EARN AN ADDITIONAL 0.45% P.A. ON YOUR SAVINGS

House deposit? New car? Switch on the all-new Lock Saver Feature for those long-term savings goals when you don’t need immediate access to your money and earn additional interest. Available on the Virgin Money Boost Saver34 and Grow Saver35. 32 days' notice period applies.

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Lock Saver Feature

Here’s what you could earn to help you smash your savings goals sooner.

Up to 1.60% p.a.
Virgin Money Boost Saver
When you enable the Lock Saver Feature on your bundled Virgin Money Boost Saver and meet the Monthly Criteria each month. Notice period applies34
Up to 0.70% p.a.
Virgin Money Grow Saver
When you enable the Lock Saver Feature on your Virgin Money Grow Saver and meet the Monthly Criteria each month. Notice period applies35

Here's how it works

Lock your account

Lock your account for an additional 0.45% p.a.

Lock any of your Virgin Money Boost Saver34 or Grow Saver35 to earn an additional variable rate of 0.45% p.a. while the feature is switched on. This is on top of the bonus interest rate you get when you meet the Monthly Criteria. The additional interest rate is variable and may change.

32 days notice

Give us 32 days’ notice to access your money

If you need to access your money you’ll just need to give us 32 days’ notice. The 32 days automatically starts once you make a withdrawal or transfer from your locked account, or when you select to unlock your savings account. This can be done at any time within mobile app.

Grow your savings

Continue to grow your savings

You can continue to deposit as much or as little as you like to help you smash you savings goals. Locking your account only restricts withdrawals or transfers.

No minimum balance

No Minimum Balance

The best part about our new Lock Saver Feature is that everyone can enjoy it -  there’s no minimum balance required. So go ahead, lock and load today if you don't need immediate access to your funds! Your future self will thank you for it.

Interest Rates and Monthly Criteria explained


Boost Saver Account
Rate type Interest Rate (p.a.)

Highest Variable Interest Rate of
1.60% p.a.

This is made up of the variable Base rate of 0.05%p.a., Bonus rate of 1.10%p.a. and the Notice Interest Rate of 0.45%p.a. 

Base Interest Rate

0.05%

Bonus Interest Rate and Monthly Criteria

Additional variable interest rate earned on all your Boost Savers, up to a combined total balance of $250,000, in the same name as your Go Account when you meet the Monthly Criteria:

  • Deposit at least $2,000 into your Go Account from another financial institution.
  • Make at least 5 purchases on your Go Account that settled in that month (not pending).

If you are under 25, our Monthly Criteria may be different. Refer to our Monthly Criteria in the Rates and Fees section for more information.

1.10%

Notice Interest Rate

Additional variable interest rate earned on a Boost Saver where the optional Lock Saver Feature is enabled.

  • Provide 32 days’ advance notice to unlock your account or withdraw your money.

This feature may be suitable for savings you don’t need to immediately access to. For more information, go to our Lock Saver Feature website page.

0.45%

(optional)

For more information on our limits, fees and charges please head to our rates and fees page.

Grow Saver Account
Rate type Interest Rate (p.a.)

Highest Variable Interest Rate of
0.70% p.a.

This is made up of the variable Base rate of 0.05%p.a., Bonus rate of 0.20%p.a. and the Notice Interest Rate of 0.45%p.a. 

Base Interest Rate

0.05%

Bonus Interest Rate

Additional variable interest rate earned on your Grow Saver when you meet the Monthly Criteria of at least 1 deposit and no more than 1 withdrawal in that month.

0.20%

Notice Interest Rate

Additional variable interest rate earned on a Grow Saver where the optional Lock Saver Feature is enabled.

  • Provide 32 days’ advance notice to unlock your account or withdraw your money.

This feature may be suitable for savings you don’t need to immediately access. For more information, go to our Lock Saver Feature website page.

0.45%

(optional)

For more information on our limits, fees and charges please head to our rates and fees page.


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FAQs

Still have some questions? Let's see if we can answer them for you now. 

  • Q. What is the Lock Saver Feature?

    The Lock Saver Feature is a new feature that helps you achieve your long-term savings goals. Saving for retirement, a house deposit, a shiny new car? The Lock Saver Feature is perfect when you don’t need immediate access to your funds. When your account is locked, you receive an additional variable interest rate, but heads up – this feature isn’t for everyone because you’ll need to give us 32 days’ advance notice in order to access your funds.

  • Q. What does 32 days' notice mean?

    It means that you will need to give us 32 days’ advance notice every time you request access to the money in your savings account.

    Once you’ve switched on the Lock Saver Feature you can request to unlock your account or request to make a withdrawal or transfer at any time by providing 32 days’ advance notice. That means you need to submit a request to unlock or withdraw and then wait 32 days before that request is processed. We’ve structured it this way so we can offer you a better interest rate while your money is locked away.

  • Q. Do I still need to meet the monthly criteria on my account to get the bonus interest?

    You absolutely do! See the monthly criteria for your age group here.

  • Q. When will I have access to my funds after I switch on the Lock Saver Feature?

    Once you’ve switched on (also known as enabled) the Lock Saver Feature, you’ll need to request to unlock your account or make a withdrawal through the Virgin Money app, and that’s what kicks off the 32-day notice period. That means you need to submit a request to unlock or withdraw and then wait 32 days before that request is processed.

  • Q. Is there a minimum balance required to switch on the Lock Saver Feature?

    Nope! There’s no minimum balance required to switch on the Lock Saver Feature on your savings account.

  • Q. Can I access my funds without 32 days’ advance notice?

    The short answer? No.

    Once you switch on the Lock Saver Feature, the 32-day notice period will apply every time you request access to the money in your savings account, which is why you need to consider if this is the right feature for you.

    The rules are strict so we can offer you a better interest rate while your account has the Lock Saver Feature switch on. Unless you’re experiencing genuine financial hardship, you can't access your funds without providing 32 days’ advance notice. You can call our friendly team at the Customer Contact Centre, who’ll be able to help with next steps. And remember – you can request to switch off the Lock Saver Feature at any time, but you’ll still need to wait the 32-day notice period until you can access your funds.

  • Q. Should I use the Lock Saver Feature if I might need immediate access to my funds?

    No. If you think you’ll need immediate access to your funds at any time, you shouldn’t activate the Lock Saver Feature.

    The Lock Saver Feature is there to get the most out of your savings that you won’t need immediate access to. If the Lock Saver Feature is switched on, you’ll need to give us 32 days’ notice to unlock your account or make a withdrawal or transfer.

  • Q. How do I close an account that has the Lock Saver Feature switched on?

    You cannot close your account while the Lock Saver Feature is switched on and will need to unlock your account first. Through the Virgin Money App, you can request to unlock your account. After 32 days, your account will be unlocked, and then you’ll be able to close the account.

  • Q. How do I unlock my account?

    To unlock your account, go to your ‘Accounts’ screen in the app and tap the ‘Unlock my savings’ button. Then follow the steps in the app to unlock your account. The app will then show a countdown timer for 32 days, which tells you how long it’ll be until you have immediate access to your funds again.

    Heads up – Once you submit the unlock request the additional notice interest rate for having the Lock Saver Feature enabled will end immediately.

  • Q. How do I make a withdrawal or transfer from my account?

    Follow the same steps you’d usually take to make a withdrawal or transfer. The only difference is that the withdrawal or transfer will be processed 32 days from the date you made the request.

  • Q. What happens if my withdrawal date falls on a weekend?

    Internal transfers between your Virgin Money Go Account, Boost Saver and Grow Saver will take place on a weekend, but ‘Pay someone’ transfers will take place the next business day.

  • Q. Can I cancel my request to unlock my account or make a withdrawal?

    The short answer? No. A request to unlock an account or make a withdrawal can’t be cancelled or changed at any point once the request has been made. You’ll need to wait the 32 days for your account to unlock, or the withdrawal to go through. Make sure you check all the details are correct before making the request!

  • Q. Can I still add funds to an account that I have requested to unlock?

    Yes. You can still add funds to your savings account with the Lock Saver Feature switched on, even when it says ‘Unlock Pending’ – it won’t cancel or change the 32-day notice period. All the funds in that account will be available after the 32-day notice period has elapsed and your account is unlocked.

  • Q. Can I enable the Lock Saver Feature on my savings account after it’s been unlocked?

    Yes! Once the 32 days have passed, your Boost Saver or Grow Saver will be unlocked and you will have immediate access to your money again. You can then enable the Lock Saver Feature again.

  • Q. If I withdraw some of my funds from an account with the Lock Saver Feature enabled, do I still receive the additional interest?

    Yes! Requesting a withdrawal or transfer will not impact the additional interest rate you receive for having the Lock Saver Feature enabled. You will continue to accrue the additional interest rate on your daily balance and that will include any withdrawal or transfer of funds that are still pending.

    However, where you submit a request to unlock your account, the additional interest rate for having the Lock Saver Feature enabled will end immediately.

  • Q. Is there a maximum term to have the Lock Saver Feature enabled?

    Yes. You can have the Lock Saver Feature enabled for a maximum period of five years. An account with the Lock Saver Feature enabled will be automatically unlocked on the fifth anniversary of the most recent time you enabled the Lock Saver Feature. We will notify you when we unlock your account.

  • Q. What happens to recurring or future dated payments when I enable the Lock Saver Feature?

    All recurring or future dated payments out of your savings account will be cancelled when you switch on the Lock Saver Feature. Withdrawals or transfers you request will require 32 days’ notice and can’t be made on a recurring basis.

  • Q. How does the Lock Saver Feature work for Joint Accounts?

    All the same rules apply for a joint savings account, the only difference is both account holders can switch on the Lock Saver Feature, unlock an account and make withdrawals or transfers.