Transaction and Savings Rates, Limits, Fees and Charges
Bank & SaveHere you’ll find the rates, limits, fees and charges that apply to the Virgin Money Go Account, Boost Saver and Grow Saver. For more information please refer to the terms and conditions.
Virgin Money Go Transaction Account
| Description | Points |
|---|---|
| Virgin Money Points for every purchase, direct debit and BPAY payment. | 8 Points |
Important Information on Virgin Money Rewards Points for Go Accounts:
- Virgin Money Rewards Points for Joint Accounts will be split and evenly allocated to both joint account holders of that account.
The Monthly Criteria vary by age and includes a minimum deposit and minimum number of transactions each month that must be made into a Virgin Money Go Account that is issued in the same name. Simply meet the following criteria on your Go Account each month to activate your Bonus Interest on your Boost Saver for the following month.
| Age group | Monthly Criteria |
|---|---|
| 14 – 17 years | There are no Monthly Criteria requirements. You’re good to go. |
| Over 18 years |
Deposit $1,000 or more from another financial institution (such as your salary) into your Virgin Money Go Account and make at least 5 purchases, direct debits or BPAY payments which settle in that month (not pending). |
| 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:
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 |
| Transaction Type | Limits |
|---|---|
| Pay Someone | Daily limit set at $5,000 per account holder. This can be increased in the Virgin Money App up to $20,000 per day per account holder. A temporary one-day limit can be set above the $20,000 daily limit to allow for large one-off transfers. |
| Payments using the New Payments Platform (NPP) | Daily limit set at $1,000 per Account holder. This will change to $5,000 per Account holder on 1 November, 2024. NPP Payments form part of the Pay Someone daily limit. |
| BPAY Payments | Daily limit set at $20,000 per account holder. This can be increased in the Virgin Money App up to $100,000 per day per account holder. Certain billers may set their own limits for individual BPAY payments. |
| Visa Debit Card Transaction | Daily limit set at $5,000 per card. This amount is in AUD and can be increased in the Virgin Money App up to $20,000 per day. |
| Visa Debit Card Withdrawal | Daily limit set at $1,000 per card. This amount is in AUD and can be increased in the Virgin Money App up to $2,000 per day. |
| Visa Contactless | Transaction limit set at $200 in Australia where no PIN or signature is required. If a PIN or signature is provided then you may be able to perform a transaction up to the Visa Debit Card Transaction limit. |
| Debit card withdrawal at Bank@PostTM | Daily limit set at $2,000 per Card |
| Cash Deposit at Bank@PostTM | Daily limit set at $3,000 per Card |
| Combined Cash and Cheque Deposit at Bank@PostTM | Daily limit set at $999,999.99 per Card |
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Virgin Money Boost Saver
| Rate type | Interest Rate (p.a.) |
|---|---|
Highest Variable Interest Rate of This is made up of the variable Base rate of 0.05% p.a., Bonus rate of 5.00% p.a. and the Notice Interest Rate of 0.30% 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 each month:
When the Monthly Criteria is met in a calendar month, the Bonus Interest rate will apply in the following calendar month. There are no Monthly Criteria requirements if you are under 18. |
5.00% |
Notice Interest Rate Additional variable interest rate earned on a Boost Saver where the optional Lock Saver Feature is enabled.
This feature may be suitable for savings you don’t need to immediate access to. For more information, go to our Lock Saver Feature website page. |
0.30% (optional) |
Important Information on Bonus Interest for Boost Savers:
- Bonus Interest Rate can be activated on all your Boost Savers in the same name as your Go Account when you cumulatively meet the Monthly Criteria in the Monthly Criteria dropdown. For clarity, if you hold an account(s) in your name as an individual, and an account(s) in two names (joint account), you will be required to meet the Monthly Criteria on each account type (individual and joint) to activate the benefits for both.
- The Bonus Interest rate applies up to a combined total balance of $250,000 across all Boost Savers in the same name.
- Once the Lock Saver Feature is enabled you will earn the additional variable Notice Interest rate while the Lock Saver Feature is enabled, up until the date that you activate the Unlock Saver Feature. The additional variable Notice Interest rate does not apply during the 32 day notice period which commences once you activate the Unlock Saver Feature.
The Monthly Criteria vary by age and includes a minimum deposit and minimum number of transactions each month that must be made into a Virgin Money Go Account that is issued in the same name. Simply meet the following criteria each month to activate your bonus interest benefit for the following month.
| Age group | Monthly Criteria |
|---|---|
| 14 – 17 years | There are no Monthly Criteria requirements. You’re good to go. |
| Over 18 years |
Deposit $1,000 or more from another financial institution (such as your salary) into your Virgin Money Go Account and make at least 5 purchases, direct debits or BPAY payments which settle in that month (not pending). |
| 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:
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 |
| Transaction Type | Limits |
|---|---|
| Pay Someone | Daily limit set at $5,000 per account holder. This can be increased in the Virgin Money App up to $20,000 per day per account holder. A temporary one-day limit can be set above the $20,000 daily limit to allow for large one-off transfers. |
| Payments using the New Payments Platform (NPP) | Daily limit set at $1,000 per Account holder. This will change to $5,000 per Account holder on 1 November, 2024. NPP Payments form part of the Pay Someone daily limit. |
| BPAY Payments | Daily limit set at $20,000 per account holder. This can be increased in the Virgin Money App up to $100,000 per day per account holder. Certain billers may set their own limits for individual BPAY payments. |
| Visa Debit Card Transaction | Daily limit set at $5,000 per card. This amount is in AUD and can be increased in the Virgin Money App up to $20,000 per day. |
| Visa Debit Card Withdrawal | Daily limit set at $1,000 per card. This amount is in AUD and can be increased in the Virgin Money App up to $2,000 per day. |
| Visa Contactless | Transaction limit set at $200 in Australia where no PIN or signature is required. If a PIN or signature is provided then you may be able to perform a transaction up to the Visa Debit Card Transaction limit. |
| Debit card withdrawal at Bank@PostTM | Daily limit set at $2,000 per Card |
| Cash Deposit at Bank@PostTM | Daily limit set at $3,000 per Card |
| Combined Cash and Cheque Deposit at Bank@PostTM | Daily limit set at $999,999.99 per Card |
Ready to get started? Join in just minutes with six easy steps
Want to explore more about the Virgin Money Boost Saver?
Virgin Money Grow Saver
| Rate type | Interest Rate (p.a.) |
|---|---|
Highest Variable Interest Rate of This is made up of the variable Base rate of 0.05%p.a., Bonus rate of 1.95%p.a. and the Notice Interest Rate of 0.30%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. |
1.95% |
Notice Interest Rate Additional variable interest rate earned on a Grow Saver where the optional Lock Saver Feature is enabled.
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. |
0.30% (optional) |
Important Information on Bonus Interest for Grow Savers:
- Bonus Interest Rate for a month can be activated by simply making 1 deposit and no more than 1 withdrawal in that month.
- To activate the Bonus Interest Rate on a particular account you must meet these conditions on that account.
- Once the Lock Saver Feature is enabled you will earn the additional variable Notice Interest rate while the Lock Saver Feature is enabled, up until the date that you activate the Unlock Saver Feature. The additional variable Notice Interest rate does not apply during the 32 day notice period which commences once you activate the Unlock Saver Feature.
| 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:
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 |
| Transaction Type | Limits |
|---|---|
| Pay Someone | Daily limit set at $5,000 per account holder. This can be increased in the Virgin Money App up to $20,000 per day per account holder. A temporary one-day limit can be set above the $20,000 daily limit to allow for large one-off transfers. |
| Payments using the New Payments Platform (NPP) | Daily limit set at $1,000 per Account holder. This will change to $5,000 per Account holder on 1 November, 2024. NPP Payments form part of the Pay Someone daily limit. |
| BPAY Payments | Daily limit set at $20,000 per account holder. This can be increased in the Virgin Money App up to $100,000 per day per account holder. Certain billers may set their own limits for individual BPAY payments. |
| Visa Debit Card Transaction | Daily limit set at $5,000 per card. This amount is in AUD and can be increased in the Virgin Money App up to $20,000 per day. |
| Visa Debit Card Withdrawal | Daily limit set at $1,000 per card. This amount is in AUD and can be increased in the Virgin Money App up to $2,000 per day. |
| Visa Contactless | Transaction limit set at $200 in Australia where no PIN or signature is required. If a PIN or signature is provided then you may be able to perform a transaction up to the Visa Debit Card Transaction limit. |
| Debit card withdrawal at Bank@PostTM | Daily limit set at $2,000 per Card |
| Cash Deposit at Bank@PostTM | Daily limit set at $3,000 per Card |
| Combined Cash and Cheque Deposit at Bank@PostTM | Daily limit set at $999,999.99 per Card |
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