Virgin Money has increased the maximum rate on its Boost Saver account to 3.60% per annum, the market leader
Starting August 26, the new rate will allow Virgin Money customers to earn an additional 0.50%, bringing the Boost Saver rate to a total of 3.30% per annum on balances up to $250,000.
Additionally, when Virgin Money customers activate the new Lock Saver feature, the savings rate will increase to 3.60% per annum.
When the Lock Saver feature is activated, Virgin Money customers must provide 32 days notice to unlock their account or withdraw money from that account.
The increase follows the Bank of Queensland (BOQ) increasing its Future Saver account to 3.50% pa less than two weeks ago.
The Lock Saver rate offered by Virgin Money now exceeds market leader BOQ’s offer of 3.50% per annum, based on research from Savings.com.au.
To qualify for the 3.30% per annum rate, Virgin Money customers must:
- Deposit at least $2,000 in their Go account at another financial institution if you are 25 or older.
- Deposit at least $1,000 in their Go account with another financial institution if you are between 18 and 24 years old.
- Make at least five purchases on their Go account that have settled in that month (not pending).
To qualify for the 3.60% pa rate, Virgin Money customers must:
- Deposit at least $2,000 into their Go account at another financial institution.
- Deposit at least $1,000 in their Go account with another financial institution if you are between 18 and 24 years old.
- Make at least five purchases on their Go account that have settled in that month (not pending).
- Activate the Lock Saver feature on the Boost Saver account.
There is no applicable monthly requirement for customers aged 14 to 18.
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Rates based on a savings balance of $10,000. Sorted by total interest rates. Check the providers’ websites for terms of bonus rates and applicable fees and charges. Rates correct as of August 26, 2022. See disclaimer.
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