Virgin Money Boost Saver 3.60% p.a. Interest (3.90% p.a. with Lock Saver), Monthly Criteria Apply @ Virgin Money

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Lpuglikesabargain on 18/10/2022 - 10:50 virginmoney.com.au (198 clicks)
Last edited 14/11/2022 - 20:09 by 1 other user

Virgin Money is changing the interest rates on their Boost Saver. Effective 20 October 2022, the new Boost Saver interest rate will be up to 3.60% p.a.¹ when the account-holder continues to meet the Monthly Criteria. And, if the account-holder also enables the new Lock Saver Feature, the interest rate will increase up to 3.90% p.a.

The Virgin Money Boost Saver highest Variable Interest Rate of 3.90% p.a. is made up of:

(a) Base Interest Rate of 0.05% p.a.;
(b) a Bonus Interest Rate of 3.55% p.a.; plus
(c) Notice Interest Rate of 0.30% p.a. (Lock Saver Feature)

when the Locked Saver Feature is enabled and the Monthly Criteria are met on the Virgin Money Go Account in the previous month.

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 the Go Account in the immediately preceding month.

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• channan88 on 18/10/2022 - 10:53 Comment score below threshold.
  • 

    puglikesabargain on 18/10/2022 - 11:03

    +7

    For their Future Saver Account product, BOQ pays 4.00%p.a on deposit balances up to $50,000 and to 14 to 35 year olds only, if bonus criteria is met. https://www.boq.com.au/personal/banking/savings-and-term-dep…

• 

  shoppe on 18/10/2022 - 10:57

  +1

  Yes, it's about time!

• 

  Munns on 18/10/2022 - 11:58

  +2

  Good increase, just hope they follow it up with another good increase next RBA meeting. Go you good thing!

• 

  KangaDrew on 18/10/2022 - 13:06

  -3

  Ooooh, let's all get locked into a mini TD and lose a months worth of interest as soon as we request to withdraw… 30 days in advance!

  Hard pass.

  • 

    squeeb on 18/10/2022 - 14:08

    +3

    Yes, you have to give 31 days notice but you do not lose the interest for those days.

    • 

      squeeb on 18/10/2022 - 15:58

      Correction 32 days not 31 days.

  • 

    puglikesabargain on 18/10/2022 - 14:45

    Incorrect KangaDrew…although you are required to give 32 days notice if funds are 'locked-in' a 'Lock Saver' Account, you still earn the bonus interest rate (3.6 percent in total) up to the actual date of withdrawal. You just forego the additional Notice Interest Rate (0.3 percent) from the time you unlock the 'Locked Saver Feature'.

    "By activating the Unlock Saver Feature on your Boost Saver or Grow Saver account through the Virgin Money App you:
    - will no longer earn the additional variable Notice Interest rate from the date that the Unlock Saver Feature was activated. This includes the 32 day notice period;
    - from the day you activate the Unlock Saver Feature, only the Boost Saver or Grow Saver Interest rate (as applicable) will apply to your Account; and
    - will not be able to request any withdrawals while an account is in the 32 day notice period."

    • 

      squeeb on 18/10/2022 - 15:57

      +2

      @KangaDrew was talking about withdrawing (not unlocking) - you still get the full interest including bonus up to the date of withdrawal.

      • 

        nokia3660 on 18/10/2022 - 19:01

        +2

        Here you go mate

• 

  payless69 on 18/10/2022 - 18:54

  BOC only paid 40 millions for this once 219 million golden child.
  Any quacks out here to judge its state of leukemia?
  Other than that the deal is great for the casual observer.

• 

  hodgey on 18/10/2022 - 19:04

  +4

  The thing I like about Virgin, compared to the other "transaction hoops" options is that direct transfers count as part of the 5 transactions, not just paywave. I find it so easy to manage:
  - Get the employer to send $500 of my salary into Virgin account every week (that covers the $2k a month into Virgin hoop)
  - Weekly transfer of $250 from Virgin over to ING (over 4 weeks, that gets rid of the 1k ING deposit requirement and uses 4 transactions from Virgin)
  - Weekly transfer of $50 from Virgin over to Ubank (over 4 weeks, that gets the $200 Ubank requirement and adds another 4 transactions from Virgin, making 8 completed of the 5 needed)

  No need to even bother with the $1 Bpay to credit card anymore.

  • 

    timhn on 19/10/2022 - 16:49

    +1

    So you're saying that by doing monthly 5 scheduled transfers from VM to external bank would count toward the 5 payments requirement?

    • 

      Yola on 19/10/2022 - 18:04

      I thought it had to be payments.

      Make at least 5 purchases on your Go Account that settled in that month (not pending).

      • 

        hodgey on 19/10/2022 - 18:31

        Wow, this is interesting. When I joined on the 3.3% or boost 3.6%, also highlighted in the opening post of the deal https://www.ozbargain.com.au/node/721117 it was definitely: 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).

        It seems they have changed it … EDIT IN, maybe they haven't changed it after all.

        Edit in: if you go to the Everyday Go account page on Virgin, it still says:
        Keep the good times rolling
        To active 8 points per purchase, direct debit and BPAY payment on your Virgin Money Go Account, plus bonus interest on your Virgin Money Boost Saver, you need to meet the Monthly Criteria in the previous month. Here’s what you need to do each month:

        Deposit $1,000 or more from another financial institution (such as your salary) into your Virgin Money Go Account and make at least 5 purchases, direct debits or BPAY payments which settle in that month (not pending). Ready? Go.

        • 

          timhn on 19/10/2022 - 19:12

          @hodgey: For direct debit, should you need to arrange a DD authority to VM?

        • 

          Yola on 20/10/2022 - 03:58

          @hodgey: So are your weekly transfers just scheduled or direct debits to meet that requirement?

          • 

            hodgey on 20/10/2022 - 06:57

            @Yola: Sorry Yola and timhn, I've just gone back and had a look at my account. They are indeed scheduled transfers, not direct debits. That said, these direct transfers automate my ING and Ubank requirements. I now think they're not counted as required transactions (as they're not direct debits). During every month I've gotten the bonus, I can see it's because I've got reoccurring Bpay to my credit card using various amounts five times a week, ranging from 0.50c to $2, easily making over 5 transactions for the month. As your 5 transactions are requirements for the following month bonus, it's actually easily to see where you're at because it tells you on the app. Sorry about the confusion.

            • 

              Yola on 20/10/2022 - 09:15

              @hodgey: Ok, no worries. Just got excited that there may be an easier way.

            • 

              timhn on 20/10/2022 - 10:37

              @hodgey: Yep. So just auto Bpay to CC would be the easier way to do. That what I'm doing atm.

              • 

                Yola on 20/10/2022 - 11:16

                @timhn: I am doing PayPal, most likely similar.

• 

  red sed on 19/10/2022 - 01:58

  -8

  the most pathetic bank to exist! Their app is a shokker and customer service on the app messenger dont even exist FFS!
  Latrobe Finance offer 4.1% with no hoops!