Grow Saver

Need a savings account that saves you from dipping into it? Stash your savings in a Virgin Money Grow Saver to earn up to {banking-rates || gr5 || rate}% p.a. when you meet our Monthly Criteria and switch on the Lock Saver Feature. Provide 32 days' notice period to unlock.35{sub-heading}

Open an account

Grow your savings with our high variable interest rate

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Base Interest rate35

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Bonus Interest rate when you meet the Monthly Criteria35

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Notice interest rate when you enable the Lock Saver Feature35

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Total Highest Variable Interest rate*

*Highest variable interest Rate is earned on your Grow Saver account when you meet the Monthly Criteria and turn on the Lock Saver Feature. 32 day notice period to unlock or withdraw funds.35
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Let’s get you that Bonus Interest

More about rates and fees

So how exactly do you earn {banking-rates||gr5||rate}% p.a.35 on your Grow Saver?

Firstly, to earn {banking-rates || gr2 || rate}% p.a. Bonus Interest on top of the {banking-rates || gr1 || rate}% 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 no more than 1 withdrawal each month.

Then, to get the {banking-rates || gr4 || rate}%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!
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Important criteria details

Grow Saver good-to-knows

From smart features to bonus interest – here’s how to make it all work for you.

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.

Lock Saver’s 32–day rule

Turning on the Lock Saver Feature in your Virgin Money app will earn you an additional {banking-rates || gr4 || rate}% 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.

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 {banking-rates || gr2 || rate}% p.a. bonus interest

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.

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Grow Saver benefits

Get better acquainted with Grow Saver

Open an account

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 {banking-rates || gr2 || rate}% 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

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We’ve literally put 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.{sub-heading}

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Higher interest on lock

Enable the Lock Saver Feature on your Boost Saver34 or Grow Saver35 to earn additional interest.

Grow Saver {banking-rates||gr4||rate}% p.a.35 or Boost Saver {banking-rates||b6||rate}% p.a.34 additional interest.

Perfect for long-term goals when you don't need immediate access to your money.

Set up for savings success

Put saving on autopilot by switching on the Round Up feature6, which rounds every Go Account transaction up to the nearest dollar and deposits the difference into your Boost Saver or Grow Saver account.

Download the Virgin Money app

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Fees and charges on the Grow Saver account

More details about rates, fees & limits

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.

Ready to get started? Open a Grow Saver in minutes

To apply, you’ll need to be aged 14+, be an Australian resident, and have valid ID like a driver’s licence for online verification.

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Didn’t find what you were looking for? Go to our help and support page to find out more.

Find out about Virgin Money Rewards

Rewards Hub

Earn Rewards

Redeem Rewards

Explore the Virgin Money App

Download the app

Important Documents

Terms and Conditions

Target Market Determinations (TMD)

Fees and Charges Guide

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Contact Us

Need a hand? Our team’s here to help with anything from getting started to unlocking your full savings potential.

Get help

Call us

If you need help with your Go, Boost Saver or Grow Saver accounts, give our team a call.

13 81 51

In-app chat

If we are not available right away or it’s after hours, we’ll respond as soon as we’re back on deck.

Profile > Help & Support > Contact Us

Operating hours

Monday to Friday: 8am – 8pm AEDT

Saturday: 9am – 5pm AEDT

(Excluding public holidays)

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Level up your savings game

Discover insights and tools to manage your money better, save more, and get rewarded every day.

Lock Saver Feature

Lock Saver helps you stay on track and earn more. Just remember there’s a 32-day notice period if you want to withdraw35

Read more

Rates and fees

See all the details on interest rates, limits and account charges – no surprises, just the facts.

Read more

Everyday banking

Virgin Money Go Account is an everyday account that earns standard points for every settled purchase using your debit card, direct debit and BPAY payment you make from your Go Account.1

Read more

Learn more about our accounts

Virgin Money Go Account

The everyday transaction account that earns standard points for every settled eligible purchase using your debit card, direct debit and BPAY payment from your Go Account.1

Virgin Money Boost Saver

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

Rates and fees

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See our account rates, limits and charges in detail.

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Frequently asked questions

Here to help you get started, stay on track and make the most of your savings.

View all 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 account balances 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 variable bonus interest rate and notice interest rate by meeting monthly criteria and turning on the Lock Saver feature. 32 days notice is required to unlock or withdraw funds. 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 Grow Saver and Boost Saver?

The Virgin Money Boost Saver is our highest bonus interest savings account that comes with a seriously rewarding linked transaction account – the Virgin Money Go Account. The Grow Saver is a stand alone savings account that does not come bundled with a transaction 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 Standard Points on your everyday settled purchases, direct debits and BPAY payments and cash outs from a merchant’s point of sales terminal, PLUS get a higher bonus 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 the 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).

Important information

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