Having already offered credit cards and balance transfers, insurance, superannuation and home loans, Virgin Money - which is owned by Bank of Queensland - has launched its first ever transaction account along with two different savings accounts:

  • Virgin Money Boost Saver: a linked savings account with a maximum interest rate of 1.20% p.a, pending Virgin's bonus interest criteria 
  • Virgin Money Grow Saver: a savings account that does not need to be linked to the transaction account with a bonus interest rate up to 0.65% p.a 
  • Virgin Money Go Transaction: a transaction account with no monthly fees and eight Virgin rewards points on every purchase, direct debit and BPAY payment 

The 1.20% p.a total interest rate offered by the Boost Saver account is among the most competitive in the market for non-introductory savings accounts, only beaten by the likes of the ING Savings Maximiser (1.35% p.a), the AMP Saver Account (1.25% p.a) and matched by the 86 400 Save Account (1.20% p.a). 

The table below features savings accounts with some of the highest interest rates on the market.

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

Savings Maximiser (<$100k)

    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 $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$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
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    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 $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$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)

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

      Boost Saver

        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 April 21, 2024. View disclaimer.

        These new accounts can be signed up for in minutes according to Virgin Money and come with each of the three main mobile wallet services (Apple PayGoogle Pay and Samsung Pay). 

        Transaction account customers will also be able to earn eight rewards points per spend on everyday purchases - including direct debits and BPAY payments - through the Virgin Money Rewards scheme.

        However, to earn these rewards points, customers need to meet certain criteria each month, which varies depending on age.

        For those aged over 25, this criteria includes the requirement to deposit at least $2,000 into the transaction account and make at least five purchases.

        Virgin Money CEO Greg Boyle said customers want to be supported for doing the right thing while being valued for their loyalty.

        “Our research told us that rewards are important to customers, especially when it comes to earning points on everyday purchases, so we’re offering eight points per transaction for our customers which is the best offer of its kind in market."

        Virgin Group Founder Sir Richard Branson said the release of this new digital bank shows Virgin Money has the ambition to challenge the financial industry status quo. 

        "The new Virgin Money Australia digital bank is the antithesis of a traditional bank: it embraces simplicity and rejects the notion of financial complexity," Mr Branson said. 

        "I am so proud of the Virgin Money Australia team for living and breathing our DNA when designing and building the new digital bank, and keeping the customer at the heart of their decision making.”

        Related: 8 tips to earning more rewards points

        All new eligible customers who open a Virgin Money Go account before 30 June 2021 will be rewarded with 5,000 bonus points, and the app will also come with features designed to help customers meet savings goals. 

        Mr Boyle said the bank will also offer personal finance management tools designed to help customers improve their financial fitness.

        “When features such as spend tracking and goal setting are utilised, we expect customers to reduce their credit card debt, and increase their savings," he said.

        "Overwhelmingly, customers told us they don’t feel loved by their bank, so we’ve designed a banking experience with the customer at its heart, allowing Australians to bank like never before.”

        Virgin Money home loans

        Important Information and Comparison Rate Warning

        Rates correct as of April 21, 2024. View disclaimer.

        Photo via Virgin Money