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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 (3070 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

    • Yola on 08/04/2019 - 09:38
      +3

      I just use BoQ to park money and get the high rate. Their processes are old fashioned but once done it is now working well. It may be more of an issue if you use it for day to day banking. For that I use UBank and the sweep is great allowing you to keep all your money in the account earning interest and sweeping funds from it for automatic debits or ATM withdrawals.

  • wako on 08/04/2019 - 00:04

    With all the bad publicity they have to give away more to get fresh meat in

  • letters numbers on 08/04/2019 - 09:47
    +1

    Yeesh, was going to transfer my savings from UBank to BOQ for this, but the website and app are so terrible I'm not going to bother - plus having to go in-branch and get a token for daily transfers greater than $5k? No thanks.

  • bluesky on 08/04/2019 - 15:21
    +3

    I signed up last month, just to trial them, when made aware here by @nobelharvards. Been forwarned of their antiquated system, but as @Yola said, if it is more for parking savings, this issue may not be of utmost importance.

    Since bonus interest only begins the next month after signup, have to wait till end of this month to verify their interest calculation.

    But they did publish this data breach on their website. This does raise some alarm, re their systems and processes. They are upfront about it, and promised steps have been taken to address and avoid a similar occurrence in the future. Might be relevant info for some – in considering to open an account or not. However, for all we know, others may also have breaches, which they do not inform customers about. So, a plus that BOQ is being upfront.

    Found their customer service very helpful, even proactive - spoken twice with them.

    Transfers more than 5K can be done via app, no need to go into branch for this. But if token device preferred, then have to visit branch. Have yet to pick up token, so cannot comment on that.

    • Meovel on 12/06/2019 - 21:56

      any update on rate calculation?

      • bluesky on 13/06/2019 - 12:34
        +2

        Seems good so far. Only 2 months have elapsed since I joined. First month - it was 1c off from my calculation (which I consider fine, giving allowance for truncation etc), next month - exact to the cent.

  • Sage222 on 09/04/2019 - 14:14

    anyone look at IPOwealth?

    https://www.ipowealth.com.au

    3 months

    6 months

    12 months

    24 months

    36 months

    60 months

    INVESTMENT OPTIONS

    INVESTMENT PERIOD

    CURRENT RATE*

    3.25% p.a.

    4.10% p.a.

    4.45% p.a.

    4.80% p.a.

    5.10% p.a.

    6.45% p.a.

    • Bargaingeek on 18/04/2019 - 11:50

      Only for wholesale investors , not for retail

  • Ms Bargainer on 09/04/2019 - 16:49

    Just signed up and will see how it goes.

  • CI on 12/04/2019 - 11:12

    How is the app compared to ubank

    • Minnie on 14/04/2019 - 18:51

      Following too - how user-friendly is BOQ's app?

      • SomeGuyOnOzB on 15/04/2019 - 16:55

        Looks like you need your customer number as well as password to get in, on the phone app.

        I hope it will be updated soon, so you can choose to use just a pin to log in, like uBank. (No need for a customer number)

        • SomeGuyOnOzB on 07/05/2019 - 13:58

          Latest update is that you can use just your password to log in

  • Bargaingeek on 30/04/2019 - 16:51
    +3

    Hi all, i tried this bank on this offer, it is extremely bad not worth the extra 0.13% over UBANK, the bank pretty much stuck in the 1990s, large transfers need to be done through the brancch, their app is useless, you don't really know if you got the interest until it is credited the calculation of the 3% seems to be off, any changes to your account you have to visit the branch, worst online banking i have seen.

    For the extra 0.13% it's not worth it, i understand if you have a large deposit it can be an extra $200 or whatever which is good money but i am not sure if its worth the hassle and time. I'm going bank to UBANK as a result

    they also got hacked recently, sounds like they are running on legacy systems with very poor IT Management (need to be fired imo)

    • Minnie on 06/05/2019 - 13:08

      good to know that, thank you

    • Minnie on 07/05/2019 - 10:34

      @Bargaingeek, just a thought, would you know, there's a token device (via app) can be used or physical token can be obtained for large transfer? Thought this could be helpful for you.

  • [Deactivated] on 30/05/2019 - 21:06

    Rates are down 25 points on Tuesday, Banks will follow suit.

    Might as well wait till then.

  • SomeGuyOnOzB on 14/06/2019 - 13:37
    +4

    ATTENTION BOQ dropped their rates by the full 0.25%

    If the others keep their rates up, I'll be moving my money soon

    • Meovel on 14/06/2019 - 13:39
      +2

      So sad I haven't even started using it LOL

    • SomeGuyOnOzB on 14/06/2019 - 13:47
      +1

      Here's hoping the others don't cut it. They don't need to. For a start, they've not been passing on the full increase from the RBA for decades if ever.

      • bluesky on 14/06/2019 - 16:12
        +1

        Those that have not cut, I think it is just a matter of time. This is going by what typically happened in former rate cuts. The smaller institutions, e.g. credit unions, tend to react faster. Others such as MeBank and CUA have also cut their rates.

      • SomeGuyOnOzB on 20/06/2019 - 18:50

        :S Rams dropped their rate the whole 0.25%

        Isn't it cheaper for the smaller organisations (BoQ, CUA etc) to borrow off us, than to borrow off other financial institutions?

    • SomeGuyOnOzB on 27/06/2019 - 19:53
      +4

      So after all the other banks dropped their interest rates, (excluding offers including promotional interest periods) BoQ is now the highest ongoing rate; a whole 0.15% higher than UBank

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