We're no longer taking new applications for Virgin Saver
Virgin Money Saver: Important Information
Existing customers, login to your account through the link below. Looking for a savings account? Explore our exciting new product range.
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Manage your account
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Has my current Savings account changed?
No, your current Savings account remains unchanged and you can manage it as you always have via Virgin Money Online or by calling the customer care team on 13 37 39.
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Can I apply for the new transaction and savings products?
Absolutely! Just check out our new accounts and then sign up for the one that best suits you.
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How to make a Deposit
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 application to your account is variable and may change at any time. - Step 1:
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How to make a Withdrawal
Use Virgin Money Online or our telephone service to request withdrawals to your nominated 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. -
View your Statements online
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. -
Switching from Virgin Money
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. -
Updating your Tax File Number
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
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Updating your personal details
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:
- 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.
- 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.
- 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.
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Changing your Nominated Linked 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. -
Updating your Savings Plan
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. -
Changing your Online Account login details
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 have your internet access 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.
Interest rates
| When did you open your account? | Interest rate applicable |
| Customers who opened a Virgin Saver Account on or after 14 May 2012. | 1.25% p.a. variable ongoing rate. |
| For customers who opened a Virgin Saver product prior to 14 May 2012. | 0.45% p.a. variable ongoing rate applies. |
Rates are effective 3 December 2020. All rates are variable and subject to change at any time without notice.
Forms and T&Cs
From organising a salary payment to changing your name, you’ll find the form you need right here along with the terms and conditions that apply to your account.
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Useful forms
If we were unable to identify you electronically, you'll need to complete this form and head down to Australia Post to complete your ID verification.
This form will make it a little easier to set up a regular salary credits from your employer directly into your Virgin Saver. -
Terms and Conditions
This is an important document you should read to understand the terms and conditions relating to the Virgin Saver account.Please note that the Virgin Saver was withdrawn from sale effective 7 November 2014.
Another important document relating to the use of the Non-Cash Payment Facilities of your account such as Direct Debits, your online account and the Telephone Self Service.
Contact Us
There’s also our FAQ section that may help answer a question or two.
Please note that we are no longer taking new applications for Virgin Saver accounts.
Existing Virgin Saver customers can manage their account online 24 hours a day, 7 days a week.
| Existing customers | |
|---|---|
| Our Customer Care Team is available 24 hours a day, 7 days a week |
13 37 39 |
| If you're calling from overseas | +61 2 8288 2222 |
| Email us your feedback or ask a question | expert@virginmoney.com.au |
| To send a Cheque Deposit to your Virgin Saver | Virgin Money |
| To send a written complaint | Virgin Money Customer Advocacy Unit |
| Accessibility services | |
|---|---|
| National Relay Service | relayservice.gov.au |
| Internet Relay Users | iprelay website and request +61 2 8288 8888 |
| Telephone Typewriter (TTY) Users | Call 133 677 and request +61 2 8288 8888 |
FAQs
Your online account
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Q. I don't remember my User ID or Password!
A. If you've forgotten your User ID or Password you'll need your Internet Access Number and Account Number.
If you don't know your Internet access number, 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.
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Q. What is Virgin Money Online One Time PIN (OTP) and how does it work?
A. 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. -
Q. What are the online transactions that require a Virgin Money Online OTP?
A. 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:
- View statements
- Transfer and payments
- Manage payees
- My offers
- Rewards
- Update Contact Details screen /address screen
- Change user id
- Change password
Find out more about OTP in this FAQ document.
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Q. Is it safe to use Virgin Money Online to manage my Accounts?
A. 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 transactions
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Q. How do I make a deposit into my Virgin Saver Account?
A. 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. -
Q. Can I deposit money from my SMSF into the Virgin Saver?
A. 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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Q. Can I arrange for my salary to be direct credited into my Virgin Saver Account?
A. 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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Q. How to activate your linked account?
A. 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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Q. Can I set up an automatic savings plan for my Virgin Saver?
A. 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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Q. How do I make a withdrawal?
A. 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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Q. What are the maximum amounts I can transfer to my Nominated Linked Account?
A. 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. -
Q. Do I need to keep a minimum balance in this Account?
A. No you don't, the Virgin Saver Account has no minimum balance requirement.
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Q. How do I close my Saver account?
A. If you'd like to close your Saver account, log into Virgin Money Online and select 'Account Services' from the Services section, 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. -
Q. What is the daily transaction limit for transfers?
A. There is a $10,000 limit for any future dated requests. There is no maximum amount limit that can requested per day by accessing Virgin Money Online. However for amounts greater than $100,000 you'll need to complete our online 'Virgin Saver Manual Funds Transfer' request which can be found in the 'Payments &Transfers' section
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Q. What if I want to change my Nominated Linked Account details?
A. 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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Q. How will I receive account statements?
A. 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. A copy of the statement will also be stored within your online account for up to 2 years. As this is an online account we do not offer paper statements
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Q. How will I know how much interest I have earned, and what my interest rate is?
A. 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.
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Q. Is tax payable on the interest earned on my account?
A. 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. -
Q. Are there any Virgin Saver Account fees?
A. There are absolutely NO fees whatsoever for the Virgin Saver Account!
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Q, Who is a US Person?
A. US Person Definition
You will be a US Person if you are either a US Citizen or US Resident
US citizens are:
- individuals born in one of the several states of the United States, District of Columbia, Puerto Rico, Guam, Northern Mariana Islands, or Virgin Islands;
- individuals born in an outlying possession of the US (American Samoa or Swain's Island) on or after the date the US acquired the possession (US non-citizen national);
- foreign-born children, under age 18, residing in the US with their birth or adoptive parents, at least one of whom is a US citizen by birth or naturalization; and
- individuals granted citizenship status by the US Citizenship and Immigration Services (USCIS) (naturalized US citizens).
If you meet any of the two tests below, you will be classified as a US resident:
- Green Card Test: A non-resident is a lawful permanent resident of the US at any time if they have been given the privilege, according to the immigrations laws, of residing permanently as an immigrant. This status usually exists if the Bureau of Citizenship and Immigration Services has issued a Green Card.
- Substantial Presence Test: A non-resident is classified as a resident for tax purposes if you were physically present in the US on at least 31 days during the current year, and 183 days during the 3-year period that includes the current year and the two preceding years. The 183 days is calculated as follows:
- All of the days present in the US during the current year; and
- 1/3 of the days present in the US during the first preceding year; and
- 1/6 of the days present in the US during the second preceding year