Bank of Queensland Fast Track Starter for 14-24 Year Olds: 3% Interest on Balances up to $10,000

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blighst on 02/12/2020 - 13:14 boq.com.au (220 clicks)
Last edited 03/12/2020 - 11:24 by 1 other user

Noticed BOQ have raised their rates some time recently to be in line with Westpac's Choice for deposits. Conditions slightly different - however I suspect may suit some younger people more as only need to deposit $200 per month (vs a potential $1k if you're not a student and over 21), and no condition on growing balance.

No account fees too means no trip into the bank to prove you're a student and a higher window of 2nd tier bonus rate - Westpac dips to 0.55% conditional on growing balance after the max balance is hit.

• Bonus interest paid on portion of balances up to $10k (then 1.05% from 10k to 250k)
• Deposit $200 per month
• Make 5x Visa transactions (Beem it counts)

inb4 BOQ's app sucks and no NPP - you can read all about BOQ's digital transformation here

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Bank of Queensland

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  FutureTech on 02/12/2020 - 13:26

  +1

  Not gonna be able to fast track much of anything I reckon if it's capped at $10k

  • 

    blighst on 02/12/2020 - 13:27

    From 10-250k it's still a pretty respectable 1.05%

    Nobody's fast tracking anything in their savings with interest rates this low

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  Ryk on 02/12/2020 - 13:44

  Expecting 14yo to make 5 card purchases a month !

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  garetz on 02/12/2020 - 14:08

  5 transactions a month makes this kind of worthless.

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    blighst on 02/12/2020 - 14:12

    +1

    How so? Super easy to make 5x 10c transactions at Colesworths or beem back and forth.

    • 

      garetz on 02/12/2020 - 14:13

      -3

      How many teens do you know who are going to bother doing that.

      • 

        blighst on 02/12/2020 - 14:16

        +1

        For teens, I can absolutely see them spending 5x on a card. One trip to the shops with mates easily can be 5x spend (loading up transit card, paying for lunch, paying for a movie, buying snacks at Coles beforehand to save money ;) )

        Plenty of teens using beem too to pay friends back and forth

        Unless kids have changed

        • 

          BeerCrisp on 02/12/2020 - 15:06

          @blighst: Agree with everything you said, while annoying, it isn't too hard to make 5 transaction - and yes, for teenagers it should be even easier. They're out and about doing social things.

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  fox81 on 02/12/2020 - 14:28

  incidentally, that report had barely anything about their digital transformation, nor did i see a reference to NPP.
  Personally, i cant believe they still dont have NPP.

  • 

    blighst on 02/12/2020 - 14:38

    +1

    In hindsight that's a fair call - this one would probably be better

    tldr; they're ripping out the old banking platform and putting a fresh uncustomised Temenos system in. They're doing it in stages with Virgin money going as a pilot this month. Retail will have a new app mid next yea. As part of the upgrade I presume NPP will come on.

    Seems they're aware that digital is their biggest letdown - whole new management team with a few Westpac digital folk poached, so fingers crossed they can do it right.

    • 

      Ryk on 03/12/2020 - 08:34

      not sure if Westpac is the shining light on the hill to emulate.

    • 

      fox81 on 04/12/2020 - 14:55

      i thought it was their heavily customised instance of signature that was holding them back.

      boq specialist are running T24 so they could have always piggy backed that.

      • 

        blighst on 04/12/2020 - 14:58

        It was their heavily customised instance that held them back, hence why they're moving to a vanilla Temenos system.

        I don't work for BOQ so have no idea if they're piggybacking or adopting a different system.

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  Diji1 on 02/12/2020 - 16:36

  digital transformation

  Jesus Christ marketing is retarded.

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  [Deactivated] on 02/12/2020 - 20:41

  Better off in shares (ie CommSec pocket ETFs if you're lazy)

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    BeerCrisp on 03/12/2020 - 00:02

    +1

    Everyone should always need a HISA, whether it be for a safety net, or maybe you're saving for a house in the short term. Many cases why savings is more applicable than shares / ETF.