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Virgin Money Boost Saver 4.30% p.a. Interest (4.60% p.a. with Lock Saver), Preceding Month Criteria Apply @ Virgin Money

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Virgin Money Boost Saver 4.30% p.a. Interest (4.60% p.a. with Lock Saver), Preceding Month Criteria Apply @ Virgin Money
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puglikesabargain on 07/12/2022 - 14:27 virginmoney.com.au (1537 clicks)
Last edited 29/01/2023 - 14:30 by 1 other user

According to their press release/Facebook page, Virgin Money is changing the interest rates on their Boost Saver. Effective 9 December 2022, the new Boost Saver interest rate will be up to 4.30% p.a. 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 4.60% p.a. https://virginmoney.com.au/blog/news/december-rba-decision, https://www.facebook.com/VirginMoneyAU/photos/a.262276297139…

"Virgin Money understands how the importance of savings and deposits rates with the current cost of living environment and is listening to customers by increasing rates by 0.45% p.a. on its popular Boost Saver savings accounts. By enabling the Lock Saver feature, customers can smash their savings goals even sooner."

Bonus Interest Rate and Monthly Criteria:

Additional variable interest rate earned on all your Boost Savers, up to a combined total balance of $250,000, in the same name as your Go Account when you meet the Monthly Criteria:

** Deposit at least $2,000 into your Go Account from another financial institution.
** Make at least 5 purchases on your Go Account that settled in that month (not pending).

If you are under 25, the Monthly Criteria may be different. Refer to the Monthly Criteria in the Rates and Fees section for more information.

Notice Interest Rate:

Additional variable interest rate earned on a Boost Saver where the optional Lock Saver Feature is enabled.

** Provide 32 days’ advance notice to unlock your account or withdraw your money.
** This feature may be suitable for savings you don’t need to immediately access to. For more information, go to the Lock Saver Feature website page.

Referral Links

Referral: random (337)

Referees will receive 5,000 Virgin Money Points when they open their first Virgin Money Go Account before 31 January 2024 and meet the Welcome Offer Bonus Points Criteria (1 debit card purchase/direct debits/BPAY transaction in the first 30 days).

Referrer will receive 5,000 Virgin Money Points for each referee who meets the Welcome Offer Bonus Points Criteria, for up to 5 referees in a month.

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closed Comments

          • FujiFruit on 04/01/2023 - 11:10

            @Yola: I rang they said that I have to wait it out the 31 days to lock it again

            • Yola on 04/01/2023 - 11:42

              @FujiFruit: Sorry, too bad. 4.3% is still good and you will know the next time.

              • FujiFruit on 04/01/2023 - 11:44
                +1

                @Yola: Yep lesson learnt. Yep still good interest rate

  • FujiFruit on 06/02/2023 - 11:50

    So I’m thinking of doing the 4.6% locking it now, however would the interest rates go up and virgin might go up or it’s better to not lock it this month as other banks might beat it? Or dont lock it this month?

    • rain-e on 07/02/2023 - 16:58

      Lock just means that you get an extra 0.3% on top of the base rate with the caveat being you can't access your money without giving 32 days notice. If the base rate increases, so will the locked rate.

  • SomeGuyOnOzB on 11/02/2023 - 11:28

    Virgin is only passing the increase to home loans and won't pass it to savings at all
    https://virginmoney.com.au/blog/news/february-rba-decision-2…

    • Yola on 12/02/2023 - 11:41
      +1

      Their locked rate is still very competitive. Only ING will be higher, in 2 days.

      • SomeGuyOnOzB on 12/02/2023 - 17:36

        Sorry, it doesn't say they won't pass it on. There is an announcement about the loan rate. There is no announcement for the savings rate

        • El-Rhi on 17/02/2023 - 06:32

          They usually announce at a similar time to ING so it’s strange they haven’t said anything this month. This makes me think they won’t be increasing.

          • chyawala on 21/02/2023 - 15:53
            +3

            @El-Rhi: Its possible to initiate a partial withdrawal instead of unlocking. This will be completed in 32 days, and the full locked bonus interest rate will continue to apply to both the scheduled withdrawal and the remainder for the entire 32 days. This avoids the loss of bonus do to unlocking, and negates the need to unlock. Only choose to unlock unless you want to be penalised. Could be well worthwhile in getting ready to switch to ING, or at least let them see we are ready to sail ship unless they shape up to their competition.

            • ivyholmes on 21/02/2023 - 20:06

              @chyawala: I don't really get it, would you please give me a real life example? I have some money locked in virgin money that I wanted to move out

              • SomeGuyOnOzB on 21/02/2023 - 20:39
                +2

                @ivyholmes: In the app you click on the Unlock button.
                On the next page DO NOT Unlock. Instead, say you want to give notice for a withdrawal.
                Then tell them you want the money to go to your Virgin transaction account and tell them how much money.

                In 32 days check your Virgin transaction account

                • ivyholmes on 21/02/2023 - 20:55

                  @SomeGuyOnOzB: So I would better do it next month right? Or can I do it straight away for in regards 32 days the transfer will occur. Let's say I'm going to open ING starts April but from 1st March I give notice of 32days. Will I lose any interest?

                  • SomeGuyOnOzB on 22/02/2023 - 10:39
                    +1

                    @ivyholmes: I'm still getting my head around this.

                    Someone in the other thread said if you give 32 days notice, you are still paid the bonus interest on the money that stays AND the money you are moving.

                    32 days notice. From 1st march I think that's 2nd April. Not sure if the movement of funds is affected by whether it's a business day

            • El-Rhi on 23/02/2023 - 07:02
              +2

              @chyawala: Yep, this is what I’ve done. Will move all of it elsewhere once the transfer goes through in 32 days

              • chyawala on 01/03/2023 - 12:53

                @El-Rhi: Today Virgin have removed the ability to withdraw from the Boost saver. It's unlock only now. I think we should question whether this is legal without notice to change these terms immediately.

                • shoppe on 01/03/2023 - 13:52

                  @chyawala: Are you sure? How did you find out?

                  • chyawala on 01/03/2023 - 14:46

                    @shoppe: Contacted Virgin and they confirmed it was a user app specific error, likely targeted due to making withdrawals. So it appears they they targeted my personal install, and the modification removed the withdrawal function. After they consulted the technicians, a reinstall fixed this. However then the transfer had an error and a few thousand are missing from the account, unaccounted for with no transaction history. Already had waited on hold for an hour. I'd like to see better service from them and more reliable internet banking. Also better savings interest rates.

                    • ivyholmes on 02/03/2023 - 14:42

                      @chyawala: How do you transfer it out from boost account to another bank? How is it 32 days work

                      • chyawala on 02/03/2023 - 17:11
                        +1

                        @ivyholmes: From home screen, PAY at the bottom, and yes it takes 32 days. Full bo.us lock rate applies to bother remaining and pending transfer. Also possible to do from viewing Boost saver by pressing Unlock account, then scroll to bottom and select withdraw.

  • Miroslav on 23/02/2023 - 16:07

    Does one have to deposit $2000+ before 5 transactions are made or can you deposit, say, $100 make 5 transactions and then deposit the rest close to the end of the month?

    • El-Rhi on 28/02/2023 - 06:49
      +2

      It doesn’t matter. You just need to deposit at least $2000 during the month and make 5 transactions

      • ivyholmes on 01/03/2023 - 09:13

        I put my money 100k in go account then transfered it to Boost Account, Ive met the criteria last month,but the interest this morning only $3.xx , what time normally the bonus interest appear? I'm quite shock

        • SomeGuyOnOzB on 01/03/2023 - 10:43

          5.48 am AEST?

        • SomeGuyOnOzB on 01/03/2023 - 10:50
          +1

          So, I put 2k in the Go Account 1 Feb (and once it was clear, I took it out again)
          I increased the balance in my Boost from the previous month.
          I did 5 elligible transactions also on 1 Feb.

          I received 3 payments of interest from Virgin at 5.40ish

          (basic, bonus, lock)

          • ivyholmes on 01/03/2023 - 14:30

            @SomeGuyOnOzB: I only received one interest, bonus and locked I didn't receive at all. I also locked it on my Boost account

            • SomeGuyOnOzB on 01/03/2023 - 14:38

              @ivyholmes: Did you put the 2k in your transaction or savings account?

              • ivyholmes on 01/03/2023 - 15:50

                @SomeGuyOnOzB: Yes I did put first 2k on 2nd Feb then 98k on 3rd Feb, then move 100k to Boost account, then meet 5 transaction.

                • SomeGuyOnOzB on 02/03/2023 - 11:06

                  @ivyholmes: I'd give them a call and ask them if they could walk you through what happened regarding bonus and locked interest.

                  • ivyholmes on 02/03/2023 - 11:19

                    @SomeGuyOnOzB: This is my first month, all the bonuses will be given in the 2nd month, I'd move the lock account without unlocking it. How do I do that? Is it scheduled transfer 32days from now (if I transferred today)?

                    • SomeGuyOnOzB on 02/03/2023 - 15:13

                      @ivyholmes: Carefully

                      Go to the app.
                      Click on Unlock
                      Get taken to another page. DO NOT UNLOCK. Around the very bottom it gives you two options. Choose to withdraw / give 32 days notice.

                      If the 100k that you want to move is more than your daily allowance, try increasing in app or ring them to discuss options.

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