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High interest savings explained

All you need to know about what high interest savings is and how it benefits you.

How it works

Find the right one for you

How to apply

Understanding high interest online savings accounts

A high interest online savings account is an account where you save money to earn interest. The interest you earn is calculated daily and paid directly into your account, monthly. Plus you have the flexibility of accessing your money whenever you want.

Move your money around, when you want
Link your online savings account to a Nominated Linked account and easily transfer money, from one to the other. In fact, you’ll be able to access your account whenever you want, online or with a phone call.

Here’s how it works:

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Things you should look for in a high interest savings account

  • A high introductory rate and how long it will apply to your account
  • A competitive, ongoing interest rate
  • Check how your interest will be calculated 
  • Keep a look out for low, or even better, no fees and charges
  • Ensure you can get your money when you want, anytime, online or over the phone
  • Be aware of limits on transfers
  • Check to see if there’s no opening or ongoing balance required
  • Check you can receive eStatements
  • And, great customer service.

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How do you get one, today

Applying for the Virgin Saver is easy. Everything's right here online, so it only takes a few minutes. It's quick to set-up, and easy to manage and in 4 quick steps you're on your way:

Step 1 – Confirm a few things
Just click on the 'apply now' button below and the next page will help you know if the Virgin Saver account is the right one for you. We also give you a few tips to make sure the process is as quick and easy as it can be.

Step 2 – Complete our easy online application
Enter your personal details like your name, contact numbers and addresses, your Tax File Number, and details of your current Australian transaction account you’d like to use as your nominated linked account. It's best to have this information ready before you start. It's important to know that we don't accept applications for companies, trusts or DIY super funds.

Step 3 – Submit your application
Make sure you've read and accepted the terms and conditions that apply to the Virgin Saver account, confirm the details you've entered and submit your application. Your account and reference number will be displayed to you at that time and you can print them out for your records.
Then check your e-mail inbox to check if your account has been opened or if you'll need to complete our manual identification process.

Step 4 –Set up your account
If you've passed our identification process and received our confirmation e-mail, you can start depositing funds and activating your account straight away by making a transfer to your Saver using the online, or telephone banking service, provided by the financial institution holding your nominated linked account.
We’ll also send you all the information you need to set up your online access so you can manage your account 24/7 within a few days of your account being opened.

Of course, the sooner you start making deposits, the sooner you'll start earning a high interest rate on your balance. Apply now to start saving and start earning a high interest rate on your money.



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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