Virgin Money Boost Saver Review (2026)
Rates and conditions verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Lock Saver rate
4.85%
p.a. with Lock Saver enabled
Standard bonus rate
4.55%
p.a. without Lock Saver
Balance limit
$250k
bonus rate applies up to
About the Virgin Money Boost Saver
The Virgin Money Boost Saver is a conditional bonus savings account linked to the Virgin Money Go Account. It offers two rate tiers: a standard bonus rate (4.55% p.a.) and a higher Lock Saver rate (4.85% p.a.) when you opt to lock your savings for a chosen period.
Virgin Money Australia is a BOQ (Bank of Queensland) subsidiary. Deposits are held with BOQ, an APRA-regulated ADI, and are protected by the Government's Financial Claims Scheme up to $250,000.
Note: Virgin Money Australia suspended new credit card applications in October 2025. The Boost Saver and Go Account remain open to new customers. Rates may be under review following the May 2026 RBA rate change — verify current rates on the Virgin Money website.
Current Interest Rates
| Rate type | Rate | Notes |
|---|---|---|
| Lock Saver rate | 4.85% p.a. | With Lock Saver feature enabled + monthly conditions met |
| Standard bonus rate | 4.55% p.a. | Monthly conditions met, Lock Saver not enabled |
| Base rate | Low | Conditions not met — check Virgin Money for current base rate |
Rates as at 18 May 2026. May be under review post-May 2026 RBA change. Verify at virginmoney.com.au.
The Monthly Conditions — Explained
Condition 1 — Deposit $2,000+ into Go Account
Deposit at least $2,000 each month from an external bank account into your linked Virgin Money Go Account (ages 25+). For ages 18–24, the threshold is $1,000. This can be your salary or a bank transfer.
Condition 2 — 5+ settled purchases on Go Account
Make at least 5 settled (not pending) card purchases using your Virgin Money Go Account each month. Tap-and-go, in-store, and online purchases count.
The $2,000 monthly deposit is higher than most competitors (ING requires $1,000). This makes Virgin Money better suited to higher earners whose salary exceeds $2,000/month.
Pros and Cons
Pros
- ✓ No minimum balance to open
- ✓ $250,000 balance limit — higher cap than some accounts
- ✓ Lock Saver boosts rate to 4.85% p.a.
- ✓ No account keeping fees
- ✓ BOQ-backed, Government deposit guarantee up to $250,000
Cons
- ✗ Higher $2,000/month deposit requirement (ages 25+)
- ✗ Rate lower than ING and Suncorp at comparable conditions
- ✗ Credit cards suspended — only Go Account available
- ✗ Rates may not yet reflect May 2026 RBA change
How It Compares
- ING Savings Maximiser: 5.50% — $1,000 deposit + 5 purchases (lower deposit requirement)
- Suncorp Growth Saver: 5.50% — $200 net balance growth, max 1 withdrawal
- BOQ Smart Saver (36+): 4.85% — $1,000 deposit + 5 transactions
- Virgin Money Boost Saver: 4.85% (Lock Saver) — $2,000 deposit + 5 purchases
- CommBank GoalSaver: 5.00% — simpler conditions
Information verified 18 May 2026. Rates variable and subject to change — may not yet reflect May 2026 RBA movement. Confirm current rates on Virgin Money's website before applying. This is not financial advice.