Virgin Money offers a new breakthrough introductory savings rate

Three people sitting at a table drinking coffee, looking at paperwork and a laptop as they assess savings account interest rates.

Most savings account interest rates have fallen and plateaued at less-than-appealing levels over the last year, but Virgin Money has some positive news for savers.

The group has just launched a new introductory rate on the Virgin Money Boost Saver Account that’s taken out the title of the highest intro savings rate in Mozo’s database.

From today, savers can earn 1.50% interest on their balances for the first three months (when they apply before 30 November 2021). After this introductory period, the bonus interest rate reverts to a still competitive 1.20% – the current ongoing bonus interest rate leader in Mozo’s database is ING’s Savings Maximiser at 1.35%.

The conditions to earn Virgin’s bonus rate each month differ slightly depending on your age.

For adults over 25, you’ll need to deposit at least $2,000 from an external account (like your salary) and also make five settled purchases, BPAY payments or direct debits each month.

Adults under 24 have the same spending criteria but only need to deposit $1,000 a month, and account holders aged 14-17 won’t need to meet any conditions to earn the top rate.

The Boost Saver comes bundled with the Virgin Go Account which is a day-to-day transaction account, meaning you can earn Virgin Money Points with each transaction. Once you accrue enough, these can be exchanged for things like gift cards or cash back into your savings.

While an interest rate of 1.50% might not sound like the most exciting financial prospect, it’s very competitive in the current market. If you’re not convinced, read up on a few of the reasons why a savings account might still be worth taking out in 2021.

Compare high interest savings account rates - last updated 30 May 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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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    Details
  • 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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    Details
  • 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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    Details
  • 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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    Details
  • 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

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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