Virgin Money Australia Account Options and Fees Explained

Virgin Money Australia offers a range of account options to suit different needs and preferences.

You can choose from a high-interest savings account, a reward savings account, or a credit card-linked savings account.

The high-interest savings account offers competitive interest rates, with no fees for online transactions.

It's a great option for those who want to earn interest on their savings without incurring extra costs.

Virgin Money Australia's fee structure is transparent, with no fees for online transactions, ATM withdrawals, or mobile banking.

However, there may be fees associated with certain services, such as international transactions or late payments.

These fees are clearly outlined in the account's terms and conditions, so it's essential to review them before opening an account.

Recommended read: British Virgin Islands Money

Virgin Money Australia offers a variety of accounts to suit different needs. One of the accounts on offer is an everyday transaction account, which is designed for everyday use.

You can choose from three different types of accounts. Two of them are saving accounts, which are ideal for setting aside money for the future.

Virgin Money Australia has a range of account options, with something to suit every financial situation.

Consider reading: Virgin Money (brand)

To open an account with Virgin Money in Australia, you'll need to meet certain requirements. You must be older than 14 years of age.

As an Australian resident, you'll also need to have an Australian residential address. This is a straightforward requirement, but it's essential to get it right.

You can't open an account on behalf of someone else, even if you have Power of Attorney or are the legal representative. You must be the intended account holder yourself.

Here are the key requirements to keep in mind:

When you're looking for a bank account, one of the biggest concerns is often the fees. And let me tell you, I've seen my fair share of hidden charges.

There's no monthly account keeping fee with the Virgin Money Go account. This is a big plus, especially if you're on a tight budget.

The Virgin Money Go account has no monthly account keeping fees to pay, which is a great advantage. This means you can keep your account open without worrying about extra charges.

Related reading: Virgin Money UK

You can also take advantage of no card maintenance fees with the Virgin Money Go account. This is a nice perk, especially if you're someone who likes to keep multiple cards.

Here's a quick rundown of the fees associated with the Virgin Money Go account compared to the Wise Account:

To open an account with Virgin Money in Australia, you'll need to meet a few basic requirements. You must be older than 14 years of age and an Australian resident. You'll also need to have an Australian residential address.

Here are the specific requirements you'll need to meet:

It's worth noting that you can't open an account on behalf of someone else, even if you have Power of Attorney or are the legal representative.

To open an account with Virgin Money, you can start by pressing "Open an Account" on their website. This is the first step in the process.

A fresh viewpoint: How to Open a Laundromat with No Money?

You'll then need to choose the type of account you're interested in opening. For example, you can choose the Go Account & Boost Saver, which is a combined account.

To open the Go Account & Boost Saver, you'll need to select who the account is for and press "Get started". From there, you'll be guided through the prompts, inputting your contact and personal information as well as any other details required for the application process.

Alternatively, you can also open a savings account with Virgin Money. To do this, you'll need to go to the Virgin Money website and press "Open an Account", then choose "Grow Saver".

To open a savings account, you can visit the Virgin Money website and press "Open an Account". This will take you to the account selection page.

You can choose from different savings accounts, but for now, let's focus on the Grow Saver. To open a Grow Saver account, go to the Virgin Money website and press "Open an Account", then choose "Grow Saver".

Next, select who the account is for and press "Get started". From there, you'll need to input your contact and personal information as well as any other details required for the application process.

The Grow Saver account offers up to 2.00% interest p.a. when you make at least 1 deposit and only 1 withdrawal per month.

You can also take advantage of the Lock Saver feature to gain an extra 0.30% variable interest p.a.

Check this out: Money Market Account vs Mutual Fund

Opening a joint account is a straightforward process. To open a Virgin Money joint account, you need to select "Me and someone else" at the beginning of the application process.

You'll need to provide the details for both people, so make sure you have them on hand before you get started. Virgin Money doesn't have any branches within Australia, so you can apply online.

To apply, you'll need to meet the ID requirements and eligibility criteria. You don't need to physically be in Australia at the time of applying, as long as you meet the requirements.

Here are the steps to follow:

That's it! By following these simple steps, you can open a joint account with Virgin Money.

If you're a student, you might be interested in Virgin Money Australia's student account options.

Student bank accounts can have extra features or better conditions compared to standard accounts, depending on the bank.

Virgin Money Australia offers a Bendigo student account with unique benefits tailored for students, making it a great option to consider.

Student bank accounts might have features like low fees, high-interest rates, or rewards programs designed specifically for students.

The Virgin Money Grow Saver is a solid option for those who want to open a savings account. It offers up to 2.00% interest p.a. when you make at least 1 deposit and only 1 withdrawal per month.

You can earn an extra 0.30% variable interest p.a. with the Lock Saver feature, giving you even more incentive to save.

To take advantage of the Grow Saver's benefits, you'll need to meet the account conditions. This means making at least one deposit and only one withdrawal per month.

The Grow Saver can be a great addition to your financial toolkit, helping you grow your savings over time.

Bendigo student account holders might have access to extra features compared to standard accounts.

Student bank accounts can have slightly better conditions for those studying, depending on the bank.

You'll need to check with your bank to see what specific benefits are available to you as a Bendigo student account holder.

Some banks may offer lower fees or higher interest rates on student accounts.

Virgin Money Australia offers a range of benefits that make it an attractive option for Australians. No account keeping fees means you can bank with Virgin Money without worrying about extra charges.

One of the standout features of Virgin Money is the access to thousands of ATMs across Australia, which is free to use. This convenience is a big plus for those who like to have cash on hand.

Virgin Money also rewards its customers with points as they spend, which can be redeemed for a variety of rewards. Plus, you can earn a competitive bonus interest rate on your savings, which is a great way to grow your money over time.

Here are some of the key benefits of Virgin Money Australia:

The Virgin Money Go Account is a great option for everyday transactions. It comes with a linked Virgin Money Boost Saver Account, which is a nice bonus.

You can earn 8 Virgin Money Points on every eligible purchase, including direct debits and BPAY payments. This is a great way to earn rewards on your daily spending.

One of the standout features of this account is its support for mobile payments. You can use Apple Pay, Samsung Pay, and Google Pay to make transactions.

The account also comes with bill tracking and spend tracking tools, making it easy to stay on top of your finances. You can even set up automatic bill payments to ensure you never miss a payment.

If you're looking for a hassle-free account, the Virgin Money Go Account is a great choice. It has no monthly fees or interest, making it a low-maintenance option.

Here are some of the key features of the Virgin Money Go Account:

The Virgin Money Go Account is a solid choice for those looking for a hassle-free banking experience. You'll earn Virgin Money Points when you make purchases, which is a great perk.

The account also offers a competitive bonus rate on your savings if you meet the deposit conditions each month. This is a fantastic way to grow your savings over time.

One thing to keep in mind is that you'll need to manage your account entirely via the Virgin Money mobile app. If you're not a fan of mobile banking, this might not be the account for you.

On the plus side, you can use your debit card for free at most Australian ATMs, which is a huge convenience. You can also link it to Apple Pay or Google Pay for contactless payments with your phone.

However, be aware that there is an international transaction fee and overseas ATM fee charged. This might be a consideration if you make a lot of overseas purchases.

Here are some key pros of the Virgin Money Go Account:

To earn bonus interest on your account, you'll need to meet the account conditions, which include making at least one deposit and only one withdrawal per month.

The Virgin Money Grow Saver account offers up to 2.00% interest p.a. and has a Lock Saver feature that can give you an extra 0.30% variable interest p.a.

You can also earn a competitive bonus interest rate of up to 5.05% p.a. on a linked Virgin Money Boost Saver account by meeting the account conditions.

If you don't want to open a Virgin Money Boost Saver account, you can open the Virgin Money Go account by itself.

Virgin Money Australia offers a range of credit cards with benefits tailored to different needs and preferences.

Their credit cards often come with rewards programs, such as earning points for every dollar spent, which can be redeemed for travel, shopping, or other experiences.

Readers also liked: Lendingclub Credit Score

Earning points on your everyday spending can be a great way to save money or get rewards. You can earn 8 Virgin Money Points for each purchase you make.

These points are automatically earned for every settled debit card purchase, direct debit, and BPAY payment made from your Virgin Money Go account. There are no conditions to meet to earn these points.

You can use these points for a number of benefits, such as redeeming them for cash or purchasing gift cards with partnering brands. The latest reward offers can be seen in the Rewards Hub once you're a customer.

You can open a Virgin Money Go account as a joint account with another person, making it a great option for couples or families. This account is for personal use, not business use.

Here are some of the benefits you can earn points on:

Credit Card International Travel COVID-19 Coverage is a crucial aspect to consider when traveling abroad. Some credit cards offer this coverage, but it's essential to know the specifics.

Virgin Money credit card international travel insurance covers COVID-19-related claims made on or after 1 November 2023. This includes overseas emergency assistance, overseas emergency medical, cancellation, and additional expenses.

To make a claim, you'll need to be positively diagnosed with COVID-19 or another pandemic/epidemic disease. This also applies to your eligible spouse or dependants traveling with you, but only if you're not traveling against government advice.

Here are the key things to keep in mind when it comes to making a claim:

Yes, many credit card travel insurance policies cover family members, but the requirements can vary.

Your spouse and eligible dependants can get cover when you meet the eligibility requirements for international travel insurance. They need to be an Australian resident or a holder of a visa issued under the Migration Act 1958 (Cth).

They also need to travel with you for at least 50% of the trip that you've got cover for. And, they need to have a return overseas travel ticket before leaving Australia.

Some credit card policies have different limits for a spouse or dependants compared to what you get as the primary cardholder. For example, the Virgin Money credit card has different limits for family members.

Here are the key requirements for Virgin Money credit card travel insurance to cover family members:

If you're not satisfied with the complimentary credit card travel insurance offered by your current credit card, you have options to explore.

You can compare Virgin Money credit cards, which offer complimentary insurance, to see if a better option is available.

Don't have a credit card with complimentary insurance yet? Consider checking out other credit cards that offer insurance.

Domestic travel insurance is a great perk of having a Virgin Australia Velocity High Flyer credit card. You can get cover for up to 28 days in a row if you've paid for the entire trip with your credit card, Velocity Points, a Virgin Australia Gift Voucher, or a combination of these options.

If this caught your attention, see: Velocity of Money

If you're planning a trip with your spouse and dependants, you can get them covered too, as long as you use the same payment method for their return travel of 28 days or less and they'll be with you for at least half the trip.

There's a $75 excess for claims that relate to additional expenses. This is a one-time fee you'll need to pay when making a claim.

Maximum claim amounts vary depending on the type of claim. Make sure to check the details so you know what to expect.

Credit card bonus shopping is a great perk that can give you extra peace of mind when making purchases. With Virgin Money credit cards, you get access to complimentary insurance that covers you for up to 90 days.

If you buy something new with your Virgin Money credit card and it gets stolen, accidentally damaged, or lost, purchase protection insurance has got you covered. This includes household and personal items like shoes, jewellery, glasses, and even new works of art.

Extended warranty insurance is another bonus that doubles a manufacturer's warranty, up to a maximum period of 12 months, for eligible items bought with your card in Australia.

Virgin Money Australia has been criticized for providing misleading product information.

Their "Interest free" products have been described as a complete scam.

Customers have reported receiving identical pro forma complaint letters as a response to their complaints.

Virgin Money's payment schedules are often provided without a date, making it difficult for customers to plan their payments.

It's clear that Virgin Money's service has left many customers feeling frustrated and disappointed.

If you're renting a car in Australia, it's essential to understand the rental vehicle excess insurance policy. Cover is available for damage or theft of a hire car, up to a maximum total of $10,000.

To be eligible, you'll need to have used your eligible Virgin Money credit card to pay for the full cost of the car hire. If you're unsure, it's always a good idea to check your card details.

The excess cost for each claim is a flat rate of $100. This is a one-time fee, not a percentage of the total cost.

In 2008, Virgin Money Australia withdrew its home loan product from the Australian market due to the Great Recession.

The company also transferred its credit cards portfolio to Westpac after a five-year agreement ended.

Virgin Money launched car insurance in 2009, partnering with A&G Insurance Services.

A strategic alliance was announced with CitiBank, with plans to launch a suite of retail banking services in 2010.

Virgin Money relaunched its credit cards in Australia on July 27, 2010, with two card types: the Velocity Rewards Credit Card, co-branded with Velocity Frequent Flyer, and the No Annual Fee Credit Card.

All credit cards are also co-branded with Visa credit card.

Virgin Money's process can be misleading and arbitrary. Their "Completing Proof of Identity" document doesn't align with their own processing criteria.

Virgin Money Super's application process is fraught with issues. Despite following their stated requirements, including using a Notary Public, as permitted, they arbitrarily rejected valid documents.

Virgin Money's lack of transparency and inconsistent document handling can cause unnecessary delays and frustration. For two and a half months, there was no mention of any deadline in their communications.

Virgin Money's customer service can be unhelpful. They may tell you to raise a ticket to IT, but this doesn't necessarily mean you'll get your issue resolved.

Virgin Money's app can be uncooperative. It may display an error message, such as "Whoops! Something went wrong—please try again", without providing any further assistance.

Customer support can sometimes take some time to help you.

I've had a few instances where payments were late, but customer support has been responsive in resolving these issues.

Customer support can be slow to respond, but they do get the job done.

Overall, Virgin Money Australia's support is a mixed bag, with some instances of delayed assistance.