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Virgin Money Boost Saver with Go Account

Advertiser disclosure

The details shown below are for the Boost Saver with Go Account

The details shown below are for the Boost Saver with Go Account (Under 18 years old)

Choose the version of this product that suits you best

  • Boost Saver with Go Account

  • Boost Saver with Go Account (Under 18 years old)

Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
1.20% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000
Go to site
Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
1.20% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Virgin Money Boost Saver with Go Account

Last updated: 23 April 2021.

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What's hot
  • Up to 1.20% p.a. ongoing interest rate
  • Set up to 9 savings goals
  • 5,000 bonus Virgin Money Points offer for new customers (conditions apply, offer ends 31 July 2021)
What's not
  • 2.50% foreign exchange commission
Mozo snapshot

Like the sound of a competitive interest rate, the ability to earn rewards points and zero account keeping fees? Well you might be interested in this bundled offering from Virgin Money. With this you will get a savings and everyday transaction account all in one. Plus the savings account side of things offers plenty of nifty features including the ability to set multiple savings goals, access to insights and data and a saving round-up tool.

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Key features

If you like the idea of your bank and savings account being tied up together with a neat little bow, then you will likely be interested in Virgin Money’s combined Boost Saver and Go Account. With this account you can earn up to 1.20% p.a. interest on your savings. This is made up of a 0.10% p.a. standard variable rate and 1.10% p.a. bonus rate. Monthly conditions to earn the bonus rate vary depending on your age:

  • 14 to 17 year olds do not have to meet any conditions to earn the full rate.

  • 18 to 24 year olds must deposit at least $1,000 from an external account and also make five settled purchases, BPAY payments or direct debits.

  • Over 25 year olds must deposit at least $2,000 from an external account and also make five settled purchases, BPAY payments or direct debits.

If you meet all these conditions each month, not only should you be able to earn the full interest rate, but you will also be able to earn Virgin Money Points. Now Virgin Money Points are not to be confused with Virgin’s Velocity Points. This is Virgin Money Rewards and it is a different rewards program entirely. 

Granted you meet the conditions above, you’ll be able to bag eight Virgin Money Points per transaction. You can redeem them for cash back into your savings accounts or for gift cards. Or if you like you can even use the points to erase a purchase you’ve already made. Regretting buying lunch instead of doing meal prep? If you have enough points, you might just be able to erase it and pretend it never happened.

On top of all this, up until 31 July 2021 new customers can bag 5,000 bonus Virgin Money Points with the Virgin Money Go Account. To earn this you will have to make a purchase, direct debit or BPAY payment and it will have to be settled within the first 30 days of opening your account. Details on the number of points needed to redeem specific rewards can be found in the Virgin Money app. 

Of course, as with any bank or savings account there are a few cons to take into account. If you have a bigger savings stash for instance, this may not be the account for you. That’s because bonus interest can only be earned on balances up to $250,000. Anything over $250,000 and your interest rate will drop to 0.10% p.a.

Plus if you’re ever overseas or you ever do any shopping on international websites, it’s good to be mindful of the 2.50% foreign exchange commission and $5 overseas ATM fee.

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Who is it good for

This account might be more suited to a serious saver who loves taking advantage of perks such as rewards programs and wants the convenience of bundling their spending and saving together.

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Any catches

If you fall into the over 25 age category and you don’t have a monthly income over $2,000, then this account may not be for you. There are a fair few conditions to meet with this particular account and if you can’t do that you won’t be able to earn the full interest rate or any of the other perks on offer.

Details

Rates and fees information correct as at 25 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.10% p.a.

  • Balances from $0: 1.20% p.a.
    Balances from $250,000: 0.10% p.a.

  • Bonus interest only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.

Fees
  • $0.00

  • n/a

  • Unlimited Internal Transfers to your Virgin Money Go Account

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • Bank and savings account only accessible through iOS or Android app.

  • none

  • none

Details

Rates and fees information correct as at 25 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.10% p.a.

  • Balances from $0: 1.20% p.a.
    Balances from $250,000: 0.10% p.a.

  • n/a

Fees
  • $0.00

  • n/a

  • Unlimited Internal Transfers to your Virgin Money Go Account

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • Bank and savings account only accessible through iOS or Android app.

  • none

  • Under 18

Customer Reviews

This product is not currently reviewed.

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About Virgin Money

Virgin Money is a financial services company that differentiates itself with a high focus on customer service and a strong brand. It aims to offer great value banking and insurance products designed around what customers really want. In Australia, Virgin Money's banking products include savings accounts, credit cards, super and it also has a range of general insurance products including home and contents, car and travel insurance.

See Virgin Money savings accounts