Virgin Money Boost Saver 2.80% p.a. Interest (3.10% p.a. with Lock Saver), Monthly Criteria Apply @ Virgin Money

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archiexyz on 18/08/2022 - 10:34 virginmoney.com.au (92 clicks)
Last edited 26/08/2022 - 12:24 by 1 other user

Up to 2.80% p.a. when you meet the monthly criteria.

3.10% if you switch on the Lock Saver feature.

Criteria from previous post:

The Virgin Money Boost Saver Bonus Interest Rate applies up to the aggregate balance of $250,000 across all Boost Savers that are held in the same name. It is applicable for any month, where the Monthly Criteria were achieved on your Go Account in the immediately preceding month. The Monthly Criteria below must be made into a Virgin Money Go Account that is in the same name as your Boost Saver:

If you are 25 years and older, deposit $2,000 or more into your Go Account from another financial institution (such as your salary), and make at least 5 debit card purchases, direct debit or BPAY payments in the previous month which settle in that month (not pending)

If you are between 18 and 24 years, deposit $1,000 or more into your Go Account from another financial institution (such as your salary), and make at least 5 debit card purchases, direct debit or BPAY payments in the previous month which settle in that month (not pending)

If you are between 14 - 17 years, no Monthly Criteria apply in order to earn the Bonus Interest Rate.

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• 

  bk1973 on 18/08/2022 - 10:47

  +1

  Suggestion for the "lock" feature if you think you'll need access to your money. Create several savings accounts and split the money up between them (evenly or whatever you think is best). Then, if you do need to access some of the money, you need only unlock one account or maybe two. The rest is still "locked" and earning more interest.

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  Yola on 18/08/2022 - 11:08

  Would not recommend locking in while the interest rates are moving. Maybe when things settle down.

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  Bab on 18/08/2022 - 11:10

  +1

  The account is locked but not the rates I think.

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  [Deactivated] on 18/08/2022 - 11:20

  All these hoops. Imagine if borrowers could put some conditions on the banks like this. They would never lend their money.

  Open letter to financial institutions:

  Just give people the best rate and they'll leave their money in your accounts to earn the interest and continue to be a customer. Isn't that what you financial institutions want? With all the hoops I dare say customers who don't want to jump through them will move and hardly any new customers will be attracted with better deals available.

  • 

    mei mei on 18/08/2022 - 12:44

    100% Agree what you suggested.

  • 

    Mad Max on 19/08/2022 - 18:50

    The only way they will get the message is if a lot of people move their money out instead of locking.
    Trouble is that there are not that many accounts offering 2.8% at the moment and the ones that do only have a limited maximum balance for the bonus interest.
    I like the idea from bk1973 to create a lot of savings accounts. I wonder if they will let you open 250 accounts with $1000 each!

  • 

    izkai67 on 20/08/2022 - 09:30

    agree, that's why i stay with ubank 2.85% and only require $200 deposit monthly

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  izkai67 on 20/08/2022 - 09:28

  unless you re happy to lock your saving, why would you want open go account with 2.80% and 2 conditions, while ubank gives you 2.85% with just one condition even less amount of required deposit monthly?

  • 

    Yola on 20/08/2022 - 11:40

    +2

    :ubank 2.85% does not start till 1 September. Currently, 2.35% p.a. What a clever strategy to announce a rate increase 1 month ahead, and everybody seems to think it's already in place.

    • 

      izkai67 on 20/08/2022 - 12:09

      thats true, Go account 2.80% and current ubank 2.35%, difference of 0.45%. But, its only for about 2 week, so for every $1000 you save you get an extra of about 20 cents from go account, not to mention all the hoops of arranging deposit of $2000 + 5 confirmed transactions, is it worthed it? I had Go account before, the App was slow and unreliable, Ubank App is smooth way better and I like the clearly visible notification whether you'll get bonus interest this month

    • 

      mei mei on 22/08/2022 - 11:34

      myBOQ 2.85% started from 17 August 2022, 14 days early than ubank.