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3% P.a. Interest on Balances up to $250,000 for 25+ Years Old @ Bank of Queensland

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3% P.a. Interest on Balances up to $250,000 for 25+ Years Old @ Bank of Queensland
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SomeGuyOnOzB on 07/04/2019 - 11:16 boq.com.au (3066 clicks)
Last edited 15/04/2019 - 16:53 by 1 other user

Big kudos to the people at Whirlpool, maintaining the savings spreadsheet

New challenger for Top Interest Rate Savings Account in Australia

Fast Track Saver Account
- 25 years old and over; citizen or permanent resident of Australia; personal account (ie not business etc)
- bonus rate only if balance is under $250,000
- deposit $1,000 to your linked Day2Day Plus Account and the following month earns bonus interest
- 0.5% p.a. standard; bonus is 2.5% p.a. variable

Also
- needs a linked Day2Day Plus account (looks like a fee free transaction account with no account keeping fees)
- Withdrawals? looks like you can withdraw to your Day2Day Plus account with no penalties. You can transfer to other banks, from the Day2Day Plus account.
- [For transfers to other banks, in excess of $5,000 a day, a token device may be required. letters numbers Says you can get a physical one in branch and Yola says you can get a software one instead

So maybe open the account and deposit the first $1,000 a few business days before the end of the month. Then move the rest that you want to move, after the new month has started.

If 14-24 years old, there is a 4% on up to $10,000 deal here

Financial Bank Account Savings Account

Related Stores

Bank of Queensland
Bank of Queensland

closed Comments

    • Rollins on 07/04/2019 - 13:16
      +2
      • Returns on our investments are variable and paid monthly. Past performance is not a reliable indicator of future performance. The rates of return from the Credit Fund are not guaranteed and are determined by the future revenue of the Credit Fund and may be lower than expected. Investors risk losing some or all of their principal investment. An investment in the Credit Fund is not a bank deposit. Withdrawal rights are subject to liquidity and may be delayed or suspended.

      Or buy an index fund and save on fees, fees fees. AFI, Vanguard…. etc

      But that's not really a bank account :)

    • fchis on 07/04/2019 - 13:19
      +1

      I'm aware of this but It doesn't have 250k government guarantee tho.

    • ribbonsofnight on 08/04/2019 - 19:16
      -1

      it's certainly not an apples to apples comparison comparing a bank account with investing and putting your capital at risk.

  • nurbsenvi on 07/04/2019 - 13:27

    Is this bank short on cash or something?

    • [Deactivated] on 07/04/2019 - 15:18

      It's losing out along with Adel/Bendigo etc, due to weakened competitiveness against the big 4.
      BOQ Shares have lost over 10%, and divs are expected to be dropping about (I think) +10% over the next 2 years. So grim shortterm but by no means out.

      Doesn't answer your question, but gives some insight, homeloan applications will continue to drop so profits down.
      Royal commision = royal shaft for many in the finance industry.

    • Donaldhump on 07/04/2019 - 19:06

      capital adequacy ratio

    • Trance N Dance on 07/04/2019 - 19:56

      Well if their Specialist division is anything to go by, they'd need it. They're funding crap loads of loans atm there. Then again they're also raking in a crap load of term deposits there too lol.

      • freemoneyhunter on 07/04/2019 - 20:21

        I read that Bendigo has 1/2 capital reserves to loan ratios as the big 4, I think BOQ maybe in a similar situation. I have been reading that the 250k gov guarantee does not really exist so keeping deposits with a healthy bank or credit union is still paramount.

        • ribbonsofnight on 08/04/2019 - 19:19

          a large portion of the people banging on about 250k government guarantee are wearing their metaphorical tin-foil hats and worrying about chemtrails. They probably don't have anything like 250k either.

  • alpbetgam on 07/04/2019 - 13:34
    +3

    Worth noting that if you're 14-24 years old, you can get the Fast Track Starter Account instead, which gives 4% p.a. on up to $10000, with a $200 deposit per month to the transactions account.

  • [Deactivated] on 07/04/2019 - 14:12

    @OP

    Maybe make mention to the one for under 25s - they get 4% on first $10k then 2.8%. only $200/Mo deposit required.

  • Ryk on 07/04/2019 - 14:16
    +1

    are these accounts opened and verified online, or do you need to do the Post Office shuffle?

    • blighst on 07/04/2019 - 17:34

      I opened an account a few months ago completely online.

      • [Deactivated] on 07/04/2019 - 20:48

        Yeah but most things need to be done at a branch. Don't even try using online banking or dealing with staff over the phone.

        • [Deactivated] on 07/04/2019 - 21:51

          I found staff over the phone quite helpful tbh

  • Meovel on 07/04/2019 - 14:18
    +1

    Thinking of whether this or ubank to keep the spare money, not going to use as daily account anyway

    • [Deactivated] on 07/04/2019 - 15:10
      +1

      Get an compound interest calculator and see the diff. 0.0013% (over ubank) compounding monthly isn't much.

      • Meovel on 07/04/2019 - 15:19

        you mean 0.13%?

        • [Deactivated] on 07/04/2019 - 15:20

          Vooops.

      • freemoneyhunter on 10/04/2019 - 17:04

        It's a bit, 100k compounded over 20 years at 3% is $182075, at 2.87% it is $177414

    • Nads2407 on 07/04/2019 - 15:20

      Ubank, Unlimited free withdraws and only have to put in $200 a month.

      • Borg on 07/04/2019 - 16:15
        +3

        And the Visa debit card Ubank give you doesn't charge Int'l fees which I like.

  • haemolysis on 07/04/2019 - 14:21
    +1

    With lots of banks offering the 2.6-2.8% range, you’re looking at most 0.4% extra to deal with a bank with service standards from the early 2000s. I’d need a higher savings balance to be inclined to take that up.

    • ribbonsofnight on 08/04/2019 - 19:25

      lots of people have bad experiences with various banks that offer less interest. What's so much worse?

  • G Wok on 07/04/2019 - 14:25
    +2

    BOQ or RAM?

    Sticking with Ubank already

    • StingyJoe on 07/04/2019 - 19:25

      RAMS has been fantastic. The mobile app works well and we've never had any issues with receiving our monthly interest. We liked the fact that you can have just a no fee savings account with no need to move all your day to day banking to them.

    • fchis on 08/04/2019 - 07:35

      Stick with Ram if you have more than 200k in savings but Ubank has been more flexible.

      • Biskitt on 08/04/2019 - 09:13

        Happy with Rams too, like the fact I don't have to open another current account with them too

  • blighst on 07/04/2019 - 14:31
    +3

    Still so suprised at how many banks neglect digital.

    • bs0 on 07/04/2019 - 14:59
      +4

      This is savings, not debt

    • hoodiejs on 07/04/2019 - 16:26
      +3

      lolololol

  • UNM on 07/04/2019 - 14:36

    RaboDirect are currently offering 3.05% for first 4 months (up to $250000). No strings - don't need to deposit regularly and can withdraw anytime.

    After 4 months, the interest rate is crap though

    • Gavman on 07/04/2019 - 19:26

      Wouldn’t bother

  • Sage222 on 07/04/2019 - 14:53

    I like this post

    • Steptoe on 07/04/2019 - 16:52
      +1

      You sound a little horse

  • jackofspade on 07/04/2019 - 14:53
    +1

    Get ready for the rate to drop as soon as they raised enough funds.

    • [Deactivated] on 07/04/2019 - 15:04
      +3

      True, but get ready for others rates to rise to 3.01% (Any bets on Ubank?).

      • muncan on 07/04/2019 - 18:03

        No bets on UBank. Discussed with them years ago, they know they have a competitive product and do not need to be the headline rate leader. I’m going to assume most of us are still with UBank.

    • OzyBe on 07/04/2019 - 15:05

      They had better not.

      RAMS bank did this.

      The worst is when they reduce the interest rate without telling you, and you are expected to log in and check the rate everyday.

      • StingyJoe on 07/04/2019 - 19:26
        +2

        Was sad when RAMS dropped the interest rate but they did communicate it to us well ahead of the time. Perhaps a mail that went missing?

        • Yola on 08/04/2019 - 07:54
          +1

          I did receive an email but only 2 days before the last rate drop in September 2018.

    • nfr on 07/04/2019 - 15:43
      +3

      You seriously expect to compound 15% every year for how many years?

    • verio on 07/04/2019 - 15:54
      +1

      Oh master, please share your knowledge with us! You did not post this just to brag about your financial superiority, did you?

      • cloudy on 07/04/2019 - 16:13
        +2

        He posted this to show his stupidity. He did not know it though

    • cloudy on 07/04/2019 - 16:15
      +1

      Warren buffet is one of the richest men on earth, he invests money to earn his wealth. What % return did he earn in order to be one of the richest man on earth?

      Answer: less than 20%.

      So you claim to out earn him, see anything wrong?

    • tommohawk on 07/04/2019 - 17:08

      Curious, what investment is this that yields a 'forecast of 20% min'? I'm not saying they don't exist, but they're exceedingly rare because if it's as safe as it you make it out to be the price will likely get bid up until the yield goes closer towards the risk free rate. Far more likely is that you're in one of these ubiquitous investment schemes that make high risk investments and/or employ excessive leverage and market them to investors as safe. The reality of course is anything but.

    • jackofspade on 07/04/2019 - 17:26

      Sounds like a ponzi scheme

    • No ONE on 07/04/2019 - 17:35

      Typical MLM.

      Enough said.

    • Fundies on 07/04/2019 - 17:51

      I have grown my wealth and have no use for risk…which is why I will still turn to td's.

    • [Deactivated] on 07/04/2019 - 19:15
      -2

      I knew I would get negged - so much for sharing my 2 cents. Whatever…like I care.

      All I can say is two words - property syndication. And yes, it ain’t for everyone. I do my due diligence for every syndication i am in (to minimise risk). And not all syndications are high-yielding.

      Just becos my method isn’t mainstream doesn’t mean it doesn’t exist.

      And one more thing - the returns are not compounded. It’s paid at the end.

      TDs will slowly increase your wealth (factor in inflation and the tax you need to pay on your interest; and the net return is (profanity) all) for minimal risk.

      I’ll shut up now…

      • muncan on 07/04/2019 - 19:21
        +1

        That was more than two words

      • cloudy on 08/04/2019 - 11:16
        +1

        Wait not compounded, lol, so how many years do you need to get your 20%

        I’m not negging you, I didn’t. I just want to know more.

    • SomeGuyOnOzB on 07/04/2019 - 20:02

      Okay but, under a balanced wealth management plan, some of your finances are in savings etc so … it goes back to which bank do you want it to be in … which is what this post is about

  • icecold27 on 07/04/2019 - 16:14
    +1

    Their app is terrible, So hard to use compared to others

    • blighst on 07/04/2019 - 19:56
      -1

      Apparently they are investing to upgrade it (according to their shareholders AGM last year). Hopefully will see the fruits of that by the end of this year…

      • [Deactivated] on 07/04/2019 - 20:45

        Yeah nah. I doubt it. The whole business needs to change. Even the most simplest of task needs to be done at a branch.

        • blighst on 07/04/2019 - 21:31

          It's evidently a source of inefficiency though and they've identified it. Have a look through their AGM slides.

          I am a former Bankwest user making the transition across and the BOQ experience atm is crap to say the least. But the evidence is there that UX is king. It might take time but I'm confident it will happen.

  • lawbee on 07/04/2019 - 16:18

    Visa discrimination…. Signed up ubank instead

    • 11hobos11 on 07/04/2019 - 16:28

      I just signed up and had a seamless experience. I'm on a visa too with less than a years validity

      • lawbee on 07/04/2019 - 16:30
        +1

        It says 'citizen or permanent resident of Australia', I'm not sure if you can get your bonus interest

        • 11hobos11 on 08/04/2019 - 21:35

          Permanent resident for tax purposes imo.

  • congo on 07/04/2019 - 16:41

    Easy signup? Or lots of loops and paperwork to get started?

    • [Deactivated] on 07/04/2019 - 20:45

      Ha. No. It's the opposite. Most things need to be done at a branch. Don't even think about trying to do anything via online banking.

  • No ONE on 07/04/2019 - 17:09
    +1

    0.5% p.a. standard
    bonus is 2.5% p.a. variable

    Horrible. Miss one deposit, there goes the whole months interest.

    • SomeGuyOnOzB on 07/04/2019 - 20:03
      +1

      Most/all of the others are the same

  • ribze1 on 07/04/2019 - 17:22

    Why the discrimination against those under 25?

    • fchis on 07/04/2019 - 17:25
      +1

      4% up to 10k for you.

  • Fundies on 07/04/2019 - 17:48
    +1

    Savers are on a hiding to nowhere now. Only a few years ago I was getting 7% on td's, best I could get recently was 3.4% 5 year td with Rabo. Savers now carrying the burden of this debt laden out of control global economy.

    • muncan on 07/04/2019 - 18:10

      Perhaps it’s time to invest in debt? Or QFF points

    • StingyJoe on 07/04/2019 - 19:34

      I feel your pain. We decided to change to a no debt lifestyle and its a little annoying that interest rates a probably going to go down to accommodate those with debt. Now is probably the best time to have a lot of debt and grow a business or something since interest rates are at an all time low and does not seem to be rising soon.

    • freemoneyhunter on 07/04/2019 - 20:36
      +3

      Only way to fix things is to raise interest rates, not reduce them. People borrowing money for property have been making out like bandits for decades, they can afford a hit to right the economy. The people trying to save up money to buy something are hurt because with lower interest rates it takes longer to save up to purchase the item they are saving up for.

      • fchis on 08/04/2019 - 07:38
        +1

        Not to mention we pay tax on the savings interest as part of our income tax too and no incentive whatsoever unless you're a property or stocks investor. This country promotes a debt driven economy.

  • stephentran on 07/04/2019 - 18:07

    Anyone with ubank or ing looking to move onto this? I just recently signed up with both for two types of savings accounts a couple of months ago and now this appears…

    Wonder if the potential greater savings is worth changing or if anyone has had any luck getting either of them to increase and match the rate

    • freemoneyhunter on 07/04/2019 - 20:37

      I am thinking about it, I'm with Ubank. I'm worried BOQ is not as a healthy bank as Ubank/NAB, if something happens your deposit could be bailed in.

    • Minnie on 07/04/2019 - 21:18

      I personally prefer UBank and ING, with any large amounts. ING is my #1 favourite due to their easy one-off transfer (via phone) with any large amount (any amount that exceeds their daily limit). It's a nightmare to transfer money out from the BoQ account ($5K daily limit).

      • Yola on 08/04/2019 - 09:15
        +2

        If you go to a branch and get a token you can transfer over $1 million per day. There is also the BOQ Secure soft token ap that needs to be downloaded and I guess sends you a security code.

  • fufufu on 07/04/2019 - 19:25

    How easy is it to transfer large amounts (ie. $100,000+) between banks? For both getting the fund in to this bank and out if they decrease interest rate?

    Sorry, I've only primarily used 1 bank my while life.

    • StingyJoe on 07/04/2019 - 19:29

      We did this a while ago from NAB and you can transfer the whole amount one time if you go into a branch for a small fee (<$50). Or you can just transfer the funds out $20k at a time for no charge via online banking.

    • [Deactivated] on 07/04/2019 - 20:44

      Don't try transferring $100K with BOQ… The online banking system is archaic and over the phone have a terrible ID verification process. Most things need to be done at a branch. It's very tedious.

    • Minnie on 07/04/2019 - 20:58
      +1

      Not easy at all with their daily limit of $5000 Max. to transfer out from a BoQ account to non-BoQ account. It's a nightmare, dont do it. Also BoQ would charge $$ for each transaction to transfer out from their BoQ saving account to a non-BoQ account. It is only free if transfer WITHIN their BoQ accounts only. I would love to hear if there are other easy methods to transfer $ out from a BoQ account to a non-BoQ account. Thank you. I regret of joining BoQ.

      • [Deactivated] on 07/04/2019 - 21:17

        No easy method. Glad our family no longer banks with them. Don't even get me started on the transaction dispute process, it's so archaic.

      • Meovel on 07/04/2019 - 23:39

        That is ridiculous to hear, how much they charge for transfer to external?

        • Minnie on 08/04/2019 - 07:13

          Cant remember how much on each transfer (to transfer from BoQ savings account to a non-BoQ account) but imagine how many you need to do for $100K or $250K max balance. I learned my hard way. BoQ were a bit misleading on their saving account opening advertisement on their website. I only find out this when I got charged and dig into reading their T&C fine prints. Only free if online transfer within their BoQ accounts or using their BoQ everyday account to transfer to a non-BoQ account. But do read their T&C every single words before opening any BoQ accounts.

      • SomeGuyOnOzB on 08/04/2019 - 07:21

        I just checked current the fees and charges.
        It think it says on the Day2Day account the transfers etc are free

      • Yola on 08/04/2019 - 09:23
        +1

        If you go to a branch and get a token you can transfer over $1 million per day. There is also the BOQ Secure soft token ap that needs to be downloaded and I guess sends you a security code.

        • Minnie on 09/04/2019 - 11:30

          I see, yes I remember BoQ did mention that but looks like need to jump few hoops in order to get a transfer done. Would you know @Yola or anyone know (1) how quick to get the physical token at the branch?instantly/30 mins/need to pick it up at another day and if there's any charge on that? Re BoQ website and apps, heard from other ozbargains that they are terrible. Personal experience from using their online banking and website, were no good.

          • bluesky on 09/04/2019 - 13:03
            +1

            @Minnie: Customer service personnel I spoke with suggested I ring the branch first, just on the off chance they have run out - so I don't waste a trip. She also helpfully put notes against my account - said it would provide context when I go into my branch, to save time.

            The token device is free. But if you are OK with the soft app, perhaps that is the way to go (no need device). Helpful personnel offered to help me set this up on the phone, but I prefer the token device.

      • rooon on 08/04/2019 - 13:00

        Unless you have a BOQ Security Token for a Pay Anyone limit of $10,000 or greater.

    • Yola on 08/04/2019 - 09:28
      +1

      With UBank you can link with several other banks, where they send 1c to the nominated account and when you receive it you enter the 6 digit code they sent with it and after a few days you can transfer $100k to that account per day. For any more you have to call them. With RAMS you can set a $50k daily limit online, for anymore can call, they complete the transfer for any amount to your saved payee.

  • nomunny on 07/04/2019 - 19:45

    Damn, 24 but it is more worth to have the 25+ account… Contacted to see if I can open this one.

    • Meovel on 07/04/2019 - 20:18

      why?

      • nomunny on 08/04/2019 - 07:51

        Just calculated it. As under 25 is 4% for first $10,000 then 2.8% for all values over. I end up over $100 worse off P/A.

  • [Deactivated] on 07/04/2019 - 20:42

    Do yourself a favour and don't join BOQ.

    Archaic banking system and ID verification system.

    If you like using technology then I strongly suggest not joining BOQ.

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