Interest rates and rewards

Virgin Money Go Account

Description Points
Virgin Money Points for every purchase, direct debit and BPAY payment when you meet the Monthly Criteria. 8 Points

Important Information on Virgin Money Rewards Points for Go Accounts:

  • Virgin Money Rewards Points can be unlocked on all your Go Accounts in the same name when you cumulatively meet the Monthly Criteria outlined below. For clarity, if you hold an account(s) in your name as an individual, and an account(s) in two names (joint account), you will be required to meet the Monthly Criteria on each account type (individual and joint) to unlock the benefits for both.
  • Virgin Money Rewards Points for Joint Accounts will be split and evenly allocated to both joint account holders of that account.
  • Monthly Criteria

    The Monthly Criteria vary by age and includes a minimum deposit and minimum number of transactions each month that must be made into a Virgin Money Go Account that is issued in the same name. Simply meet the following criteria each month to unlock your bonus interest benefit for the following month.

    Age group Monthly Criteria
    14 – 17 years There are no criteria required to unlock the benefits. You’re already good to go.
    18 – 24 years
    Deposit $1,000 or more from an external account into your Virgin Money Go Account and make at least 5 purchases, direct debits or BPAY payments which settle in that month (not pending). Ready? Go.
    Over 25 years
    Deposit $2,000 or more from an external account into your Virgin Money Go Account and make at least 5 purchases, direct debits or BPAY payments which settle in that month (not pending). Let’s go!

Virgin Money Boost Saver

Rate type Interest Rate (p.a.)
Base Interest Rate 0.10%
Bonus Interest Rate 1.10%
Highest Variable Interest Rate (Base plus Bonus Interest Rates) 1.20%

Important Information on Bonus Interest for Boost Savers:

  • The highest variable interest rate (Base Interest Rate plus Bonus Interest Rate) can be unlocked on all your Boost Savers in the same name as your Go Account when you cumulatively meet the Monthly Criteria outlined below. For clarity, if you hold an account(s) in your name as an individual, and an account(s) in two names (joint account), you will be required to meet the Monthly Criteria on each account type (individual and joint) to unlock the benefits for both.
  • The Bonus Interest rate applies up to a combined total balance of $250,000 across all Boost Savers in the same name.
  • Monthly Criteria

    The Monthly Criteria vary by age and includes a minimum deposit and minimum number of transactions each month that must be made into a Virgin Money Go Account that is issued in the same name. Simply meet the following criteria each month to unlock your bonus interest benefit for the following month.

    Age group Monthly Criteria
    14 – 17 years There are no criteria required to unlock the benefits. You’re already good to go.
    18 – 24 years
    Deposit $1,000 or more from an external account into your Virgin Money Go Account and make at least 5 purchases, direct debits or BPAY payments which settle in that month (not pending). Ready? Go.
    Over 25 years
    Deposit $2,000 or more from an external account into your Virgin Money Go Account and make at least 5 purchases, direct debits or BPAY payments which settle in that month (not pending). Let’s go!

Virgin Money Grow Saver

Rate type Interest Rate (p.a.)
Base Interest Rate 0.10%
Bonus Interest Rate 0.55%
Highest Variable Interest Rate (Base plus Bonus Interest Rates) 0.65%

Important Information on Bonus Interest for Grow Savers:

  • The highest variable interest rate (Base Interest Rate plus Bonus Interest Rate) for a month can be unlocked by simply making 1 deposit and no more than 1 withdrawal in that month.
  • To unlock Bonus Interest Rate on a particular account you must meet these conditions on that account.
Fees and charges
Name Fee Description
Monthly Account Keeping Free There are no monthly account keeping fees with our Virgin Money Deposit Accounts.
BPAY, Pay Someone, Card Transactions Free There is no fee charged by Virgin Money for performing a BPAY® Payment, Pay Anyone or making a card transaction. Merchants may charge fee in respect of card transactions which should be advised to you at the time of making the transaction.
Domestic ATM Withdrawal Fee Free We don’t charge a fee to withdraw cash, however a fee may be charged by the ATM Operator and should be displayed on the screen before proceeding with the withdrawal. Most major bank ATMs do not charge a fee, giving you access to over 10,000 ATMs across Australia.
Domestic Emergency Card Replacement $15 Charged when we courier a card to you within Australia.
International Emergency Card Replacement $75 Charged when we courier a card to you internationally.
Overdrawn Account $10 Charged once to your account when your account becomes overdrawn. If your account is brought into a credit balance and then subsequently overdrawn another fee will be charged.
Currency Conversion 2.50%

Fee charged for any International Transaction which includes:

  • any transaction made in a foreign currency; or
  • when any transaction is processed outside of Australia (in Australian dollars or a foreign currency).

It is calculated as a percentage of the Australian dollar equivalent.

International ATM Withdrawal $5 Charged when a withdrawal is performed at an ATM outside of Australia. A fee may also be charged by the ATM owner and should be displayed on the screen before proceeding with the withdrawal.
International Balance Enquiry $2 Charged when a balance enquiry is performed at an ATM outside of Australia. A fee may also be charged by the ATM and should be displayed on the screen before proceeding with the withdrawal.
Trace $20 Charged for each request to perform a trace on any transaction type.
Manual Statement $10 Charged when you request a manual statement to be generated and emailed to you. All statements are available on the Virgin Money App and can be accessed for closed accounts.
Paper Statement – Domestic $3 Charged for each paper statement that is required to be posted to an address in Australia.
Paper Statement – International $5 Charged for each paper statement that is required to be posted to an International Address.
Failed Transaction Dispute $15 Charged when a transaction dispute is unsuccessful.
Electronic Transaction Error Correction Fee $30 Charged when the bank is requested by you or the recipient Financial Institution or Biller, to correct an error you have made with a BPAY payment, using the ‘Pay Someone’ functionality, or NPP transaction.
Direct Debit Dishonour Free Charged for each direct debit that is dishonoured on the same day that the dishonour takes place.
Cheque Dishonour $10 Charged for each Cheque deposit that is dishonoured on the same day that the dishonour takes place.
Bank Cheque $10 Charged for each bank cheque that is produced and posted to an Australian address.
Cash and Cheque Deposit $5 Charged for each cheque or cash deposit that is made into your account.
Unclaimed Monies $30 Charged when the unclaimed monies process starts which is after 7 years of inactivity.



Limits
Transaction Type Limits
Pay Someone Daily limit set at $5,000 per account holder. This can be increased in the Virgin Money App up to $20,000 per day per account holder. A temporary one-day limit can be set above the $20,000 daily limit to allow for large one-off transfers.
Payments using the New Payments Platform (NPP) Daily limit set at $1,000 per account holder. NPP Payments form part of the Pay Someone daily limit.
BPAY Payments Daily limit set at $20,000 per account holder. This can be increased in the Virgin Money App up to $100,000 per day per account holder. Certain billers may set their own limits for individual BPAY payments.
Visa Debit Card Transaction Daily limit set at $5,000 per card. This amount is in AUD and can be increased in the Virgin Money App up to $20,000 per day.
Visa Debit Card Withdrawal Daily limit set at $1,000 per card. This amount is in AUD and can be increased in the Virgin Money App up to $2,000 per day.
Visa payWave Transaction limit set at $200 in Australia where no PIN or signature is required. If a PIN or signature is provided then you may be able to perform a transaction up to the Visa Debit Card Transaction limit.