What are high interest savings accounts?

High interest savings accounts are designed to help you reach bigger, long-term goals – whether that’s a home deposit, extended travel, a career break or your child’s education.

They typically offer a higher interest rate than standard savings accounts, helping your money grow faster over time. Look out for features like no fees, no maximum balance, and competitive interest to get the most from your savings journey.

How is Grow Saver different to other savings accounts?

The Virgin Money Grow Saver is an account that is designed to help your savings, you guessed it, grow! We offer a competitive variable savings rate plus bonus interest by meeting specific criteria. Another unusual feature of this account is that you can open it without a transaction account.

How much should I put in my long-term savings?

This largely depends on your financial goals, income, expenses, and personal comfort level. Financial experts often recommend saving at least 20% of your income. However, this amount can be adjusted based on your individual circumstances and objectives.

The key to successful long-term savings is consistency. Even small, regular contributions to your savings account can add up over time. Consider seeking advice from a financial advisor to create a savings plan that suits you.

What's the difference between Grow Saver and Boost Saver?

They’re both high interest savings accounts. The Virgin Money Boost Saver is our highest interest savings account that comes with a seriously rewarding linked transaction account – the Virgin Money Go Account.

If you don’t need an everyday bank account, then the Virgin Money Grow Saver could be for you.

But if you love rewards and want to score Virgin Money Points on your everyday purchases, direct debits and BPAY payments, PLUS get a higher interest savings account, then check out the Boost Saver benefits.

Find out more about Boost Saver

If I withdraw money from my Grow Saver, can I still get the bonus interest?

Yes, as long as you don’t make more than 1 withdrawal per month. But a heads up: you will need to make at least 1 deposit per month too, to meet the monthly criteria. The great news is there's no minimum monthly deposit amount needed to qualify.

Can I get the Virgin Money Grow Saver without a Virgin Money Go Account?

You sure can. The Grow Saver is an independent operator, so you don’t need a Virgin Money transaction account to open one.

All you’ll need is a transaction account with any bank or financial institution to transfer money in and out of your Grow Saver.

Want to keep things in the family? The Virgin Money Go Account makes a great everyday companion, and it earns you rewards, too.

Find out more about Go Account

Do I have to download the app to apply for my savings account?

No – not to apply for your Virgin Money bank account. You can apply for an account through either the Virgin Money mobile app or our website.

But you will need to download the app to manage your account. 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.

Important information

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.

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.

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.

Participation in the Virgin Money Rewards Program is subject to Virgin Money Rewards Terms and Conditions.

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 Grow Saver Bonus Interest Rate is unlocked for any calendar month where the below criteria are met during that month:

- Make at least 1 deposit into your Grow Saver; and
- Make no more than 1 withdrawal (including any internal transfers or Pay Someone transfers) out of your Grow Saver

1. 1. 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.
   2. 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.
   3. The Virgin Money Grow Saver highest Variable Interest Rate of 2.30% p.a. is made up of
      • a Base Interest Rate of 0.05% p.a.;
      • a Bonus Interest Rate of 1.95% p.a. if Monthly Criteria is met in that month; plus
      • a Notice Interest Rate of 0.30% p.a. if the Lock Saver Feature is enabled.

Monthly Criteria is met if you:
• Make at least 1 deposit into your Grow Saver Account in that month; and
• Make no more than 1 withdrawal (including any internal transfers or Pay Someone transfers) out of your Grow Saver.

For more information visit the Rates & Feessection.

1. 1. 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.