This was posted 11 months 18 days ago, and might be an out-dated deal.

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Boost Saver 4.80% p.a. on Deposits up to $250,000 (5.10% p.a. with Lock Saver), Preceding Month Criteria Apply @ Virgin Money

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Boost Saver 4.80% p.a. on Deposits up to $250,000 (5.10% p.a. with Lock Saver), Preceding Month Criteria Apply @ Virgin Money
Go to Deal
puglikesabargain on 10/05/2023 - 13:12 facebook.com (2065 clicks)
Last edited 13/06/2023 - 08:51 by 2 other users

Breaking News…..According to their Facebook page, Virgin Money (a member of the Bank of Queensland Group) will soon change the interest rates on their Boost Saver, up 25 basis points (0.25 percent). The new Boost Saver interest rate will be up to 4.80% 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 5.10% p.a. These new rates apply from 12 May 2023.

Although trailing ING and their 'Savings Maximiser Account' rate of 5.25 percent, the 5.10 percent 'Lock Saver' rate is not limited to $100,000 but is payable on balances up to $250,000. (see ING deal at https://www.ozbargain.com.au/node/772806)

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 $1,000 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.

Savings.com.au and Open Comparison Leaderboard provide information on other rates currently available in the market - https://www.savings.com.au/news/rba-savers-may-2023 and https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

Referral Links

Referral: random (341)

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.

Financial Bank Account Savings Account

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closed Comments

  • Frukoz on 10/05/2023 - 13:16
    -5

    One thing I'm quite curious about is how many savings accounts is too many? With all these rate changes, and short term incentives, it's pretty easy to jump ship a lot. If I opened 1 CC and say, 3 savings accounts per year - is that too much for my credit health?

    • dm02 on 10/05/2023 - 13:22
      +6

      Are you borrowing money by depositing money into a savings account?

      Why would opening a savings account affect your credit?

        • dm02 on 10/05/2023 - 14:24
          +11

          No, opening a savings account (or a bank account in general) does not result in a credit check.

        • Yola on 10/05/2023 - 17:35
          +3

          Why would banks care about your credit rating if you are giving them money?

          • Frukoz on 10/05/2023 - 17:41

            @Yola: Banks have a lot of products. A blanket credit check on all customers means fewer barriers for cross-selling, and the ability to market relevant products accurately.

            I mean I'm wrong, but that is why they might do it.

            • Yola on 10/05/2023 - 17:43
              +2

              @Frukoz: That is not how they do it because many people have a bank account but may never apply for a loan with that particular bank and it would waste resources to do credit checks.

              • Frukoz on 10/05/2023 - 17:45

                @Yola: Hmmm, a few $ for a credit check might be worthwhile if you can sell them a mortgage or high-interest Credit Card, haha. Maybe it's more legislative! Anyway, I guess it doesn't matter since we're in agreement that banks do not perform such checks.

                • SimAus007 on 11/05/2023 - 08:57
                  +4

                  @Frukoz: A credit check is exactly that, to see if they should provide you with credit - credit card/loan/account (post paid), nothing more.
                  A credit score is only calculated from credit you've been given AND applied for and paid/not paid on time.
                  A credit check is also only valid for when it's conducted, to see what your credit score is like today, it's not valid for next month or next year.

                  Credit checking customers without providing credit (credit card/loan/account) is of no use for future applications of credit.

                  Even if you have a terrible credit rating, you can open a savings/transactions account, you are of no risk to that institution, until you want to apply for a line of credit..

    • deme on 10/05/2023 - 13:42
      +6

      is that too much for my credit health

      Are you American?

      • Frukoz on 10/05/2023 - 14:23
        -1

        No, but many believe Australia is moving in that direction, especially in these times of economic hardship.

        • timhn on 10/05/2023 - 14:47
          +2

          Any student/unemployed/senior person - even on temp visa, can open a saving account once validate ID.

          Can't do that with loan/credit card applications.

        • deme on 10/05/2023 - 18:18

          many [who?]

            • deme on 10/05/2023 - 19:57
              -2

              @Frukoz: Did you even read that:

              Is Australia adopting US-style credit scores?

              There have been no announcements yet,

              Posted: 13 March 2017 10:30 am

              • Frukoz on 10/05/2023 - 20:44
                +1

                @deme: I didn't say that we did. I said many believe that we're moving in that direction. Like the adoption of the Comprehensive Credit Reporting, the fact that Australia's largest credit reporting company was bought by an America's equifax… or you know, the logic behind using more data to make decisions on credit. It's not a controversial opinion that we're headed in that direction.

                • deme on 10/05/2023 - 20:46
                  -3

                  @Frukoz: You just posted a clickbait from 13 March 2017 10:30 am.

                  It's not a controversial opinion that we're headed in that direction.

                  So far it's just you.

                  Got anything that was written less than 6 years ago?

                  • Frukoz on 10/05/2023 - 21:05
                    +2

                    @deme: I don't really understand why you're so defensive about more vigilance in lending? Do you want people to be able to borrow more recklessly? Australia already uses credit scores - most countries do. The only difference is that the US has more robust measures, and the credit score carries more weight. And that's all changed recently. So yeah, we're actually already there - credit scores are widely used in Australia presently, same as in the US.

                    • deme on 10/05/2023 - 21:13
                      -5

                      @Frukoz:

                      Australia already uses credit scores

                      No we don't, they are a marketing tool.

                      more robust measures

                      No, they've dialled up the scam so you need to get into debt to show you are good.

                      defensive about more vigilance in lending

                      Do you not remember the GFC? The US lending laws are dumb af.

                      You have no idea what you are talking about.

                      • greatlamp on 10/05/2023 - 22:28
                        +3

                        @deme: Marketing tool used to deny you a loan?

                        Credit score doesn't increase with more debt, this isn't the USA.

                        Maybe you shouldn't be telling people they don't know what they are talking about.

                        • deme on 11/05/2023 - 09:55
                          -2

                          @greatlamp:

                          Credit score doesn't increase with more debt, this isn't the USA.

                          That's what I'm saying.

                          Marketing tool used to deny you a loan?

                          Credit Scores are not used here, it's just used by affiliate sites to flock you loans.

                          Frukoz is saying "No, but many believe Australia is moving in that direction [USA], especially in these times of economic hardship.".

                          • greatlamp on 11/05/2023 - 12:03
                            +1

                            @deme: https://www.commbank.com.au/articles/credit-cards/how-to-und…

                            Tell me more about how credit score doesn't exist in Australia.

                            • deme on 11/05/2023 - 12:07
                              -1

                              @greatlamp: Sure, they are a marketing tool.

                              https://www.creditsavvy.com.au/

                              © 2023 CBA New Digital Businesses Pty Ltd ABN 38 633 072 830 and Australian Credit Licence 516487, trading as Credit Savvy Australia.
                              Credit Savvy is a trademark of CBA New Digital Businesses Pty Ltd. CBA New Digital Businesses Pty Ltd is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. CBA New Digital Businesses Pty Ltd is not an Authorised Deposit-taking Institution for the purposes of the Banking Act 1959 and its obligations do not represent deposits or other liabilities of Commonwealth Bank of Australia.

                              • greatlamp on 11/05/2023 - 12:12
                                +2

                                @deme: How does any of that support your claim that credit score is only a marketing tool?

        • timmyw2000 on 11/05/2023 - 06:25
          -1

          Economic hardship? We've got full employment and a booming economy

    • nokia3660 on 10/05/2023 - 16:01
      +1

      You don't have to worry about the number of savings accounts you have. I have at least 6 saving accounts along with 3 CC & 3 BNPL with an Excellent credit rating. As long as you don't miss your payments you should be good.

    • Funky-munky on 10/05/2023 - 16:20
      +5

      I work as a credit analyst, we don't care how many savings accounts one has.

      • Frukoz on 11/05/2023 - 10:54

        Useful to know, thank you!

        Do you look at how long someone has been with a bank in particular? I know in the UK, it reflects positively if you can show a long history of using the same bank for your finances. So for instance, if I've been with my bank for 1 year vs 10 years - any effect at all?

        • Funky-munky on 11/05/2023 - 12:18
          +5

          No, tenure at bank does not matter, as we only assess on the last 90 days of data.
          This may have been important in the past, where one was loyal to their main bank only. In today's age of open banking etc. It has no importance at all.

        • timhn on 11/05/2023 - 14:19
          +1

          The only tiny benefit with long relationship with a bank if you have your salary deposit to the same bank that you about to apply for loan/credit card.They can see your income directly without you supply payslips.

  • Positivelypoopoo on 10/05/2023 - 13:19
    -6

    Can't see this as a deal, rate is worse than ING but with more hoops locking away your money, hmm…

    • puglikesabargain on 10/05/2023 - 13:20
      +16

      but the 5.10 percent rate applies up to $250,000 (not limited to $100,000 like ING). This makes it a deal……

      • chyawala on 10/05/2023 - 14:23
        -2

        Recent history reveals that the locking is a trick as they will delay or even forego passing on interest rate rises for months. Then your worse off again. There was a short period where they were market leaders AND promptly passed on the rate rises.

        • puglikesabargain on 10/05/2023 - 14:27
          +5

          huh??? I have had substantial funds "locked in" for many months and the rate increases have applied to my account. I cannot see any "trick", it is pretty simple to operate the 'Lock Saver' Account, just give 32 days notice to withdraw. I really do not comprehend your comment. And by the way, they are (and have been) market leaders for investors with funds >$100,000 to deposit in a non-"term deposit" product…..

          • chyawala on 10/05/2023 - 14:37

            @puglikesabargain: I make reference to the dates which Virgin passed on the increases, which were skipped or hugely delayed. The "trickery' is that in being locked in, time has proven recently that you may very well not get the increase, and cannot move to a market leader. What has your rate been for the last couple of months? I'd personally see it make more sense to move to Rabo for a nice introductory rate instead of waiting around for Virgin to perhaps eventually possibly pass on the rate? The only way to safeguard yourself from getting locked into a substandard rate is to have scheduled transfers out of a lock saver in the likely event you will in fact wish to transfer away from them.

            • puglikesabargain on 10/05/2023 - 14:44
              +5

              @chyawala: well 'my rate" over time with Virgin Money, for funds $100000 to $250000, has been significantly better than most institutions, including Ubank, AMP, ING, St George etc etc Nothing "substandard" from my perspective….lollllll Sure, if you feel a better deal may be on the horizon, schedule a withdrawal or unlock the account in 32 days time, and redeposit/relock the funds if nothing better eventuates elsewhere. Easy to do that in their app….

              All banks have delayed passing rates on from time-to-time. At least Virgin Money/BOQ are "competitive", putting pressure on the likes of ING and UBank.

              I still don't comprehend your comments and I also have funds with ING…..Your money, your choice….

            • nubix on 10/05/2023 - 14:48
              +4

              @chyawala: The trade off is not having to open and close bank accounts and move significant amounts of money every 4 months.

              Virgin Money + BoQ have a good history of passing the rates on. They haven't passed them all on, but who has? They're are and have been competitive and that's all that matters.

            • Shiva24488 on 10/05/2023 - 16:50
              +2

              @chyawala: This is misinformation. Dont ask me why, but I can say with some authority this is not true. Lock is only a notice for withdrawal of funds, and not for interest rates applicable. So curt67 is right..

    • netjock on 10/05/2023 - 14:56
      +4

      Problem with ING is you need to increase your balance every month else lose all your interest.

      This makes better sense for people who are using it short term.

    • Cc2018 on 11/05/2023 - 07:46
      +2

      The hoops with vm are more easy to jump through. 1. Do not need to grow balance. 2. Scheduled bpay payment is counted for the 5 transactions.

  • Hiphopopotamus on 10/05/2023 - 13:21
    +11

    Nice, now I'm just waiting on ubank.

    • Stopback on 10/05/2023 - 13:59
      +5

      go to jump ship and teach them a lesson

      • Hiphopopotamus on 10/05/2023 - 14:54
        +2

        I would consider that if their rate to (lack of) hoops balance wasn't so good.

        Direct access to the savings account and not having to keep an eye on balances and transactions has been very convenient for me, it's a good counter to my ING and VM accounts.

        • Yola on 10/05/2023 - 17:40
          +1

          Unfortunately, they do not have sweep and linked accounts, where you can transfer $100k without any approval process anymore.

    • Funky-munky on 10/05/2023 - 17:54
      +4

      I've emailed them this arvo, asking if they will be passing on that rate increase. Will update here once I know

    • Gavman on 10/05/2023 - 19:29

      plenty time… theyll budge this time next week

  • King Steuart on 10/05/2023 - 13:54
    -4

    Better than HECS

    • ATangk on 10/05/2023 - 14:09
      +2

      Isnt hecs 7.1%

      • King Steuart on 10/05/2023 - 16:19

        This year yes, unless govt steps in last minute

        • Gavman on 10/05/2023 - 19:26
          +1

          Fat chance that is.. Govt cashcow!

  • payless69 on 10/05/2023 - 14:10
    +2

    The "Hooters" of BOQ.
    Thanks BUT no thanks, I have just a tiny bit of culture left….

  • equal on 10/05/2023 - 14:12
    +5

    nice, let the 5% war begin

    • capslock janitor on 06/06/2023 - 10:18

      how quick is it from application, to able to use the card? @busterau

  • busterau on 10/05/2023 - 14:14
    +4

    Great news, thanks for posting this OP!

  • onetwothreefour on 10/05/2023 - 16:21
    +4

    @UBank @UBank Rep

  • Funky-munky on 10/05/2023 - 16:21
    +4

    No emails from UBank this past rate rise, usually it's within hours.
    Time to jump ship to these other higher interest rate providers?

    • mitty on 10/05/2023 - 18:02
      +3

      Ubank are now far behind the others. But even if they rise the full .25, the locked Virgin rate is still a whole .25 higher than that.

      • puglikesabargain on 10/05/2023 - 18:06
        +1

        good point!!! UBank/NAB are becoming rather ordinary - even AMP is now 4.8 percent.

        • SuperLate on 10/05/2023 - 19:00
          +2

          Yes, waiting for UBank. Even MyState bank has announced an increase to 4.75% from June 01.

    • Neoika on 10/05/2023 - 22:33

      Ubank is busy at closing customers' accounts. All my accounts under the old scheme were notified closure due to inactivity.

  • FujiFruit on 10/05/2023 - 16:21

    Yay!!

  • kungfupanda on 10/05/2023 - 17:11
    +1

    anyone tried AMP Saver Account?

    • puglikesabargain on 10/05/2023 - 17:22
      +2

      yes, it is paying a reasonable rate of 4.8 percent at the moment up to $250,000. The only 'hoop' for the bonus interest is to deposit $1,000 the month prior. "Deposit Bonus -To be eligible for the Deposit Bonus: – you need to deposit at least $1,000 each calendar month into your AMP Saver Account. This can be across one or multiple transactions. This does not include interest paid on your AMP Saver Account balance. – your AMP Saver Account must be open when the Deposit Bonus is paid…..Interest is earned on the balance in your AMP Saver Account in the month following each eligible deposit" https://www.amp.com.au/content/dam/amp/digitalhub/common/Doc…

      • umexcuseme on 14/05/2023 - 19:18

        Sounds the same as the non-locked one in this deal. Any opinion as to which is better?

        • Yola on 15/05/2023 - 09:29

          This deal is if you lock it.

  • Wolfenstein98k on 10/05/2023 - 17:19
    +1

    If I have money currently locked at the previous rate, does it automatically update to the new one?

    • puglikesabargain on 10/05/2023 - 17:23
      +3

      yes it certainly does (despite what someone wrongly implied above). The 'lock' only relates to the 32 days notice that must be given to withdraw. The rate is not 'locked" and, as such, remains variable. https://virginmoney.com.au/content/dam/virginmoney/vma-downl…

    • nokia3660 on 10/05/2023 - 17:59
      +3

      yep, the lock is only for transferring out / withdrawal. The interest rates apply as soon as they are made available.

  • Drop the Ball on 10/05/2023 - 19:12

    does the 'go account' where you need to make deposits/ transaction earn any interest or only the linked saver. It would be good if the everyday accounts earned interest a bit like how an offset can work. Is there any offerings like this?

  • silverstone2023 on 10/05/2023 - 19:22
    +3

    Macquarie Transaction account. Currently pays 4%, rising to 4.25% on 19-May.

  • Bettyboo on 10/05/2023 - 19:30

    UBANK still 4.6%

  • Koppeldread on 11/05/2023 - 07:07
    -4

    Thanks, bought 10

  • aka nioh on 11/05/2023 - 08:30
    +1

    With the locked boost saver, does the interest become locked as well? I assume its paid monthly into the locked saver account and you need to give 32 days notice to with draw the interest?

    • nubix on 11/05/2023 - 08:39

      it's not locked

      • asc on 11/05/2023 - 10:14

        You mean you can move this interest out of the locked boost saver straight away? I can't seem to do this.

        • nubix on 11/05/2023 - 13:40
          -1

          Sorry I mistook the question to mean interest rates. The answer below is correct!

    • asc on 11/05/2023 - 10:13
      +1

      My interest is locked. Need to withdraw n the withdrawal is pending for 32 days.

    • puglikesabargain on 11/05/2023 - 12:27

      Yes, All interest credited to your Lock Boost Saver Account is "locked in" unless you schedule a withdrawal or 'unlock' the account for 32 days time. The interest rate, though, is variable and will move up/down with any RBA changes etc

  • vicerum on 11/05/2023 - 09:40

    Can I immediately withdraw the $1000 after deposit?
    Do they support PayID Osko?
    Do they have a nice iPhone/Android app like UBank?

    • puglikesabargain on 11/05/2023 - 12:15
      +1

      From my perspective…1. yes 2. yes 3. I use android, its ok but could be better - clunky but for the bonus interest to 5.1 percent, who cares….

  • ozbargaincheapo on 11/05/2023 - 12:37

    I'm going overseas soon and wont be able to receive the debit card before end of month. Is there a way to make 5 purchases directly to the bank account without a debit card? I tried to look this up on AfterPay, but can't seem to switch the payment method to "bank account" on the app/web browser.

    • timhn on 11/05/2023 - 14:23
      +2

      Bpay to credit card, insurance, council, ultilities.

      • souljah on 12/05/2023 - 15:31
        +1

        So I could just bpay $1 to credit card 5 times and job done?

        • timhn on 12/05/2023 - 15:52
          +1

          Yep. Set a schedule to do that at 1st of the month.

  • umoddbro on 16/05/2023 - 17:23
    +1

    Moving over from ubank due to their abysmal 0.15% increase… Correct me if I'm wrong but is the $1000 deposit requirement the same as ING? I.e deposit this month for bonus next month?

    • puglikesabargain on 16/05/2023 - 17:56

      Yes but new customers get the first two months of grace, free of bonus interest requirements/"hoops".

  • capslock janitor on 05/06/2023 - 21:29

    Referees will receive 10,000 Virgin Money Points when they open their first Virgin Money Go Account before 31 August 2023

    Can someone confirm the 10K true?? where is it from

  • capslock janitor on 06/06/2023 - 11:42

    have i missed something?

    website showing only 5k bonus

    • Hiphopopotamus on 06/06/2023 - 13:35

      The 10k bonus ended. If you can wait it might come back, but expiry on the 5k bonus is August.

  • jackofspade on 12/06/2023 - 14:21
    +2

    Rates will increase by 0.25% on June 16

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