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

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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

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 10 September 2024 Important disclosures
  • 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 4 months.

    Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.

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    Details
  • 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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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    Details
  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • MoneyMAX Account

    No Current Offer

    4.75% p.a.(for $1 and over)

    Yes up to $250,000

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

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  • Savings Accelerator

    3.55% p.a. (for $0 to $50,000)

    2.85% p.a.(for $0 to $50,000)

    Yes up to $250,000

    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Bonus Saver Account

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

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

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^See information about the Mozo Experts Choice Savings Account Awards

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