Virgin Money launches digital bank with savings accounts

Virgin Money - which is owned by Bank of Queensland - has launched its first transaction account along with two different savings accounts:

• Virgin Money Boost Saver: a linked savings account with a maximum interest rate of 1.20% p.a, pending Virgin's bonus interest criteria;
• Virgin Money Grow Saver: a savings account that does not need to be linked to the transaction account with a bonus interest rate up to 0.65% p.a; 
• Virgin Money Go Transaction: a transaction account with no monthly fees and eight Virgin rewards points on every purchase, direct debit, and BPAY payment. 

These new accounts can be signed up for in minutes according to Virgin Money and come with each of the three main mobile wallet services (Apple Pay, Google Pay, and Samsung Pay). Transaction account customers will also be able to earn eight rewards points per spend on everyday purchases - including direct debits and BPAY payments - through the Virgin Money Rewards scheme.

However, to earn these rewards points, customers need to meet certain criteria each month, which varies depending on age. For those aged over 25, this criteria includes the requirement to deposit at least USD 2,000 into the transaction account and make at least five purchases.