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 25 September 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% 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 Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details
  • Online Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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