          Even after reading this a few times I have no idea how you think BOQ behaved improperly, except by maybe accidentally depositing someone else's cheque to your account, but then you didn't expand any further on that. I'm not clear on what that has to do with your card and PIN, as cheque deposits are completely unrelated, and after that I'm not clear on how slow mail is the bank's fault. How would the agent on the phone know whether your card was lost in transit or simply delayed?

  • jjj123 on 08/12/2022 - 22:38

    can i Deposit at least $2,000 from ing/ubank to virgin, then withdraw the 2000 at the same day and still meet the Criteria ?

    • Yola on 09/12/2022 - 05:14
      +1

      Yes you can withdraw immediately.

    • puglikesabargain on 09/12/2022 - 13:13

      yes

  • donotuse on 09/12/2022 - 12:23
    +2

    There's no RBA meeting in January, so it might be worthwhile to use the 32-day lock bonus.

    • Coops1 on 09/12/2022 - 14:01
      +2

      Any money you already have locked gets the rate increase anyways.

      Edit: I see what you mean….I think…..no opportunities to get a better rate elsewhere?. Geez, this is the near to the best rate overall anyways!

      • donotuse on 09/12/2022 - 21:00
        +2

        Don't expect ING or St George to top 4.60% in the next 1½ months. Just set aside any amount you need in the meantime in ING.

  • FujiFruit on 10/12/2022 - 21:00

    I havent used this account for a couple of months . I just transferred all my money and did purchased 5 x transactions and it doesn’t show a bonus rate is not activated this month or next ?

    • Coops1 on 10/12/2022 - 22:47
      +1

      Takes a day or two to show

      • FujiFruit on 11/12/2022 - 09:07

        It’s only showing activated for next month only , but saying not activated this month??

        • Coops1 on 11/12/2022 - 10:00

          I think you will find for existing accounts, months old, then you won't get the bonus rate for the current month, unless you did your transactions etc in November. :(

          I tend to not chase rates, sticking with those that have a consistent Top 5 rate, and announce rate changes fairly quickly.

          • FujiFruit on 11/12/2022 - 11:30
            +1

            @Coops1: Oh then I better change it back to stgeorge for this month and come back next month

  • SomeGuyOnOzB on 12/12/2022 - 09:29

    Does anyone know:
    - how to review scheduled transactions?
    - how to link Velocity Frequent Flyer to Virgin Money Points?

    • fancytuna on 13/12/2022 - 02:02
      • well, first you select the account and then "scheduled activity"
      • is this something that you know to be possible, or do you just think so as they are both Virgin companies?
    • SomeGuyOnOzB on 14/12/2022 - 12:21
      1. Thanks; I was looking at the menus etc
      2. Virgin have confirmed they are different things
  • mittne on 13/12/2022 - 13:35
    +1

    Would i get the bonus interest if i opened two boost saver accounts? One that i put a lock on and the other i don't. And would I still only need to do the 5 transactions on the go account?

    • Yola on 13/12/2022 - 13:41
      +3

      Yes and yes.

  • ivyholmes on 13/12/2022 - 14:13

    I just realised the lock function is locking for 32 days, meaning 12 months would be over 19 days in a regural montly calculation….to be exact,, 1 year is 365 days, but 32 days × 12 months = 384 days, 384 days -365 days = 19 days! So I think ING beats more I reckon…

    • shoppe on 13/12/2022 - 16:31

      Huh?

      • ivyholmes on 13/12/2022 - 16:33

        If you wanted to leave your money for a year, the scenario above applied..

    • Wolfenstein98k on 13/12/2022 - 21:15

      I think you leave it in there ongoing, you just have to give 32 days' notice to get it out.

  • Cc2018 on 20/12/2022 - 22:35

    Do I have to transfer my money to the go account and then from the go account to the savings account?

    In UBank I can directly transfer money from other bank into the savings account.

    • kacak on 20/12/2022 - 22:47
      +4

      Yes, the $2k criteria needs to go into the go account first (haha, pun intended). I made the mistake initially of depositing directly into the savings account and it didn't trigger the bonus interest.

    • uwuwu on 20/12/2022 - 23:04
      +2

      Only has to go to the Go account
      Doesn’t need to go to Savings

      • Cc2018 on 21/12/2022 - 08:09

        I think they only pay interest for the money in the savings account.

        • Yola on 21/12/2022 - 08:29
          +3

          Yes, should not stay in Go but the $2000 can be moved to another bank or the savings account.

          • greenjay on 02/01/2023 - 16:52

            @Yola: I've turned the lock feature on the Bonus Saver account.
            I thought you had to increase your balance by $2K each month on the Bonus Saver account, with no withdrawals to get that 0.3% bonus (ie 4.6% rather than 4.3%)

            But I think you are saying that if I meet the 5 transaction condition, I can still move the $2,000 in and out of the Go account each month without putting the bonus 0.3% in jeopardy on the Saver account.

            Am I reading that correctly - if so, Sweet! Thanks OzbBrainsTrust!

            • Yola on 02/01/2023 - 21:54
              +1

              @greenjay: Yes, mostly correct.

              Virgin quite clearly state

              Deposit at least $2,000 into your Go Account from another financial institution.

              It does not state it has to remain there nor that it has to be moved to the Boost Saver.

              the 5 transaction conditions and $2,000 deposit

              get you the 4% bonus. Putting a lock on it gives you the final .30% bonus.

              with no withdrawals

              You can withdraw from the Boost Saver during the month but to do so now that you have locked it you would need to create another Boost Saver account (you can have up to 9), move some of the funds, and give 32 days' notice of withdrawal. You still earn 4.6% during this time.

  • ratz33 on 23/12/2022 - 01:50

    BoQ can take up to $450k through $50k x 9 savings accounts on the limit of $50k cap. How does Virgin's account limit works? $250k across 1, up 9 accounts in total? or $250k x 9 accounts = 2.25M?

    • Yola on 03/01/2023 - 07:55
      +1

      Generally, $250k would be the maximum only a few accounts offer bonus interest on amounts over that eg. Citi. This amount also correlates with the Commonwealth Govt. guarantee. I would not have more than $250k in one FI unless maybe it's one of the big 4.

  • FujiFruit on 03/01/2023 - 23:37
    +1

    So I locked my account and it showed 4.6% . However I decided to unlock it to give 32 days notice and my rate went down to 4.3% ??? I’m confused!! I thought if we unlock it it stays at 4.6%?? Did I do something wrong ? Or can I fix it? I thought it was the way to do it.

    • uwuwu on 03/01/2023 - 23:59
      +4

      No, once you unlock it you lose the bonus 0.3% interest. If you wanted to keep the extra interest but still withdraw your money, you should request a withdrawal without Unlocking (still have to wait 32 days to process). This has been discussed previously

      FAQ

      Q. If I withdraw some of my funds from an account with the Lock Saver Feature enabled, do I still receive the additional interest?
      Yes! Requesting a withdrawal or transfer will not impact the additional interest rate you receive for having the Lock Saver Feature enabled. You will continue to accrue the additional interest rate on your daily balance and that will include any withdrawal or transfer of funds that are still pending.

      However, where you submit a request to unlock your account, the additional interest rate for having the Lock Saver Feature enabled will end immediately.

      • FujiFruit on 04/01/2023 - 09:49

        So I did the wrong thing. I can’t reverse it?

        • Yola on 04/01/2023 - 10:10

          You can lock it again and give notice of withdrawal if you want to take the money out or have the option to do so.

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