The details shown below are for the Grow Saver (Lock Saver Feature)

The details shown below are for the Grow Saver

Choose the version of this product that suits you best

  • Grow Saver (Lock Saver Feature)

  • Grow Saver

Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
1.80% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000
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Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
1.50% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000
Go to site

Mozo editorial review Virgin Money Grow Saver - last updated: 15 July 2022

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What's hot
  • Up to a 1.80% p.a. maximum interest rate
  • Set up in-app savings goals
  • No monthly fee
What's not
  • 0.05% base rate (if monthly requirements aren’t met)
Mozo snapshot

With a solid maximum interest rate of up to 1.80%, 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 up to 1.80% as long as they make at least one deposit into the account each month and make a maximum of one withdrawal and enable the Lock Saver Feature. If those monthly requirements aren’t met, savers will only receive the much lower base rate of 0.05%. The max rate is made up of the base rate of 0.05% p.a. plus the bonus rate of 1.45% p.a. and the notice rate of 0.30% p.a.

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.

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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 along with having the Lock Saver Feature 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 11 August 2022. 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: 0.05% p.a.

Balances from $0: 1.80% p.a.

Bonus rate is made up of the Base interest rate of 0.05%, Bonus interest rate of 1.45% and Notice interest rate of 0.30%. Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments. Must enable the Lock Saver Feature. 32 days notice for withdrawal and T&Cs apply.

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

no

no

no

Savings account only accessible through iOS or Android app. Daily ATM withdrawal limit not applicable.

none

none

Details

Rates and fees information correct as at 11 August 2022. 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: 0.05% p.a.

Balances from $0: 1.50% p.a.

Bonus rate is made up of the Base interest rate of 0.05% and Bonus interest rate of 1.45%. Make at least 1 deposit per month 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

no

no

no

Savings account only accessible through iOS or Android app. Daily ATM withdrawal limit not applicable.

Customers can use the Lock Saver Feature to lock their savings away and earn an extra 0.30% p.a. Need to give 32 days notice to access funds in locked account.

none

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About Virgin Money