The Virgin Money Go Account pulls out all the stops. Virgin Money has bundled together rewards points, perks, discounts, and boosted interest rates in one bank account and debit card package. You won’t pay any monthly fees or ATM fees from selected ATM networks, and you can use your points for cashback or reimburse past purchases.

 

What’s great?

The Virgin Money Go Account is of the most ‘rewarding’ bank accounts on the market, earning points that turn into cashback even when you’re paying bills. Let’s look at what you get with the Virgin Money Go bundle.

 

Rewards, Offers & Discounts

For a short time, the Virgin Money Go Account with debit card is dishing out 5,000 bonus points when you sign up a new account. To get the bonus offer, you’ll need to apply before 31 August 2022, and make at least one purchase, direct debit or BPAY payment in the first 30 days of opening your new account.

With a Virgin Money Go Account, you can unlock two types of rewards each month!

First, you will receive the highest variable interest rate of up to 1.35% p.a. with the bundled Virgin Money Boost Saver when you meet the monthly criteria and enable the Lock Saver Feature. Give 32 days’ advance notice period to unlock the account. If you don't want to avail the Lock Saver Feature, you can earn up to 1.00% p.a. - that's still a pretty awesome gain!

The Virgin Money Boost Saver highest Variable Interest Rate of 1.35% p.a. consists of
- a Base Interest Rate of 0.05% p.a.;
- a Bonus Interest Rate of 0.95% p.a. (applies up to a combined total balance of $250,000 across all Boost Savers in the same name as your Go Account); and
- a Notice Interest Rate of 0.35% p.a. (when the Lock Saver Feature is enabled).

Second, you can earn 8 Virgin Money Points on all purchases, direct debits and BPAY payments. Yes, that includes bills like rates and tax.

To receive the Boost Saver bonus interest rate and the 8 points on the Go Account, you need to meet the monthly criteria in the previous month. The monthly criteria below must be made into a Virgin Money Go Account that is in the same name as the Boost Saver:

• 25 years and older: deposit $2,000 or more into your Go Account from another financial institution (your salary counts), and make at least 5 debit card purchases, BPAY payments or direct debit in the previous month.
• Between 18 and 24 years: deposit $1,000 or more into your Go Account from another financial institution, and make at least 5 debit card purchases, BPAY payments or direct debit in the previous month.
• Between 14 and 17 years old: none - you’ll earn the Boost Saver and points without needing to meet criteria!

 

Your points are added to your Virgin Money Rewards Account within 24 hours of the transaction settling. If you open a joint account, your points are split evenly between both account holders.

Points are earned on all transactions except: cash withdrawals, deposits into your account, ‘Pay Someone’ transfers through the app or internet banking facilities, internal transfers between your accounts, and any Virgin Money fees and charges.

You can check the Rewards Hub on the app for specific offers from partnering businesses to earn bonus points or access discounts. If you’re under 18, you may need a parent’s permission to access some offers in the Rewards Hub.

 

The Virgin Money Rewards Program

Your Virgin Money Points can be used in a few ways:

• - Redeem them for cash back in your account
• - Purchase gift cards
• - Use ‘purchase eraser’ to swap the cost of something you already paid for with points, which becomes cash back in your account instantly

 

You can earn more points by booking hotels through the Rewards Hub, buying with partner businesses, and on your birthday when Virgin Money sends some perks your way. Points you earn won’t expire as long as you’re actively using your account.

 

ATM Access

The Virgin Money Go debit card is backed by Visa, so it can be used anywhere Visa is accepted worldwide. ATM withdrawals are fee-free when you use an ATM in the ATMx Network, Bank of Queensland and the Big 4 major banks.

If you’re spending overseas, you’ll be charged a fee of 2.5% of the purchase amount. You’ll also pay a $5 fee for international ATM withdrawals, and $2 to check the balance.

 

Managing Your Money

The Virgin Money app has some nifty features, especially if you’re into budgets and tracking your spending. With the app, you can:

• - Get alerts about upcoming bills
• - Set personalised goals and track your progress
• - Get real-time insights into your spending habits
• - Set ‘round-ups’ to the nearest dollar so extra cents are tucked into your savings

 

You can also do all the usual online transactions, pay with your digital card, and earn and redeem Virgin Money Points through the app, too. The Virgin Money app is compatible with Andoid and iOS.

However, there’s no internet banking available from a computer. The Virgin Money app is intuitive and easy to use, but it’s worth noting if you’re not keen on doing everything via a smartphone app.

 

Digital Wallet Compatibility

Your Virgin Money debit card can be added to your digital wallet immediately after approval using Google Pay, Samsung Pay or Apple Pay. You can also access your card through the Virgin Money app. Virgin Money website says it takes 5 to 7 days for your physical card to arrive in the mail.

 

Security

The Virgin Money app uses biometric identifiers (fingerprints and facial recognition, for example) to authenticate your identity instead of a PIN or secret answers as additional security measures.

 

What’s worth considering?

All of Virgin Money extras rely on meeting minimum criteria each month. You’ll need to decide if you can easily meet the requirements so you can unlock the perks that really make this account a standout. Remember, your wage counts towards the minimum deposits.

Virgin Money doesn’t charge any ongoing fees, but there are charges that might apply in some instances. For example, a physical replacement card will cost $15, and you may be charged $10 if your account is overdrawn.

 

Why should you choose it?

If you like the thrill of freebies, the Virgin Money Go Account and debit card is hard to beat. It’s one of the only accounts in Australia that gives you perks for spending. You’ll earn 8 points regardless of the amount you spend in each transaction, which is a unique approach for a rewards program.

The app is touted as one of the most intuitive banking apps around, and includes a ton of handy extras to help you stay money-savvy.

Virgin Money keeps banking fun, too. It offers ever-changing discounts and extras with partners so you can earn more points and save money. The Money Boost feature, and the Round Up feature (if you choose to use it) helps to boost your savings painlessly.

All in all, the Virgin Money Go account and debit card offer a lot of return without too many drawbacks. It’s one of the best offerings in town, especially if your goals are big savings and rewards.

When you sign up by 31 August 2022 and make at least one purchase, direct debit or BPAY payment in the first 30 days, you’ll receive a welcome bonus of 5,000 Virgin Money Points. T&Cs apply.