Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
0.65% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000
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Mozo editorial review Virgin Money Grow Saver

Last updated: 23 April 2021.

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What's hot
  • 0.65% p.a. maximum interest rate
  • Set up in-app savings goals
  • No monthly fee
What's not
  • 0.10% base rate (if monthly requirements aren’t met)
Mozo snapshot

With a solid maximum interest rate of 0.65%, relatively simple monthly requirements and no monthly fee, the Grow Saver account from Virgin Money could offer a safe place for Aussie savers to stash and build their savings balance.

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Key features

Virgin Money’s Grow Saver account offers savers the ability to earn a maximum ongoing rate of 0.65% as long as they make at least one deposit into the account each month and make a maximum of one withdrawal. If those monthly requirements aren’t met, savers will only receive the much lower base rate of 0.10%.  

There’s no minimum or maximum balance and, like most savings accounts, there’s no account monthly fee. Plus you can even earn points with Virgin Money's rewards program. There are a few ways to do this including through Virgin Money's partners (some of these are: The Iconic, HelloFresh and Menulog) or by booking a hotel through the Virgin Money app. For eligible bookings, the latter one will earn you around 5 Virgin Money Points per $1 spent.

If you’re putting money away for something specific like a house deposit or a holiday, you’ll also be able to keep track of it through Virgin Money’s banking app where you’ll be able to set up to nine different personalised savings goals.

And unlike some savings accounts, the Grow Saver is a standalone account, so there’s no transaction account attached to it. You don’t have to have an existing Virgin Money account to use it though, as you’ll be able to make free, unlimited deposits and withdrawals into the Grow Saver from external accounts - including via Osko and PAYID.

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Who is it good for

The Grow Saver account could be an option worth considering for those wanting a standalone savings account with a decent ongoing bonus rate that doesn’t come with any particularly tricky monthly requirements. It’s available to Australian citizens and residents aged 14 and above, and it can also be opened as a joint account.

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Any catches

Just remember that you’ll need to meet the monthly deposit and withdrawal requirements in order to get the maximum rate. Alternatively, if you’re looking for an even higher interest rate you may be interested in Virgin Money’s Boost Saver account.

Details

Rates and fees information correct as at 14 May 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: 0.65% p.a.

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

Fees
  • $0.00

  • n/a

  • Unlimited electronic internal and external transfers.

  • 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

  • Savings account only accessible through iOS or Android app.

  • none

  • none

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

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Virgin Money

Boost Saver with Go Account

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

1.20% p.a. (for $0 to $250,000)

Yes up to $250,000

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Virgin Money

Boost Saver with Go Account

1.20% p.a. (for $0 to $250,000)

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

Yes up to $250,000

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MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

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

Yes up to $250,000

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Virgin Money

Grow Saver

0.65% p.a. (for $0 and over)

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

Yes up to $250,000

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HSBC

Serious Saver

0.30% p.a. (for $0 to $1,000,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

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Bankwest

Hero Saver

0.70% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

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Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.25% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

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Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

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Virgin Money

Boost Saver with Go Account

1.20% p.a. (for $0 to $250,000)

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

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

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

Yes up to $250,000

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Virgin Money

Grow Saver

0.65% p.a. (for $0 and over)

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

Yes up to $250,000

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HSBC

Serious Saver

0.30% p.a. (for $0 to $1,000,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

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Bankwest

Hero Saver

0.70% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

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Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

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HSBC

Flexi Saver

0.25% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

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Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

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Bankwest

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

0.70% p.a. (for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

0.05% p.a.(for $1 and over)

1.05% p.a. (for $1 to $250,000)

Yes up to $250,000

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HSBC

Flexi Saver

0.05% p.a.(for $0 to $5,000,000)

0.25% p.a. (for $0 to $5,000,000)

Yes up to $250,000

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ING

Savings Maximiser

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

1.35% p.a. (for $0 to $100,000)

Yes up to $250,000

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ANZ

Progress Saver

0.01% p.a.(for $0 and over)

0.40% p.a. (for $0 and over)

Yes up to $250,000

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Newcastle Permanent

Smart Saver

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

1.40% p.a. (for $0 and over)

Yes up to $250,000

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Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

2.01% p.a. (for $0 and over)

Yes up to $250,000