Manage your account
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. Check our interest rates here.
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
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.
- Changing your Nominated Linked Account
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.