Effective from August 26, the new rate will see Virgin Money customers earn an additional 0.50%, taking the Boost Saver rate to a total of 3.30% p.a. on balances up to $250,000.

Further, when Virgin Money customers enable the new Lock Saver Feature, the savings rate will jump to 3.60% p.a.

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

This increase follows Bank of Queensland's (BOQ) increase of its Future Saver account to 3.50% p.a. less than two weeks ago.

The Lock Saver rate on offer from Virgin Money now overtakes the 3.50% p.a. offering from BOQ as the market leader, based on Savings.com.au's research.

To receive the 3.30% p.a. rate, 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).

To receive the 3.60% p.a. rate, Virgin Money customers must:

  • Deposit at least $2,000 into their Go Account from another financial institution.
  • 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).
  • Enable the Lock Saver Feature on the Boost Saver account.

There is no monthly criteria applicable for customers aged 14-18.

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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
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

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
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
40501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.

Reward Saver (< $1M)

  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
More details
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    More details
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver Account (Amounts < $250k)

      More details
      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        More details
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          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 July 27, 2024. View disclaimer.

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