My Virgin Money - Savings
Get your savings in shape
Manage my account
From another bank or direct credit – You can transfer money (such as your salary, savings, wages, dividends or tax refunds) from any other bank account in Australia. To transfer money into your Virgin Saver Account, all you need is your Account number and our Virgin Money BSB 242-265.
Send us a cheque – Please ensure you make the cheque payable to the same name that the Virgin Saver is in and please write your account number and contact phone number on the back of the cheque and post it to:
Virgin Money Pty Limited,
GPO Box 40,
Sydney NSW 2001
Sorry, but we can’t guarantee cheques received without a clear name and account number noted on them will be deposited into your account.
A one off transfer using your Virgin Money Online account – Simply log into your Virgin Money Online Account and head to ‘My Payments and Transfers’. Then select the ‘Virgin Saver Transfer’ link on the left and enter the amount you want to transfer from your Nominated Linked Account in the next screen. You can also set up an Automatic Savings Plan here by selecting the ‘Set schedule’ option.
Set up an Automatic Savings Plan (ASP)
An Automatic Savings Plan transfers your savings straight into your account on a regular basis from your Nominated Linked Account. This way, you can sit back and just watch your savings grow. Even small regular deposits can make a big difference to your savings in the long term.
Once your linked account has been activated, simply:
- Login to Virgin Money Online at my.virginmoney.com.au
- Head to ‘My Payments & Transfers’
- Select the ‘Virgin Savings Transfer’ link on the left
- Confirm the amount, frequency and beginning date of your future payments and they'll be transferred into your account as requested. It’s important to know the beginning date of your Automatic Savings Plan needs to be at least one day after the day you’re creating it.
It’s another smart way of getting your hands on whatever you’re saving for, quicker. You can put part of your salary straight into your Virgin Saver each pay day. That way from the day you get paid, you’re earning a high variable interest rate. That means faster savings for you.
Here's how to move some of your salary
- Step 1:
- Decide how much you’d like to save from your salary each pay day.
- Step 2:
- Ask your work’s payroll department if they can direct credit salaries. If so, give them your Virgin Saver BSB (it’s 242-265), account number and name and tell them how much to put in.
- Step 3:
- Now you can relax. Your payments will be made automatically to your Virgin Saver.
It’s important to know that you can’t deposit funds from any source outside of Australia or make a cash deposit at any time into your Virgin Saver Account.
Clearing times that apply to some transfers
There are clearing times that apply to some deposits. Cheque deposits will take 5-7 business days to clear. Automatic Savings Plan and one-off direct debit requests made using Virgin Money Online from your Linked Account will take 5 business days to clear. During this time, the funds deposited in your account will show as funds ‘On deposit’ and not as ‘Funds available’ but will continue to earn interest during the clearance period.
The interest rate applicable to your account may change depending on your account balance and other factors, so always make sure you’re up to date with any of our offers and the terms and conditions that apply to them, which you can find on our website virginmoney.com.au/savings.
Once your account is activated the funds transfer functionality will become operational and you’ll be able to log onto Virgin Money Online or use our Telephone Self Service and request a withdrawal to your Nominated Linked Account. There is a daily withdrawal limit of $10,000 via our Telephone Self Service and $100,000 via Virgin Money Online.
If you need to withdraw an amount greater than $100,000, you can complete a manual request form through Virgin Money Online. You’ll find the form in the ‘Manage My Accounts’ section in the ‘My Account’ tab.
For any future dated withdrawals, deposits or Automatic Savings Plans there is a $10,000 limit.
It’s important to remember that you can only transfer money back to your Nominated Linked Account and not to any other bank account.
Generally, we’ll transfer your money to your linked account on the day of your withdrawal request, if we receive it before 4pm Sydney time on a business day. Any requests outside this time will be processed on the next business day.
And just a word on fees, although we don’t charge any fees whatsoever to your Virgin Saver, unfortunately, we don’t have any control over other financial institutions, their fees and charges or any government legislation or controls that may create costs on your transactions.
We'll email you each month to let you know when your statement is ready to view online. You can access them from the ‘See my Statements’ link on the right hand side of your Home page. You can view statements for the past 12 months in your online account.
If you close your account, your online access will be closed at the same time and your last statement will be mailed to you in the following month.
Step 1 - Request a copy of your direct credits from us
You can request a copy of your "Direct Credit Arrangement List" to be sent to you. Just call us on 13 37 39 and we’ll get it sent out.
Step 2 - Transfer your direct credits
Once you’ve received your list of direct credits, you’ll be able to transfer those to your new account. You can check with the organisation of your new account if they have a specific form you should use to change your details.
Step 3 - Close your account
Once you’ve transferred your salary and all your direct credits, don’t forget to cancel any future dated transfers. To do so, you just need to log into your online account and go to the ‘Payments & Transfers’ section and select the ‘List of Scheduled Payment / Transfer’ option.
To close your account, you then just need to head to the ‘Manage my account’ page from the ‘Accounts’ section, where you’ll find the form to close your Virgin Saver Account. If you close your account, your online access will be closed at the same time and your last statement will be mailed to you in the following month.
If you haven’t advised us of your Tax File Number when you applied, you can let us know any time. Simply:
- Login to Virgin Money Online
- Head to the ‘Manage my account’ page from the ‘Accounts’ section
- Select the ‘Update or add a Tax File Notification for my Virgin Savings Account’ link and fill in the form
You just need to login to Virgin Money Online using your User ID and Password. On your home page, select the ‘change my contact details’ link and just complete the fields you'd like to update and confirm the changes. If you prefer, you can also give us a call on 13 37 39.
It’s very important that you keep your e-mail address up to date. As the Virgin Saver is an online account, in most cases, we’ll correspond with you via e-mail. If we receive an error message to our e-mails, as a security measure, we may suspend your account until we’ve been notified of your correct e-mail address.
If you need to change your name simply complete this Name Change Form and pop it in the post.
If you have an Automatic Savings Plan or any direct credits set up to draw savings from your Nominated Linked Account into your Virgin Online Saver Account, don’t forget to cancel these and set up new direct credits from your new Nominated Linked Account.
You’ll need to reactivate your Virgin Saver Account by transferring funds from your new linked account, and you can do this anytime from when the account has been changed. For your additional security and to protect your account from fraudulent activity you’ll be unable to make a withdrawal from your Saver Account for a 5 day period from when the Nominated Linked Account is changed. So if you’re going to need any of the funds held in your account during this period, it’s best to make a withdrawal prior to changing your linked account.
You can transfer your funds to activate your Virgin Saver Account during this period however it’s important to know that you’ll be unable to withdraw any funds during this 5 day security period.
It's also important to know that we currently cannot accept Credit Union or Building Society accounts as linked accounts.
It’s important to know that your Savings Plan needs to start at least one business day after the day you’re creating it.
If you’ve actually forgotten your User ID or Password, you can retrieve them by following the steps below or give our Customer Care Team a call on 13 37 39 or +61 2 8288 2222 if calling from overseas, they're available 24/7.
- If you've forgotten your User ID, you can get confirmation of your Virgin Money Online User ID from the my.virginmoney.com.au home page. Just select the “Forgot your User ID?” link on the login page and enter your Internet Access Number and your Internet PIN, your user ID will be displayed straight away
- If you’ve forgotten your Password, you can reset your Password online by selecting the “Forgot your Password?” link on the login page at my.virginmoney.com.au. You’ll need to enter your User ID, Internet Access Number, Internet PIN and Account number and you will then be able to choose a new Password.
Terms & Conditions apply and are available by clicking here. As this is an online account we can only accept electronic deposits and cheques, and all withdrawals must be made to your nominated linked account. While there are no fees payable on your Virgin Saver Account whatsoever, fees may apply to your nominated linked account. Please check with the relevant financial institution where your nominated linked account is held. Any advice is of a general nature only. We haven’t taken into account your objectives, financial situation, or needs when preparing it. Before acting on this advice you should consider if it's appropriate for your situation. Details about our dispute resolution system can be found by clicking here.
Virgin Money (Australia) Pty Limited ABN 75 103 478 897 AR No 280884 promotes and distributes Virgin Saver as an Authorised Representative of Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL No. 286869. Citigroup Pty Limited ABN 88 004 325 080 AFSL No. 238098 (“Citibank”) is the issuer of Virgin Saver.
*3.75% p.a. variable ongoing rate applies to customers who take out a Virgin Saver product from 14 May 2012. For customers who opened a Virgin Saver product prior to 14 May 2012 a variable ongoing rate of 2.90% p.a. applies.
#Total balances of $250,000 or less will automatically access (fee free) the Australian Government Guarantee under the Financial Claims Scheme. As Citibank issues the Virgin Saver and is the registered ADI under the Financial Claims Scheme, the sum of all balances held in Virgin Saver and any other Citibank accounts will be covered by the Australian Government Guarantee up to a maximum of $250,000 per person. For more information go to www.apra.gov.au or call 1300 55 88 49.
+Please note that fees and other charges may apply on your Nominated Linked Account.
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