What is a high interest savings account?

A high interest savings account is a type of savings deposit account that provides higher interest rates compared to traditional savings accounts. They generally offer better returns on savings with low or no fees but often have limited accessibility.

If I withdraw money from my Boost Saver, can I still get the Bonus Interest?

Totally. You can still earn bonus interest when you withdraw money from your Boost savings account. However, if you want to earn the extra notice saver interest then you will need to turn on the Lock Saver feature, which means you won’t be able to access your savings.

Do I need to deposit money into my Boost Saver each month?

No, you can add money into your savings account whenever it suits you best. However, if you want to earn the bonus interest each month, you do need to deposit $1,000 or more into your linked Go Account.

When will my Bonus Interest get applied on my Virgin Money Boost Saver?

Your bonus interest will be activated on the first day of each month when the Monthly Criteria has been met in the previous month. Keep in mind, if you are making your 5 purchases to activate your bonus interest, your purchases will need to settle (that means not ‘pending’) in your account that month. If any are still pending at the end of the month, the bonus interest won't be activated.

Can I get a Virgin Money Boost Saver without a Virgin Money Go Account?

Sorry, no. You can’t get a Boost Saver without a Go Account. But you can get rewards on your everyday purchases with our Go Account and a high interest savings account to help you manage your money your way. There aren’t many banks that reward you for everyday purchases in your bank account, but we do! And with no monthly fees.

If you don’t need an everyday bank account, but still want the perks of a dedicated savings account, check out our Virgin Money Grow Saver, which is our other highest interest savings account. Check it out here

Do I need to download the app to apply for my account?

You can apply for an account through either the Virgin Money mobile app or our website. But you’ll need to download the app to manage your account.

We’ve designed the Virgin Money mobile app so you can bank like never before. It’s amazingly simple banking, so you can manage your money simply and securely, wherever and whenever you are. Give it a try! (And if you don’t love it, tell us why and we’ll do everything we can to make it better for you).

How often is interest paid on a high interest savings account?

This will differ for each bank. At Virgin Money, the interest you earn on your savings account will be credited at the close of business on the last day of each month.

The interest credited to your account will only be included in the closing balance from the first day of the next calendar month.

Important information

1. The Virgin Money Boost Saver variable interest rate is made up of a standard rate of 0.05% p.a. plus a bonus rate of 4.65% p.a. when the Monthly Criteria are met (outlined in the full terms and conditions) on the Virgin Money Go Account in the previous month.
2. The Virgin Money Grow Saver variable interest rate is made up of a standard rate of 0.05% p.a. plus a bonus rate of 1.95% p.a. that is applied when you make at least 1 deposit into your Grow Saver and make no more than 1 withdrawal during that month.
3. The Virgin Money mobile app is compatible with Android™ and iOS, minimum platform requirements apply. Android is a trademark of Google LLC. IOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.
4. Participation in the Virgin Money Rewards Program is subject to Virgin Money Rewards Terms and Conditions.
5. Prepared by Virgin Money Australia, a division of Bank of Queensland Limited ABN 32009656740 Australian Credit Licence AFSL 244616, the issuer of the transaction and savings accounts. Information provided is of general nature only and does not take into account your personal financial situation, needs or objectives. As we don’t know your financial needs, we can’t advise whether the products will suit you and prior to making any decision you should obtain and consider the relevant terms and conditions of each product before making any decision about whether to acquire or continue to hold it. For full terms and conditions, including information on eligibility criteria and fees and charges visit forms-and-important-information.

Things you need to know

1. 1. You will earn 8 Virgin Money Points for any settled debit card purchases (not pending), direct debits and BPAY payments from your Virgin Money Go Account. For customers who open a Virgin Money Go Account jointly with another person, the points will be split and evenly allocated to both joint account holders of that account. For further information refer to our Virgin Money Rewards terms and conditions.
   2. The Virgin Money Boost Saver variable Base interest rate plus Bonus interest rate is made up of:
      • Base interest rate of 0.05% p.a. and
      • Bonus interest rate of 4.65% p.a. if Monthly Criteria is met in the previous calendar month.

The Bonus interest rate applies up to a combined balance of $250,000 on all your Boost Saver's held in the same name as your Virgin Money Go Account. Monthly Criteria will be met when both the following conditions are met:
• Deposit at least $1,000 into your Go Account from another financial institution in the previous calendar month; and
• Make at least 5 settled debit card purchases (not pending), direct debits or BPAY payments in the previous calendar month from your Go Account.

Monthly Criteria is waived for customers between 14-17 years of age. For more information visit the Rates & Fees section.

1. 1. Welcome Offer Criteria: The Virgin Money Go Account comes bundled with the Virgin Money Boost Saver. New Virgin Money Go Account customers will receive 5,000 Bonus Virgin Money Points when they make one (1) debit card purchase, direct debit or BPAY payment from their Virgin Money Go Account in the first 30 days from account opening. Debit card purchases must settle in the first 30 days from account opening (not pending). Cash withdrawals, deposits, refunds, reversals or credits to the Virgin Money Go Account, Pay Someone payments and internal transfers are excluded. For customers who open a Virgin Money Go Account jointly with another person, the Bonus Points will be split and evenly allocated to both joint account holders of that account once the Welcome Offer Criteria have been met. Virgin Money reserves the right to amend or withdraw this offer at any time without notice. A new customer is any person who does not currently or has not previously held a Virgin Money Go Account or Virgin Money Grow Saver. Offer ends 31 July 2025. For further information on the Virgin Money Rewards Program refer to our terms and conditions.
   2. Round-ups are transfers that you can elect to activate on your Go Accounts. By enabling this feature on your Go Account, funds are transferred from the selected Go Account to your nominated savings account each time you make a debit card transaction. The amount of the transfer will be up to the nearest $1 of the amount that the transaction takes place. Round-up transactions will not take place if by making the transaction your account would be Overdrawn. You can disable the round-up feature through the Mobile app at any time.
   3. Virgin Money Australia is a division of Bank of Queensland Limited, the issuer of the transaction and savings accounts. Under the Australian Government’s Financial Claims Scheme (FCS), the Financial Claims Scheme limit of $250,000 applies to the total sum of deposits held by an account holder under one banking licence. As part of the BOQ Group, deposits held with Virgin Money (Australia), Bank of Queensland, Me Bank and Bank of Queensland Specialist are covered by the FCS to the maximum limit of $250,000 per account holder. For example, if you have a VMA deposit account and a BOQ deposit account, the FCS applies to the combined value of these accounts to the maximum limit of $250,000.
   4. The Virgin Money Boost Saver Highest Variable Interest Rate is made up of:
      • Base Interest Rate of 0.05%p.a.;
      • Bonus Interest Rate of 4.65%p.a. if Monthly Criteria is met in the previous month; and
      • Notice Interest Rate of 0.30%p.a if the Lock Saver Feature is enabled.

32 days’ advance notice period applies to access funds when the Lock Saver Feature is enabled.

The Bonus Rate applies up to a combined total balance of $250,000 across all Boost Saver's that are held in the same name. Monthly Criteria will be met when both the following conditions are met:
• Deposit at least $1,000 into your Go Account from another financial institution in the previous calendar month; and
• Make at least 5 settled debit card purchases (not pending), direct debits or BPAY payments on your Go Account that settle in the previous calendar month from your Go Account.

Monthly Criteria is waived for customers between 14-17 years of age. For more information visit the Rates & Fees section.