Virgin Money

Virgin is one of the biggest brands in the world spanning several industries including banking and finance.

Virgin Money was founded by Richard Branson in 1995 as Virgin Direct. It merged with virginmoney.com to form Virgin Money in 2002 and then expanded operations globally.

The company was launched in Australia in 2003, with a primary credit card offering. When it first entered the Australian market, it was in partnership with Macquarie Bank, before partnering with Westpac for five years.

Virgin Money is currently owned by the Bank of Queensland (BoQ), which acquired the Virgin business in 2013 for $40 million.

Virgin Money has expanded its product offering over the years to include home loans, credit cards, insurances and superannuation.

It is backed by long-standing partnerships with BOQ, Citi, Mercer, TAL, Auto & General and Allianz Worldwide Partners, all of whom are dedicated to helping people manage the family budget, purchase or refinance a home and protect their most important assets.

Virgin Money aims to deliver simple, clear products with excellent customer service.

Virgin Money

Virgin is one of the biggest brands in the world spanning several industries including banking and finance.

Virgin Money was founded by Richard Branson in 1995 as Virgin Direct. It merged with virginmoney.com to form Virgin Money in 2002 and then expanded operations globally.

The company was launched in Australia in 2003, with a primary credit card offering. When it first entered the Australian market, it was in partnership with Macquarie Bank, before partnering with Westpac for five years.

Virgin Money is currently owned by the Bank of Queensland (BoQ), which acquired the Virgin business in 2013 for $40 million.

Virgin Money has expanded its product offering over the years to include home loans, credit cards, insurances and superannuation.

It is backed by long-standing partnerships with BOQ, Citi, Mercer, TAL, Auto & General and Allianz Worldwide Partners, all of whom are dedicated to helping people manage the family budget, purchase or refinance a home and protect their most important assets.

Virgin Money aims to deliver simple, clear products with excellent customer service.

Reward Me Home Loan (Investment)

Variable
Rate 2.74
Comparison
Rate 2.91

Reward Me Home Loan (Investment)

Variable
Rate 2.69
Comparison
Rate 2.86

Reward Me Home Loan (Investment)

Variable
Rate 2.69
Comparison
Rate 2.86

Reward Me Home Loan (Investment)

Variable
Rate 3.29
Comparison
Rate 3.45

Reward Me Home Loan (Investment)

Variable
Rate 3.19
Comparison
Rate 3.35

Reward Me Home Loan (Investment)

Variable
Rate 3.19
Comparison
Rate 3.35

Reward Me Home Loan (Investment)

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Reward Me Home Loan (Investment)

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Reward Me Home Loan (Investment)

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Reward Me Home Loan (Investment)

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Reward Me Home Loan (Investment)

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Reward Me Home Loan (Investment)

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Rate
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Reward Me Home Loan (Investment)

Variable
Rate 2.64
Comparison
Rate 2.81

Reward Me Home Loan (Investment)

Variable
Rate 2.69
Comparison
Rate 2.86

Reward Me Home Loan (Investment)

Variable
Rate 2.64
Comparison
Rate 2.81

Reward Me Home Loan (Investment)

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Reward Me Home Loan (Investment)

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Reward Me Home Loan (Investment)

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Reward Me Home Loan (Investment)

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Reward Me Home Loan (Owner Occupier)

Variable
Rate 2.59
Comparison
Rate 2.76

Reward Me Home Loan (Owner Occupier)

Variable
Rate 2.49
Comparison
Rate 2.66

Reward Me Home Loan (Owner Occupier)

Variable
Rate 2.49
Comparison
Rate 2.66

Reward Me Home Loan (Owner Occupier)

Variable
Rate 3.14
Comparison
Rate 3.30

Reward Me Home Loan (Owner Occupier)

Variable
Rate 3.09
Comparison
Rate 3.25

Reward Me Home Loan (Owner Occupier)

Variable
Rate 3.09
Comparison
Rate 3.25

Reward Me Home Loan (Owner Occupier)

Variable
Rate 4.62
Comparison
Rate 4.77

Reward Me Home Loan (Owner Occupier)

Variable
Rate 4.62
Comparison
Rate 4.77

Reward Me Home Loan (Owner Occupier)

Variable
Rate 4.62
Comparison
Rate 4.77

Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Rate
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Rate

Reward Me Home Loan (Owner Occupier)

Variable
Rate 2.49
Comparison
Rate 2.66

Reward Me Home Loan (Owner Occupier)

Variable
Rate 2.39
Comparison
Rate 2.56

Reward Me Home Loan (Owner Occupier)

Variable
Rate 2.39
Comparison
Rate 2.56

Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan (Owner Occupier)

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Reward Me Home Loan Interest Only (Investment)

Variable
Rate 3.04
Comparison
Rate 3.08

Reward Me Home Loan Interest Only (Investment)

Variable
Rate 2.99
Comparison
Rate 3.04

Reward Me Home Loan Interest Only (Investment)

Variable
Rate 2.99
Comparison
Rate 3.04

Reward Me Home Loan Interest Only (Investment)

Variable
Rate 3.49
Comparison
Rate 3.53

Reward Me Home Loan Interest Only (Investment)

Variable
Rate 3.44
Comparison
Rate 3.48

Reward Me Home Loan Interest Only (Investment)

Variable
Rate 3.44
Comparison
Rate 3.48

Reward Me Home Loan Interest Only (Investment)

Variable
Rate 2.99
Comparison
Rate 3.04

Reward Me Home Loan Interest Only (Investment)

Variable
Rate 2.94
Comparison
Rate 2.99

Reward Me Home Loan Interest Only (Investment)

Variable
Rate 2.94
Comparison
Rate 2.99

Reward Me Home Loan Interest Only (Owner Occupier)

Variable
Rate 3.57
Comparison
Rate 3.61

Reward Me Home Loan Interest Only (Owner Occupier)

Variable
Rate 3.57
Comparison
Rate 3.61

Reward Me Home Loan Interest Only (Owner Occupier)

Variable
Rate 3.47
Comparison
Rate 3.51

Reward Me Home Loan Interest Only (Owner Occupier)

Variable
Rate 3.52
Comparison
Rate 3.56

Reward Me Home Loan Interest Only (Owner Occupier)

Variable
Rate 3.47
Comparison
Rate 3.51

Reward Me Home Loan Interest Only (Owner Occupier)

Variable
Rate 3.42
Comparison
Rate 3.46

Virgin Australia Velocity Flyer Credit Card

Purchase
Rate 20.74
Annual
Fee $129.00

Virgin Money Low Rate Card

Purchase
Rate 11.99
Annual
Fee $99.00

Virgin Money No Annual Fee Card

Purchase
Rate 18.99
Annual
Fee

Virgin Money Boost Saver

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

Virgin Money Go Transaction Account

Max Interest rate($10,000) Base Interest rate($10,000)

Bank Accounts

Virgin Money has three key bank accounts:

  • Everyday Go Account
  • Boost Saver
  • Grow Saver

1. Everyday Go Account

The Everyday Go Account is a zero monthly fee account that can be bundled with a Virgin Money Boost Saver. This is a high rewards account where customers can receive eight Virgin Money Points on every purchase, direct debit and BPAY payment they make, provided certain monthly criteria is met. Criteria is based on age. 5,000 bonus Virgin Money Points are also on offer if you take out a new Virgin Money Go Account and make a purchase direct debit or BPAY payment which settles (not pending), in the first 30 days. Points can be used with select partners on things such as hotel bookings.

Other highlights:

  • Bill Tracking – know when your bills are due
  • Spend tracking – track your spend with auto categorisation tools
  • Round ups – You can round up purchases to the nearest $1 and send to a bundled savings account
  • Digital wallet – Make payments with Apple Pay, Google Pay and Samsung Pay.

2. Boost Saver

The Boost Saver is Virgin Money’s highest interest savings account that allows you to save smarter and more securely to help you reach your financial goals faster. You can set up nine personalised savings goals, and use Virgin Money’s insights and real-time alerts to help you manage your money better. As with the Everyday Go Account, customers can receive eight Virgin Money Points on every purchase, direct debit and BPAY payment they make, provided certain monthly criteria is met. The Virgin Money Boost Saver is bundled with an everyday Virgin Money Go Account. There are now ATM fees and you cannot earn Virgin Money points, however Virgin Money Rewards and Partner offers are available.

3. Grow Saver

The Grow Saver account is for those who have no need for an everyday account, but still want to earn high interest on their savings. There are zero monthly fees and a high interest rate kicks in when you make at least one deposit and no more than one withdrawal each month. If you round up purchases to the nearest dollar on your Go Account, you can send the change to the Grow Saver. This is not a bundled account and comes with no bill or spend tracking functionality and no digital wallet. Virgin Money Rewards and Partner Offers are available, however you cannot earn Virgin Money points.

Credit cards

Virgin Money has a choice of four credit cards to suit your needs.

1. Virgin Australia Velocity Flyer Credit Card

With the Velocity Flyer Card, you can earn up to 100,000 bonus velocity points (25,000 Points each month you spend $1,500 or more on Eligible Transactions in the first 4 months from card approval). Customers are only charged half the annual $129 fee in the first year. It only takes 10 minutes to apply, but you must be over 18 to do so. You can build on your Velocity points to fly on Virgin airlines or use them for rewards. A 24 hour Visa Platinum Concierge is also available. The card also comes with a Guaranteed Pricing Scheme, Transit Accident Insurance and, Visa Platinum Benefits and Fraudshield to keep your card safe. Minimum credit card limit is $6000 and minimum income is $35,000.

2. Virgin Australia Velocity High Flyer Card

This card is designed for customers who want to supercharge their Velocity Points. You can earn up to 100,000 bonus Velocity points and receive 25,000 Points for every month you spend $3,500 or more on eligible purchases within four months of card approval. An annual fee of $289 applies. The minimum credit limit is $15,000 and minimum income is $75,000.

Benefits include:

  • Velocity Points Earn
  • Exclusive Flight Benefit
  • Individual Travel Insurance
  • Extended Warranty Insurance
  • Fraudshield
  • Purchase Cover
  • Personal Concierge
  • Transit Accident Insurance
  • Guaranteed Pricing Scheme
  • Visa Signature Benefits

3. Low Rate Credit Card

The Low Rate Credit Card is exactly what it says it is. You can enjoy a low, ongoing variable purchase rate. There is an ongoing annual fee waiver after the first year if you spend $9,600 on eligible transactions. Minimum credit limit is $6000 and minimum income is $35,000.

Features and benefits include:

  • Apple Pay (available with all cards)
  • Samsung Pay (available with all cards)
  • Fraudshield
  • Visa payWave

4. No Annual Fee Credit Card

This is a card with no annual fees attached and up to 55 days no interest on transaction while you have a balance transfer. Minimum credit limit is $2000 and minimum income is $25,000 per annum. You balance must be paid in full each month to receive interest free benefits.

Features and benefits include:

  • Apple Pay (available with all cards)
  • Samsung Pay (available with all cards)
  • Fraudshield
  • Visa payWave

Home Loans

1. Variable Rate Home Loan

This award winning home loan comes with Virgin Money’s lowers interest rates. You can redraw a minimum of $100 and make unlimited additional payments. You can also receive discounts on other Virgin Money products. Split borrowing are also available on this loan, meaning you can lock in part of the interest rate giving you peace of mind and flexibility. Also known as the Reward Me Home Loan, this can be paired with a Home Loan Companion Account, whereby every dollar kept in this account offsets the interest on the Variable rate loan allowing you to draw down the loan quicker. You do need a positive balance in this account.

2. Fixed Rate Home Loan

The Reward me Fixed rate Home Loan lets you lock in your low interest rate for a designated period of time, usually two years. Rates are competitive and you can make additional repayments of up to $10,000 per year. A loan with an LVR (loan to value ratio) of 90% and under will revert to a discounted variable on expiry. You can still redraw if you’re ahead on repayments and as with the variable home loan, you can offset with a Home Loan Companion Account.

3. Construction Loan

If you are looking to build or renovate rather than buy, a Virgin Money Construction Loan is available for new builds, knock downs and basic renovations. Construction loans give you periodic payments, rather than a lump sum payment. The loan is only available to licenced builders. It incurs a $10 monthly fee and a $150 settlement fee. There is also a construction fee.

Other products

Virgin Money offers a range of other products including various insurance products: life insurance, car insurance, home and contents insurance, income protection and travel insurance. There are also various superannuation products for individuals and employers.

Pros

  • A good range of products
  • Transparent fees and charges
  • Strong investment returns on super products for individuals
  • Flexible home loan products
  • Good rewards program

Cons

  • High interest rates on some credit products
  • Some people may be priced out of specific credit card products
  • High fees on some products