Virgin Money goes digital with new transaction account, savings accounts and loyalty program

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Virgin Money has expanded its banking suite after launching a brand new transaction account, two savings accounts, a banking app and a loyalty program.

The product expansion comes as part of Virgin Money’s pivot towards becoming a ‘digital bank’, as the new Go Account, Boost Saver and Grow Saver accounts, in addition to existing credit cards, will be able to be accessed inside the recently launched Virgin Money banking app.

The new Virgin Money Rewards program will also be accessible through the app. Both transaction and savings account customers can earn Virgin Money Points for spending and saving, with points redeemable for gift cards, travel and shopping offers and even as cashback.

However, existing credit card and home loan customers with the bank can still earn Velocity Frequent Flyer Points with their respective point-accruing products.

“Banking is an everyday necessity, but often it’s just too hard. Consumers want it to be simpler, they want to be supported for doing the right thing while being genuinely recognised and valued for their loyalty,” said Virgin Money Australia chief executive, Greg Boyle.

“The personal finance management tools we have implemented are designed to help our customers improve their financial fitness, and they’ll be rewarded for that. When features such as spend tracking and goal setting are utilised, we expect customers to reduce their credit card debt, and increase their savings.”

Go, Boost and Grow: Meet the new Virgin Money accounts

While this isn’t the first time that Virgin has entered the deposit account space - the Virgin Saver account was available until 2014 - it is a major step towards becoming a full service bank.

The roll out of the Go Account, along with the Boost Saver and Grow Saver savings accounts, adds to Virgin Money’s existing range of credit card, home loan and insurance products and provides customers with a greater opportunity to house their entire banking life with Virgin (should they wish to).

So if you’re curious about the ins and outs of the three new accounts, here’s a quick rundown:

Go Account
  • Pay with Apple, Google or Samsung Pay
  • No monthly fee
  • Earn 8 Virgin Money Points for purchases (conditions apply)

Virgin Money’s Go Account is a transaction account with a twist, as it comes bundled with the Boost Saver account. The account can be managed through the Virgin Money app, and purchases can be made with a linked Visa debit card or via smartphone using Apple Pay, Google Pay or Samsung Pay. Users can even earn 8 Virgin Money Points per eligible purchase if they meet the monthly requirements which, for those aged 25+, are a deposit of $2,000 or more into the Go Account and at least five settled purchases. There’s also 5,000 bonus Virgin Money Points up for grabs for customers who open a new Go Account and make a purchase, direct debit or BPAY payment within the first 30 days (valid until 31 July, 2021).

Boost Saver with Go Account
  • 1.20% p.a. maximum interest rate
  • Round up feature
  • Create in-app savings goals

As mentioned above, the Boost Saver account comes as part of a 2-in-1 combo deal with Virgin Money’s Go Account. It features a competitive maximum variable rate of 1.20% which is made up of a 0.10% standard rate and 1.10% bonus rate. In order to achieve that bonus rate, account holders will need to meet some minimum monthly requirements which vary depending on age. The most stringent are for those aged 25 and over who will need to make a deposit of $2,000+ from an external account into the Go Account and make at least five eligible settled purchases, direct debits or BPAY payments. Savers will also have access to a round up tool and they’ll have the ability to set up and track up to nine savings goals in the app.

Grow Saver
  • 0.65% p.a. maximum interest rate
  • No minimum or maximum balance
  • Make and track up to 9 different savings goals

For savers looking for a standalone saving account with simpler conditions, Virgin Money’s Grow Saver might do the trick. The Grow Saver comes with a maximum variable interest rate of 0.65% (consisting of a 0.10% standard rate and 0.55% bonus rate), which savers can earn when they make at least one deposit and no more than one withdrawal per month. There’s no minimum or maximum balance on which you can earn that rate, plus there are handy features like the ability to create and track up to nine different savings goals through the Virgin Money banking app.

RELATED: Why a flexible savings account might work for you in 2021

Interested in finding a new place to stash your savings? Head on over to the Mozo savings account comparison hub to compare accounts from a range of banks.

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