Travel is back baby!! So, it’s time to break out the swear jar and count those pennies!
Saving for your dream holiday can be tough, especially if someone in your travelling party is determined to be a little bit extra with helicopter rides and five-course meals.
That’s where the Lock Saver Feature on our Virgin Money Boost Saver and Grow Saver accounts comes in. The new feature can help you smash your mid to long-term savings goals by providing an additional 0.50% p.a. interest when you choose to lock your saving account (only available to those 18 years old and above). This is on top of the bonus interest rate you’ll earn when you meet the monthly criteria. You can add money at any time and you won’t be charged any fees. When you need to access your funds again, you only need to give us 32 days’ notice, making it the ideal way to see your savings grow.
Want to know how much interest you’ll earn if you choose to enable the Lock Saver Feature?
With a Virgin Money Boost Saver bundled with our everyday Go debit card you can receive up to 2.00% p.a.* And with a Virgin Money Grow Saver standalone account you can earn up to 1.50% p.a*
These rates are made up of the base rate plus the bonus interest rate (when the monthly criteria is met) plus the notice account rate (Lock Saver Feature). If you want to know the full breakdown for each product, click here.
Now here’s our top tips for saving money for that next big holiYAY (you deserve it) and, most importantly, how the Lock Saver Feature can work for you.
It’s your vision (board), baby
Step one: set a savings goal for yourself (you can also add a goal in the Virgin Money app). For example, where are you going, and how much money will you need?
Step two: stay accountable on the journey to… the journey! Sounds simple, right? The great thing about the Lock Saver Feature is that you need to give us 32 days’ notice to access your money again**. So, it helps you really plan when, or if, you’ll need to dip into your savings before your goal is reached.
Did someone say budget?
Writing out a plan can show you just how achievable your goal is, especially with the help of that additional interest when you enable the Lock Saver Feature on your Boost or Grow Saver accounts.
You can open up to nine separate savings accounts and create personalised goals – that’s one for holiday spending, one for holiday flights, one for treats, one for emergency coffees, one for the pre-travel splurge funds, and so on. Then, choose which accounts to enable the Lock Saver Feature on to receive additional interest and which accounts to leave unlocked so you can dip into them.
Plan, plan and plan again
When you account for extra expenses, you won’t get caught short. If you have the Everyday Go account linked to the Boost Saver, you can take advantage of the spend tracker and bill tracker in the Virgin Money app. This will help you keep tabs on what you’re spending and when your bills are coming up for that month. That way you’ll know how much extra you can set aside.
Then when you switch on the Lock Saver Feature for those ‘no touch funds,’ you can earn an extra 0.50% p.a and know your future self with thank you.
Every cent counts
Make sure you turn on the Round Up’s feature on your Go account and link it to your Locked savings account. That means every purchase you make on your debit card will round up to the nearest $1 and the change will be sent straight into your linked savings account. So, if your coffee is $4.50, $0.50 will go into your savings. You’ll be surprised at how much this little extra builds up over time.
And next time you’re tempted to buy something you don’t need, think of the city that never sleeps (or wherever your dream location awaits!). With the Lock Saver Feature enabled, you can keep putting money into your account at any time, so why not make a game of it? Every time you’re tempted, pause, think of your dream location, and transfer an extra $5 into your Saver account.
Lock and load
It turns out patience really does pay off! The Lock Saver Feature is perfect if you’re saving for something big. Switch it on through our Virgin Money app and start earning additional interest (no minimum balance required). Then sit back and watch your hard-earned dollars grow (and grow).
Trust us, your future self will thank you for it.
*You can earn the additional Lock Saver Feature interest rate (Notice Interest Rate) of 0.50% p.a. when the feature has been enabled through the Virgin Money app. You will be required to provide 32 days’ notice if you would like to withdraw funds from an account that has been locked. Once you select to unlock the account via the app, you will no longer earn the additional interest rate from the date the Lock Saver Feature is disabled. *For full terms and conditions relating to the Lock Save Feature and Monthly Criteria on our savings products click here.
Virgin Money Australia, a division of Bank of Queensland Limited ABN 32 009 656 740 Australian Credit Licence AFSL 244616, the issuer of the transaction and savings accounts.Information provided is of general nature only and you should consider whether or not the product is appropriate for yourself. For full terms and conditions, including information on eligibility criteria and fees and charges click here.