Virgin Money Savings Account

Grow Saver account

Need a savings account that saves you from dipping into it? Stash your savings in a Virgin Money Grow Saver to earn up to 2.30% p.a. when you meet our Monthly Criteria and switch on the Lock Saver Feature. Provide 32 days' notice period to unlock. T&C's apply.35

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Grow your savings with our high variable interest rate

0.05% p.a.
Base Interest rate4
1.95% p.a.
Bonus Interest rate when you meet the Monthly Criteria4
0.30% p.a
Notice interest rate when you enable the Lock Saver Feature35
= 2.30% p.a.
Total possible Variable Interest rate*

*Highest variable interest is earned on your Grow Saver when you meet the Monthly Criteria and enable the Lock Saver Feature, which requires a 32 day notice period before money can be withdrawn.T&C's apply.35


Let’s get you that Bonus Interest

So how exactly do you earn 2.30% p.a.35 on your Grow Saver? 

Firstly, to earn 1.95% p.a.4 Bonus Interest on top of the 0.05% p.a.35 Base Interest rate, you just need to meet the following Monthly Criteria:

  • Make at least 1 deposit into your Grow Saver each month.
  • Make a maximum of 1 withdrawal each month.

Then, to get the 0.30%35 Notice Interest rate:

  • Turn on the Lock Saver Feature in the Virgin Money app (available to customers aged 18 years and over).
    • This feature can be great for savings you don’t need to access immediately.
    • Give 32 days’ notice to unlock your account or withdraw your money. Ta-da!

More about rates and fees


Important criteria details

Some Grow Saver good-to-knows

A few important Grow Saver interest rate and monthly criteria details we recommend you have a read of.

The limit does not exist

As long as you meet the Monthly Criteria35, you can grow those savings as large as you like with no maximum balance.

Aged 14–17?

You don’t need to meet the monthly criteria if you are under 18 years of age. You will automatically receive the 1.95% p.a.4 bonus interest. 

Lock Saver’s 32–day rule

Turning on the Lock Saver Feature in your Virgin Money app will earn you an additional 0.30% p.a.35 interest rate. When you want to withdraw money, you’ll need to wait 32 days until you can access your money. This makes it ideal for a long-term savings account.

Make meeting criteria a team effort

When you have a joint Go Account, the same Monthly Criteria apply – you just have an extra person to help you meet them.

Grow Saver benefits

Get better acquainted with Grow Saver

Access your savings

If you haven't turned on the Lock Saver Feature, you can withdraw from your Grow Saver account once per month without losing the 1.95% p.a.35 bonus interest rate. With Lock Saver enabled, you can still withdraw money but there’s a 32-day notice (waiting) period before funds become available.

Split your savings into up to 9 goals

Want 9 Grow Saver accounts to save for different goals? You got it. Open up to 9 savings accounts, and manage them all in the Virgin Money app.

Save smarter not harder

The Virgin Money banking app helps you build good money habits and save for the long term with clever budgeting tools, spending insights and real-time alerts.

Monthly account keeping fees? Not here

Watch your savings pile up faster because they’re not being eaten away by monthly account keeping fees.

Save securely

Your savings deposits are guaranteed up to $250,000 per customer by the Australian Government's Financial Claims Scheme.22

Open an account

Save with the Virgin Money app

We’re literally putting banking into your hands

Our banking app is half handheld Finance Bro and half cheerleader, encouraging you to build better money habits and save like a pro.

Round Up to save up

Put saving on autopilot by switching on the Round Up feature6, which rounds every debit card transaction up to the nearest dollar and deposits the difference into your Grow Saver account. You’ll need to give us 32 days’ notice to unlock your account or withdraw your money. Available to customers aged 18 years and over.


lock saver

Higher interest on lock

Enable the Lock Saver Feature on your Grow Saver to earn an additional 0.30% p.a. interest.35 Perfect for long-term goals when you don't need immediate access to your money.


Set up for savings success

Set up to 9 personalised savings goals then smash them with the help of smart spending insights and real-time alerts. We'll even tell you when you're tracking ahead or slipping behind your target.

Download the Virgin Money app

Fees and charges

Fees and charges on the Grow Saver account

Name Fee Description
Monthly Account Keeping Free There are no monthly account keeping fees with our Virgin Money Deposit Accounts.
BPAY, Pay Someone, Card Transactions Free There is no fee charged by Virgin Money for performing a BPAY® Payment, pay anyone of making a card transaction, which you should be advised of at the time of making the transaction.
Domestic ATM Withdrawal Fee Free We don’t charge fees to withdraw cash, however a fee may be charged at the ATM and should be displayed on the screen before proceeding with the withdrawal. Most major bank ATMs do not charge a fee, giving you access to over 10,000 ATMs across Australia.
Domestic Emergency Card Replacement $15 Charged when we courier a card to you within Australia.
International Emergency Card Replacement $75 Charged when we courier a card to you internationally.
Currency Conversion 2.50%

Fee charged for any International Transaction which includes:

  • any transaction made in a foreign currency; or
  • when any transaction is processed outside of Australia (in Australian dollars or a foreign currency).

It is calculated as a percentage of the Australian dollar equivalent.
International ATM Withdrawal $5 Charged when a withdrawal is performed at an ATM outside of Australia. A fee may also be charged by the ATM owner and should be displayed on the screen before proceeding with the withdrawal.
International Balance Enquiry $2 Charged when a balance enquiry is performed at an ATM outside of Australia. A fee may also be charged by the ATM and should be displayed on the screen before proceeding with the withdrawal.
Trace $20 Charged when you request us to initiate a trace to confirm that a third-party payment was received at the destination account or when an unknown third-party payment has been received in your account. Note: the fee will be waived if the trace shows that the transaction was incorrectly posted to your account. 
Manual Statement $10 Charged when you request a manual statement to be generated and emailed to you. All statements are available on the Virgin Money App and can be accessed for closed accounts.
Paper Statement – Domestic $3 Charged for each paper statement that is required to be posted to an address in Australia.
Paper Statement – International $5 Charged for each paper statement that is required to be posted to an International Address.
BPAY Error Correction Fee $30 Charged when you and / or the BPAY biller request us to correct, investigate, dispute or trace an error made on a BPAY instruction. Note: This fee will be waived where it is determined that either our or the BPAY system has caused the error to occur.
Direct Debit Dishonour Free Charged for each direct debit that is dishonoured on the same day that the dishonour takes place.
Cheque Dishonour Free There is no fee charged for a cheque deposit that is dishonoured on your account.
Bank Cheque $10 Charged for each bank cheque that is produced and posted to an Australian address.
Withdrawal by card at Bank@PostTM Free There is no fee to withdraw cash using your card at Bank@PostTM
Deposit of cash at Bank@Post TM Free There is no fee to deposit cash at Bank@PostTM
Deposit of cheques at Bank@PostTM Free There is no fee to deposit cheques at Bank@PostTM
Balance enquiry at Bank@PostTM Free There is no fee to check your account balance at Bank@PostTM



More details about rates, fees & limits

 

Passed the vibe check? Open a Grow Saver in minutes

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Want to know more?

Virgin Money Go Account 

The everyday account that earns points for every purchase, direct debit and BPAY payment.1

Learn more

Virgin Money Boost Saver

Our high-achieving, highest interest-earning savings account when you switch on the Lock Saver Feature and meet our Monthly Criteria.34

Learn more

Lock Saver Feature

Pin down a higher interest rate when you lock your savings in. (Psst. You’ll need to give us a 32 days’ heads up before you can access your funds when it’s enabled.)

Learn more

Rates and fees

See our account rates, limits and charges in detail.

Learn more


Open a Virgin Money bank account anywhere, anytime

Download the Virgin Money app, or join online, and sign up in minutes. Literally.
(Have your favourite type of Australian ID handy.)

Get it on the App storeGet it on Google Play


Want to chat?

Call us

For Go, Boost Saver or Grow Saver accounts you can call us on 13 81 51.

In-app chat
Profile > Help & Support > App support > Chat to us If we are not available right away or it’s after hours, we’ll respond as soon as we’re back on deck.
Operating hours
Monday to Friday: 8am – 8pm AEST Saturday: 9am – 5pm AEST

FAQs

  • What is a long-term savings account?

    A long-term savings account is generally a savings account with a larger savings goal which you may be working towards for anywhere between a couple of years to a couple of decades. The savings goal may be for a deposit on a house, an extended period of unemployment to travel or retire or for a child’s education. Features you may look out for in a long-term savings account are no fees, no maximum balance and a strong interest rate.

  • What is a Grow Saver account?

    The Virgin Money Grow Saver is an account that is designed to help your savings, you guessed it, grow! We offer a competitive variable savings rate plus bonus interest by meeting specific criteria. Another unusual feature of this account is that you can open it without a transaction account.

  • How much should I put in my long-term savings?

    The amount you should put into your long-term savings account largely depends on your financial goals, income, expenses, and personal comfort level. As a general rule of thumb, financial experts often recommend saving at least 20% of your income. However, this amount can be adjusted based on your individual circumstances and objectives.

    Remember, the key to successful long-term savings is consistency. Even small, regular contributions to your savings account can add up over time, thanks to the power of compounding interest. Consider seeking advice from a financial advisor to create a savings plan that suits your needs.

  • What’s the difference between a Virgin Money Grow Saver and a Virgin Money Boost Saver?

    They’re both high interest savings accounts. The Virgin Money Boost Saver is our highest interest savings account that comes with a seriously rewarding linked transaction account – the Virgin Money Go Account.

    If you don’t need an everyday bank account, then the Virgin Money Grow Saver could be for you.

    But if you love rewards and want to score Virgin Money Points on your everyday purchases, direct debits and BPAY payments, PLUS get a higher interest savings account, then check out the Boost Saver benefits.

    Check out Boost Saver

  • If I withdraw money from my Grow Saver, can I still get the bonus interest?

    Yes, as long as you don’t make more than 1 withdrawal per month. But a heads up: you will need to make at least 1 deposit per month too, to meet the monthly criteria. The great news is there's no minimum monthly deposit amount needed to qualify.

  • Can I get a Virgin Money Grow Saver without a Virgin Money Go Account?

    Sure can. The Grow Saver is a free ranger, roaming the plains, lassoing those savings. There’s no need for a Virgin Money transaction account to have a Grow Saver – but you will need some kind of transaction account with a bank or other financial provider so you can make an online transfer to your Grow Saver.

    If you'd like a Virgin Money transaction account, the Go Account is the perfect linked everyday account that also earns you rewards.

  • Do I have to download the app to apply for my savings account?

    No – not to apply for your Virgin Money bank account. You can apply for an account through either the Virgin Money mobile app or our website.

    But you will need to download the app to manage your account. Give it a try! (And if you don’t love it, tell us why and we’ll do everything we can to make it better for you).

    • More FAQs