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Virgin Money Grow Saver

Advertiser disclosure
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 19 September 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

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About Virgin Money