Effective from 8 March, the new rate will see Virgin Money customers earn an additional 0.25%, taking the Boost Saver rate to a total of 4.55% p.a. on balances up to $250,000.

Further, when Virgin Money customers enable the Lock Saver Feature, the interest rate will jump to 4.85% p.a.

When the Lock Saver Feature is enabled, customers are required to provide 32 days’ advance notice to unlock their account or withdraw money from that account. 

Not all funds need to be locked away - a portion can be directed to the Lock Saver function and accrue the 30 basis point premium.

To receive the top rates, Virgin Money customers must:

  • Deposit at least $2,000 into their Go Account from another financial institution if aged 25 or over.
  • Deposit at least $1,000 into their Go Account from another financial institution if aged 18-24. 
  • Make at least five purchases on their Go Account that settled in that month (not pending).

This increase follows Bank of Queensland's (BOQ) lift of its Future Saver account to 5.15% p.a. just last week, of which BOQ is parent company to Virgin Money.

According to Savings.com.au market research, BOQ has the highest rate in the savings market space for Australian adults, while there are a couple of other 5% savings accounts for kids.

Read More: Which banks are increasing savings rates following the RBA’s March decision?

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 3, 2024. View disclaimer.

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