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

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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
Bank of Queensland

closed Comments

  • +1

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

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

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

  • Expecting 14yo to make 5 card purchases a month !

  • 5 transactions a month makes this kind of worthless.

    • +1

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

      • -3

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

        • +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

          • @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.

  • 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.

    • +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.

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

      • 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.

        • 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.

  • digital transformation

    Jesus Christ marketing is retarded.

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

    • +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.

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