Virgin Money lifts savings account rate up to 3.60% p.a.

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.

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