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Manage your account

It’s easy to make a deposit and start earning a great rate. Here’s how:

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 'Payments &Transfers'. Then select 'Make a Payment & Transfer' select your linked account in the 'To Account' section and follow the prompts.

Set up an Automatic Savings Plan (ASP)
You can also set up an Automatic Savings Plan by following the steps above and selecting the 'Set schedule' option. 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.

Transfer money from other places and save even faster
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.
Other ways you could boost your savings are by direct crediting dividends, tax refunds and other income (like rent) straight into your Virgin Saver. Again, you just need to give your Virgin Saver BSB (242-265), account number and name to the people making the payments.

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.
It’s important to know that, for security reasons, you must activate your Nominated Linked Account before you can make a withdrawal.

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 your monthly statement in the form of an encrypted PDF attachment, you will be required to enter a password to view your statement.

If you wish to access your statements online, you can view them from the 'Download recent statements' link on the right hand side of your Home page. You can view statements for the past 2 years 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.
If you wish to switch your savings to another account, you’ll possibly need to switch the direct credits that use your Virgin Saver BSB and account number.

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.
Advising us of your Tax File Number (TFN) or an appropriate Exemption Code will only take you a minute.

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 'Account Services' page from the 'Services' section
  • Select the 'Update TFN to Account' link and fill in the form
It’s up to you whether or not you advise us of your Tax File Number or an appropriate Exemption Code. Although if you don’t, and you’re an Australian resident, we’re required by law to withhold tax at the highest marginal rate from any interest earned on your account for each month that we do not have your TFN on file.

It's really important to keep us up to date with your contact details, especially your email address as this is where we'll send your monthly Saver statement and also any other important information relating to your accounts.

The good news is it's easy to do. Log into Virgin Money Online then go to: Services > My Profile > My Contact Details, or just give our Customer Care Team a call on 13 37 39, they're available 24/7.

If you need to change your name, we need you to:

  1. Provide a signed written request - please specify your account number and the changes to your name. Request should bear both your old signature and new signature.
  2. Provide evidence of your name change – such as marriage certificate, divorce papers or deed poll, change of name certificate issued by the State’s Registry Office of Births, Deaths and Marriages, passport or driver’s license (please do not send the original – a certified true copy is adequate). Evidence must be stamped and signed by Justice of the Peace who is registered on the Justice of the Peace website.
  3. Post this detail to us at Virgin Money, Reply Paid, GPO Box 40, Sydney, NSW, 2000 or alternatively fax it to us on 1300 794 785.

As soon as we get them we’ll arrange to update your name on your account.

If you ever need to change your linked account, all you need to do is log on to Virgin Money Online with your User ID and Password, head to the 'Payments & Transfers' tab, then 'Manage / Add Payees' and complete the 'Virgin Saver Linked Account Change' form. It takes 2 working days to make this change and once done, we'll send you a letter to confirm the change.

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.
If you've set up an Automatic Savings Plan for your Virgin Saver Account and would like to change the amount or frequency or need to cancel it, just head to the 'Payments and transfers' section in your online account and select the 'Manage Payments and Transfers' All your scheduled transactions will be displayed in this section and can then be amended or cancelled.

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'd like to choose a new User ID or Password or different security questions, just log into your Virgin Money Online Account using your current User ID and Password, head to 'My Profile' and select from the list of options what you'd like to update, or give us a call on 13 37 39 if you prefer.

If you've actually forgotten your User ID or Password, you'll need your Internet Access Number If you no longer of your Internet access number SMS you can request a new one by calling our Customer Care team on 13 37 39 or +61 2 8288 2222 if calling from overseas, they're available 24/7.

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.

*3.40% 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 2.60% 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