Effective from August 26, the new rate will see Virgin Money customers earn an additional 0.50%, taking the Boost Saver rate to a total of 3.30% p.a. on balances up to $250,000.
Further, when Virgin Money customers enable the new Lock Saver Feature, the savings rate will jump to 3.60% p.a.
When the Lock Saver Feature is enabled, Virgin Money customers are required to provide 32 days’ advance notice to unlock their account or withdraw money from that account.
The Lock Saver rate on offer from Virgin Money now overtakes the 3.50% p.a. offering from BOQ as the market leader, based on Savings.com.au's research.
To receive the 3.30% p.a. rate, Virgin Money customers must:
Deposit at least $2,000 into their Go Account from another financial institution if aged 25 or over.
Deposit at least $1,000 into their Go Account from another financial institution if aged 18-24.
Make at least five purchases on their Go Account that settled in that month (not pending).
To receive the 3.60% p.a. rate, Virgin Money customers must:
Deposit at least $2,000 into their Go Account from another financial institution.
Deposit at least $1,000 into their Go Account from another financial institution if aged 18-24.
Make at least five purchases on their Go Account that settled in that month (not pending).
Enable the Lock Saver Feature on the Boost Saver account.
There is no monthly criteria applicable for customers aged 14-18.
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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
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Harry O'Sullivan
Bernadette Lunas
Denise Raward
