Lock your savings account

Q. What is the Lock Saver Feature?

The Lock Saver Feature is designed to help you reach your savings goals sooner by locking away your money for a period of time. This feature might be for you if you are looking for a long-term savings solution that will help reduce the temptation of withdrawing your funds.

When you choose to enable the Lock Saver Feature, you can earn an additional variable interest rate on top of the base and bonus interest rates. Simply switch on the Lock Saver Feature in the app, and you’re good to go.

You need to be over 18 to use the Lock Saver Feature and a 32 days’ notice period applies to access your funds.

Q. What is the 32 days' notice period?

If you have enabled the Lock Saver Feature on your savings account, a 32-day notice period will apply if you want access to the funds held within the locked account. This notice period will begin once you attempt to make a withdrawal or transfer from your locked account or by selecting “Unlock my savings” on the accounts screen in the Virgin Money app which can be done at anytime.

If you're experiencing financial hardship and need access to your money sooner, visit our support page to find out more.

Q. Is there a minimum age required to enable the Lock Saver Feature?

Yes! The Lock Saver Feature is only available to customers over the age of 18 years.

Q. Do I still need to meet the Monthly Criteria on my account to get the bonus interest?

Yes, you will still need to meet the Monthly Criteria to earn Bonus Interest. You can check the Monthly Criteria requirements for your account here.

Q. When will I have access to my funds after I switch on the Lock Saver Feature?

Once you’ve switched on (also known as enabled) the Lock Saver Feature, you’ll need to unlock your account or make a withdrawal through the Virgin Money app to trigger the 32-day notice period. Your funds will then be available after 32 days.

If you're experiencing financial hardship and need access to your money sooner, visit our support page to find out more.

Q. Is there a minimum balance required to switch on the Lock Saver Feature?

Nope! There’s no minimum balance required to switch on the Lock Saver Feature on your savings account.

Q. Can I access my funds without the 32-days' notice period?

Once you switch on the Lock Saver Feature, the 32-day notice period will apply to access your funds. You should consider if this product is right for you if you will need immediate access to your funds at any time. The notice period will begin once you make a withdrawal or transfer from your locked account or by selecting “Unlock my savings” on the accounts screen in the Virgin Money app which can be done at anytime.

If you're experiencing financial hardship and need access to your money sooner, visit our support page to find out more.

Q. Can I get access to my funds if I am experiencing financial difficulty?

If you are experiencing financial difficulty as a result of unemployment, injury, illness, loss of a loved one, natural disaster or other unexpected impacts on your income and/or expenses and require access to your money sooner, visit our support page to find out more and apply for assistance.

Q. Should I use the Lock Saver Feature if I might need immediate access to my funds?

No. If you think you’ll need immediate access to your funds at any time, you shouldn’t activate the Lock Saver Feature.

The Lock Saver Feature is there to get the most out of your savings that you won’t need immediate access to. If the Lock Saver Feature is switched on, you’ll need to give us 32 days’ notice to unlock your account or make a withdrawal or transfer.

If you're experiencing financial hardship and need access to your money sooner, visit our support page to find out more.

Q. How do I close an account that has the Lock Saver Feature switched on?

You cannot close your account while the Lock Saver Feature is switched on and will need to unlock your account first. Through the Virgin Money App, you can request to unlock your account. After 32 days, your account will be unlocked, and then you’ll be able to close the account.

Q. How do I unlock my account?

To unlock your account, go to your ‘Accounts’ screen in the app and tap the ‘Unlock my savings’ button. Then follow the steps in the app to unlock your account. The app will then show a countdown timer for 32 days, which tells you how long it’ll be until you have immediate access to your funds again.

Heads up – Once you submit the unlock request the additional notice interest rate for having the Lock Saver Feature enabled will end immediately.

Q. How do I make a withdrawal or transfer from my account?

Follow the same steps you’d usually take to make a withdrawal or transfer. The only difference is that the withdrawal or transfer will be processed 32 days from the date you made the request.

Q. What happens if my withdrawal date falls on a weekend?

Internal transfers between your Virgin Money Go Account, Boost Saver and Grow Saver will take place on a weekend, but ‘Pay someone’ transfers will take place the next business day.

Q. Can I cancel my request to unlock my account or make a withdrawal?

The short answer? No. A request to unlock an account or make a withdrawal can’t be cancelled or changed at any point once the request has been made. You’ll need to wait the 32 days for your account to unlock, or the withdrawal to go through. Make sure you check all the details are correct before making the request!

Q. Can I still add funds to an account that I have requested to unlock?

Yes. You can still add funds to your savings account with the Lock Saver Feature switched on, even when it says ‘Unlock Pending’ – it won’t cancel or change the 32-day notice period. All the funds in that account will be available after the 32-day notice period has elapsed and your account is unlocked.

Q. Can I enable the Lock Saver Feature on my savings account after it’s been unlocked?

Yes! Once the 32 days have passed, your Boost Saver or Grow Saver will be unlocked and you will have immediate access to your money again. You can then enable the Lock Saver Feature again.

Q. If I withdraw some of my funds from an account with the Lock Saver Feature enabled, do I still receive the additional interest?

When you request to withdraw funds, the 32 day notice period will apply before you can access your funds. However, during that period, you'll continue to accrue the additional interest rate on your daily balance - including the funds that are pending withdrawal.

Q. Is there a maximum term to have the Lock Saver Feature enabled?

Yes. You can have the Lock Saver Feature enabled for a maximum period of five years. An account with the Lock Saver Feature enabled will be automatically unlocked on the fifth anniversary of the most recent time you enabled the Lock Saver Feature. We will notify you when we unlock your account.

Q. What happens to recurring or future dated payments when I enable the Lock Saver Feature?

All recurring or future dated payments out of your savings account will be cancelled when you switch on the Lock Saver Feature. Withdrawals or transfers you request will require 32 days’ notice and can’t be made on a recurring basis.

Q. How does the Lock Saver Feature work for Joint Accounts?

All the same rules apply for a joint savings account, the only difference is both account holders can switch on the Lock Saver Feature, unlock an account and make withdrawals or transfers.