Virgin Saver

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FAQs

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How to get my Virgin Saver Account and more

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All Australian residents for tax purposes aged 18 or older. Sorry, no applications for businesses purposes or in a business name or self-managed super funds.
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Your account is considered open once you have successfully completed the identification verification process. If we are unable to identify you electronically through the application process then you will need to submit an identification form by heading to an Australia Post outlet. Please allow up to 3 business days for this form to be processed and your account opened.

We will confirm that your account has been opened via an email. We'll also send your Account Number to you in your Welcome Letter, within 10 business days of your Account being opened. We’ll also send you your Internet Access Number, Internet PIN (IPIN) and Telephone PIN (TPIN) so you can access your Account online or over the phone.
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Yes, all you need to do is click on 'Joint Account' when you're completing the online application. You'll also be asked to Nominate a Linked Account, your Nominated Linked Account must also be a Joint Account in the same names as your Virgin Saver Account.
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We try to identify customers electronically, however sometimes that's not possible. Only customers we've been unable to identify electronically need to go through our manual identity process.
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You can start making deposits once all applicants have been identified and you've received our confirmation e-mail advising your account is open. It's important to know that you can't withdraw from your Virgin Saver Account until you've activated it.

To activate your Virgin Saver you need to make an initial transfer using the online, or telephone banking service, provided by the financial institution holding your nominated linked account. You'll need our BSB 242-265 and your Virgin Saver account number.
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You'll need to activate your Saver Account before you can make any withdrawals. You can activate your account by depositing funds of any amount from your Nominated Linked Account (an Australian Bank account) into your Virgin Saver Account.

It's important to know that for security reasons, your account will be active 3 days after you transfer the funds from your Linked Account and you’ll then be able to withdraw funds.
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It's easy, all you need to do is log on to Virgin Money Online with your User ID and Password, and provide us with the relevant Tax File Number.

It's important to know that Virgin Money is required to withhold tax at the highest marginal tax rate plus the Medicare Levy from income earned on your account for each month that we do not have your TFN on file.

Setting up your Nominated Linked Account

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As long as it's an Australian Transactional Account and is for personal use and it must allow you to transfer funds directly to your Virgin Saver. The linked account must be in the same name as your Virgin Saver Account, this applies to both joint and individual Accounts.

Some Credit Union and Building Society accounts aren't currently accepted as linked accounts. You'll receive an error message during the application process if this applies to your account.

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Our Virgin Saver Account is designed to be used with one linked account. You can change the linked account online whenever you like. Another option is to open another Virgin Saver Account and link it to a separate account.
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The linked account must be in the same name as your Virgin Saver. We do not accept applications in Company or Trust names - we only accept personal accounts.
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To change your linked account, all you need to do is log on to Virgin Money Online with your User ID and Password, and provide us with your new linked account details. It takes 2 working days to make this change and once done, we'll send you a letter to confirm the change.

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. You can transfer your funds to activate your 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.

Interest Rates

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Yes, all rates on the Virgin Saver are variable, which means the ongoing rate can change from time to time. If we do change our rates, we'll display our latest rates in the 'Savings' section of the Virgin Money website and advertise the change in a national newspaper. You can also see your current interest rate on your monthly statement.

Setting up Virgin Money Online

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To register for Virgin Money Online you'll need to set up your User ID, Password and Security Questions. It's easy, just head to the Virgin Money Online Registration page at my.virginmoney.com.au and follow the instructions contained in your Internet Access Number letter.

You can also click on the following link to watch our demo.
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If you've forgotten or misplaced any of your PINs, give our Customer Care Team a call on 13 37 39 (+61 2 8288 2222 if calling from overseas), they're available 24/7 and just let them know what you’re after.

They'll arrange for a new one to be posted out to you.
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If you've forgotten your User ID, you can get confirmation of your Virgin Money Online User ID online. Just select the "Forgot your User ID?" link on the login page on my.virginmoney.com.au and enter your Internet Access Number and your Internet PIN and 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 on my.virginmoney.com.au. You’ll need to enter your User ID, Internet Access Number, Internet PIN and Account number and will then be able to chose a new password. If you need any help, 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.
 

Virgin Money Online Security

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Security Questions are designed to provide you with an extra level of security. There's a set of 12 questions ranging from 'what is your favourite colour?' to 'what school did you go to?'

As part of the set up procedure you'll need to provide three answers to your choice of questions. Always pick questions that you can easily remember the answers to as you'll be asked to answer at least one question each time you sign on.
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The dynamic on-screen keyboard provides greater online security when entering your password or PIN number. By using your mouse to enter this information rather than your keyboard, we are reducing the likeliness of being targeted by key logging software.
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As an enhanced security measure, Virgin Money Online OTP (One Time PIN) is available to Virgin Money customers and is a randomly generated 6 digit PIN which is a stronger method of authenticating your online transactions. Each time you want to view detailed account information, make a change to your details or perform a transaction through Virgin Money Online you’ll be required to enter an OTP. The OTP is received via SMS on your mobile phone.

When you need to view detailed account information, make a change to your details or perform a transaction you will be required to enter an OTP as a second level of authentication to confirm that the request is authorised by you. This OTP will be delivered to you via SMS.

You only need to enter one OTP per online session. Once you have entered your OTP you can perform as many enquiries or transactions as you like within that session.

If you’d like to know more about OTP, there are more FAQ’s contained in this document – click here.
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Online enquiries and transactions that require an OTP are those that could potentially compromise your security or privacy as customers of Virgin Money. These transactions include:
  • Account details and activity
  • Download account activity
  • View statements
  • Transfer and payments
  • Manage payees
  • My offers
  • Rewards
  • Update Contact Details screen /address screen
  • Change user id
  • Change password
  • Statement delivery preference
If you’d like to know more about OTP, there are more FAQ’s contained in this document – click here.
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Virgin Money Online OTP (One Time PIN) is an option available to Virgin Money customers. You’ll sign on to Virgin Money Online the same way, using your Username and Password. You’ll no longer need to enter your challenge response question and you’ll be directed to your account balances home page. The Virgin Money Online OTP will only be entered when you want to view detailed account information, make a change to your details or perform a transaction.

If you’d like to know more about OTP, there are more FAQ’s contained in this document – click here.
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You're Protected
Yes. We’ll always do everything we can to keep your online transactions safe and secure. We’ve invested in 128 bit SSL technology and we’ve a range of security initiatives in place that are part of our ongoing commitment to making your online activity as safe as it can be. When using Virgin Money Online any communications you send to or receive from our secure system is specially encrypted to make sure all of the data stays completely confidential. As soon as you sign in to Virgin Money Online the page will tell you the last date and time you signed in. If you notice any unusual activity, give us a call immediately 13 37 39.

Added protection
We use a dynamic on-screen keyboard (it’s on the Login page), which protects your password when you enter it. You use your mouse to enter your password using the on-screen keyboard instead of typing the keys in the traditional way, which can be targeted using key logging software. We also use a digital certificate so you can check the identity and authenticity of our websites. You’ll find it by clicking the Padlock Icon in the Status Bar at the bottom of the page.

And we’re looking out for you 24/7
Virgin Money Online is monitored by our dedicated team of security personnel around the clock. They consistently look for ways to make our site safer and maintain all of our internet services so they’re always available when you want to use them. If you suspect your Account has been compromised in any way, call us immediately on 13 37 39, or 61 2 8288 2222 if you’re outside Australia. You’ll find more about online security at the websites of:

Australian High Tech Crime Centre
Australian Competition and Consumer Commission – Scamwatch Australian Securities & Investment Commission.

My Deposits, Withdrawals and Transfers

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You can make deposits into your Virgin Saver Account in any of the following ways: Organise a direct credit, i.e. salary credit or dividend payment, via Internet Banking using our Virgin Money BSB 242-265 (to make a funds transfer from another Australian account) or by sending us a cheque.

Cheque deposits - please note:

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 3483
Sydney NSW 2001

Sorry, but we can’t guarantee cheques received without a clear name and account number noted on them will be deposited to your account.
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You should seek independent financial and tax advice as to the implications of depositing funds from your SMSF. It's important to remember that you can only withdraw funds from your Virgin Saver to your nominated linked account.
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Yes, however you need to make sure you don't require the funds for day to day expenses. Our Virgin Saver Account is not an everyday transaction account. If you don't need quick access to your salary and you want to put it towards your savings plan, then just provide your BSB and account number to your employer. To make it easier you can download our Salary Credit form. Your Virgin Money BSB is 242-265 and you'll receive confirmation of your Account number in the post and on your statement.
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To activate your Virgin Saver you need to make an initial transfer using the online, or telephone banking service, provided by the financial institution holding your nominated linked account. For security reasons, your account will be activated 3 business days after you transfer the funds from your Linked Account.
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Yes it's easy. To set up a regular credit from another bank account to your Virgin Saver Account, you can arrange it via your Nominated Linked Account's site. You'll need your Virgin Saver Account number and the Virgin Money BSB which is 242-265. You can also set up an automatic savings plan by heading to Virgin Money Online and using the Payments and Transfers section.
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You can make withdrawals by logging on to Virgin Money Online and transferring money to your Nominated Linked Account only.

It's important to know that you can't withdraw from your Virgin Saver Account until you've activated it. To activate your Virgin Saver you need to make an initial transfer using the online, or telephone banking service, provided by the financial institution holding your nominated linked account. For security reasons, your account will be activated 3 business days after you transfer the funds from your Linked Account and you’ll then be able to withdraw funds.

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Once you've activated your Saver account, you can withdraw amounts of up to $10,000 per day by using our Telephone Self Service and $100,000 a day once you've logged into Virgin Money Online.

For amounts greater than $100,000 you'll need to complete our online 'Request a Manual Transfer of Money' request by heading to 'My Accounts' in your online account and then 'Manage my Account' and select the manual transfer link in the Online Saver section.
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No you don't, the Virgin Saver Account has no minimum balance requirement.
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If you'd like to close your Saver account, log into Virgin Money Online and head to the 'Manage my account' section, under the 'My accounts' tab and complete the 'Close my Virgin Saver account' form. Requests to close your Saver account cannot be accepted via phone or written instruction and must be completed via your Virgin Money Online account.
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There are no maximum amount limits that can be withdrawn per day by accessing Virgin Money Online. However for amounts greater than $100,000 you'll need to complete our online 'Request a Manual Transfer of Money' request by heading to 'My Accounts' and then 'Manage my Account' and selecting this option.
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To change your linked account, all you need to do is log on to Virgin Money Online with your User ID and Password, and provide us with your new linked account details. It takes 2 working days to make this change and once done, we'll send you a letter to confirm the change.

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. You can transfer your funds to activate your 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.
 

General Information

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When you apply for the Virgin Saver, you'll be asked to agree to receive your monthly account statement electronically. The statement will be placed securely within Virgin Money Online for you to view once you've logged in. There's no losing it that way.
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Your monthly statement will show the interest credited to your account as well as the interest rate that is applicable to you when your statement is issued. You can check your current Virgin Saver rates online.
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Yes, tax is payable on the interest earned on this account.

You're not required to quote your Tax File Number (TFN) or an appropriate exemption. However, if you don't, and you are a resident of Australia, Virgin Money is required to withhold tax at the highest marginal tax rate plus the Medicare Levy from income earned on your account for each month that we do not have your TFN on file.

If you don't supply a TFN at the time of application you can do so at any time once your Account is open by logging on to Virgin Money Online.

If you are a resident of Australia in the financial year in which the interest is paid or credited, your interest will be included in assessable income for Australian tax purposes.

You should seek your own independent financial and taxation advice before making a decision whether to open an account.
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There are absolutely NO fees whatsoever for the Virgin Saver Account!
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Important information

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.

Please note that to read our PDF forms you will need to have Adobe Reader installed on your computer.

 


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