2% p.a. Interest on Balances up to $250,000 for 36 Year Olds & over (Deposit & Transaction Criteria Apply) @ Bank of Queensland

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greenjay on 26/06/2022 - 00:45 boq.com.au (151 clicks)
Last edited 27/06/2022 - 14:44 by 1 other user

Another savings account deal with interest rate creeping up. BOQ offer 3% if you are under 36. This deal is for those of us older than that.

Monthly criteria for bonus interest

• $1,000 minimum monthly deposit
  Transfer a minimum of $1,000 each month (like your salary) into your linked Everyday Account.
• Make 5 or more eligible transactions
  From your linked Everyday Account each month. Eligible transactions include direct debit payments, ATM withdrawals, BPAY payments or purchases with your Visa Debit Card.

The Smart Save account gets you 2% interest on your savings but each month you have to deposit $1K into your linked Everyday account and make 5 transactions from that account (eligible transactions include direct debit payments, ATM withdrawals, BPAY payments or purchases with your Visa Debit Card)

UBank still have the best terms and conditions IMO and they've been pretty solid over the years, but you might be looking for somewhere to park further funds.

This BOQ deal has similar conditions to many savings accounts but slightly better interest than UBank and no "grow your balance" conditions.

Am interested to see if anyone spots a hitch here. The BOQ website is a bit confusing. One section says you get the bonus interest the month after meeting the conditions. Another section says you have to wait 2 months for the bonus interest to be paid. I've not signed up yet - am interesting in thought about whether this is a good deal overall in comparison to similar accounts.

Related Stores

Bank of Queensland

• 

  Daabido on 26/06/2022 - 01:19

  +3

  BOQ is the worst and most backward bank I've ever dealt with.

  But don't take my word for it;
  https://www.productreview.com.au/listings/bank-of-queensland…

  • 

    DOGGYWOWWOW on 26/06/2022 - 03:02

    +2

    The old system was really bad but their new app is pretty good. They also added Osko which is a bonus.

  • 

    Wadiyatalkinabowt on 26/06/2022 - 06:49

    +1

    That's gnarly, thanks for sharing link, I even scrolled back up to ensure I hadn't filtered the reviews to one-stars, haha.

  • 

    greenjay on 26/06/2022 - 21:38

    Had another look at those reviews. Thought they may be from before BOQ got their act together with their new accounts and apps. Nope. Fresh reviews where almost daily someone is ranting about the poor customer service and being locked out of their own accounts. Reckon I'll wait for their competitors to catch up on the interest rates and go with someone else.
    Again - UBank have been solid for years, even if the recent merger with :86 400 has been a bit more noticeable than they intended.

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  Dimeslots on 26/06/2022 - 11:34

  +1

  Anyone know if you can have both a Future Saver (17-35) as well as a Smart Saver if you have >$50k to get the 3% on the 50k and 2% on the amount above?

  • 

    Gazpacho on 26/06/2022 - 11:55

    Interested in this too, that would be great

  • 

    airpoe on 26/06/2022 - 11:59

    +1

    but the smart saver is for over 36; so I don't think its possible to have both

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  rpb on 26/06/2022 - 11:37

  +1

  Age discrimination!

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  17833 on 22/07/2022 - 02:46

  +2

  Quietly increased to 2.35% As a current customer, no notification received of this at all.