Virgin Money makes it easier for Aussies to save with new feature

By Maria Gil · · 2 min read
Fact Checked
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Virgin Money has introduced a new mobile app feature to help Australians reach their savings goal quicker.

The Lock Saver Feature on the Virgin Money app, allows customers to lock funds away in their savings accounts in a similar fashion to a term deposit. 

Unlike a term deposit though, your money is not locked away for a period of time, nor does it need a minimum balance. The feature offers the freedom to regularly add extra funds while it’s locked–typically something you can’t do with term deposits. To access the money again customers will need to give 32 days’ notice which starts when they select to unlock the account in the app.

“We know it’ll be extra appealing to millennials and Gen X who are not typically drawn to traditional term deposits, but instead want a simple, fast and flexible way to put money safely aside to save for something special,” says Virgin Money Australia’s chief executive officer, Greg Boyle.

The idea for the feature came after a Virgin Money study showed that 70% of Australian households saved towards a medium to long-term goal in the last 6 months, but less than one-third of them actually stayed within their budget or spending allowance–making them dip into their savings. 

Raise your hand if you are guilty of this? (I know I am).

Boyle says that many Virgin Money customers have savings goals and he wants to make reaching them easier.

“Saving for a big goal like a house can be a hard slog, so we wanted to design a feature that helps keep you on track, rewards you for your efforts and stops you from making impulse purchases that slow you down,” he said.

Currently, Virgin Money’s Boost Saver with Go Account (Lock Saver Feature) has a maximum rate of up to 1.35% p.a. for customers who meet the requirements.

If you’re looking for a new savings account, check out the crowned winners of the Mozo Experts Choice Saving Awards. Alternatively, you can compare savings accounts below.

Savings account comparisons on Mozo - last updated 23 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • Mozo Expert Choice Badge
    Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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^See information about the Mozo Experts Choice Savings Account Awards

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