FAQs - Savings
- Q. I don't remember my User ID or Password!
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
- Update Contact Details screen /address screen
- Change user id
- Change password
Find out more about OTP in this FAQ document.
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.
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.
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.
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.
- Q. How to activate your linked account?
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.
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.
- Q. What are the maximum amounts I can transfer to my Nominated Linked Account?
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.
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
- Q. What if I want to change my Nominated Linked Account details?
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
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.
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!
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