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3.50% p.a. Interest on Balances up to $50,000 for 14-35 Year Olds (Monthly Criteria Apply for 18+) @ Bank of Queensland

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Credit to AussieBogan for the deal back in May, BOQ has now increased the interest rate for its ‘Future Saver’ account to 3.50% p.a.

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.

If you're aged between 14-17 years of age, the criteria are waived so you'll earn Bonus Interest every month on your Future Saver balance.

See more: https://www.savings.com.au/news/boq-savings-increase-august

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closed Comments

  • +8

    Yeah!!! Finally.

  • +3

    Just opened accounts with Westpac and was going to switch to Westpac from BOQ :(

    • +1

      At least your money will be relieved… moving sucks :)

    • +3

      you can have 50k in BOQ and 30k in Westpac :)

    • +15

      If you're aged between 14-17 years of age, we'll waive the Bonus Criteria so you'll earn Bonus Interest every month on your Future Saver balance as shown in the table below.

  • +5

    it looks like this is currently the highest interest rate bank account

    • Yes

  • +11

    Tbh got pissed off about the whole run around with these guys that I went back to ubank

    • +3

      Girlfriend had them under 3.1% and she said they had the worst app experience. Apparently their mobile app opens a webpage?

      Happy to be proven wrong

      • +13

        The new app is ok. And you will need to use the new app for the future saver account.

        • +5

          The app works but its responsiveness sucks. Sometimes it takes upwards of 10 seconds to load the homepage after entering my PIN. Seems like BOQ doesn't do non-functional testing.

          • @ascorbic: I tried it and seems BOQ, Virgin Money have same design and slow response with highest interest. idk about westpac which I think is the 3rd highest then ubank which is pretty fast but only 2.7% compared to 3.3 and 3.5.

      • +10

        I started using them this year. The app isn't that bad, I've certainly used worse - definitely not a web page so they may have updated it.

        The thing is though, you don't even need to use their app to get the bonuses. I do a bank transfer of $1k at the start of the month from my primary bank, then I use Beem to transfer it all back and hit the 5 transaction criteria. Don't need to open their app once.

        • Can you Beem from yourself to yourself (another account)? I didn’t know that

        • I didn't know that you can use beem it to get through the 5 transaction requirement. Does this works with other banks that has the requirement like ing and virgin?

          • +1

            @Ernestpogi: It works with BoQ but not ING. Not sure about other banks

          • @Ernestpogi: I assume using card as the debit source in PayPal payment settings should work. One of the easiest ways to achieve the required transactions, in addition to setting up the direct debits for bills, insurance, etc.

          • @Ernestpogi: It works with BOQ and Westpac.

        • Never used Beem before. When you say you use "Beem to transfer it all back", how do you mean? Couldn't you just transfer it out to another acc through the BOQ app? I assume Beem makes it easier?

          • +1

            @boomersgold: You can't transfer via the BoQ app as it won't count as a transaction.

            Beem is a 3rd party app which will essentially charge your account and credit it to another. Some banks like ING ignore these when counting "transactions" but BoQ counts them.

      • +2

        They have a new app that works well. Like most other banking apps. Also the app tells you if you've met the bonus interest.

        • +2

          Might only be me but if you transfer $1,000 into the Everyday Account, it'll say you've met the requirements even if you have not had 5 transactions from the Everyday Account. No biggie but the app isn't as helpful as ing with listing out the criteria and the progress to achieving the bonus interest.

          • +3

            @Happysaving: While I hate ING for having the ridiculous hurdles to achieve the bonus interest rate, I equally like how it makes it easier to cross them by listing the checklist within the app.

          • +1

            @Happysaving: This was also the case for me until this month. I think they've fixed the bug where you didn't have to make 5 transactions to qualify for bonus interest.

      • Mine has worked well for the last few years. She might need to delete and reinstall??

    • +2

      Exactly. They couldn't find their arse with a helper monkey.

  • +8

    Just from personal experience being with them, being wary of their customer service as it is extremely bad.
    Over the past 2 months, I've been on hold with them for a total of 12+ hours, and being a MYBOQ account branches are unable to help you.
    Plus the random 24-hour outages where you can't use your bank at all/card gets declined/ gets locked out etc is not worth the high-interest rate.

    Just from personal experience, others may have a different experience.

    • Was locked out temporarily from my card. Called up early in the morning and it got resolved in less than 5 minutes. Was a good experience, but might be cause I called basically when the phone line opened. I personally have accounts with multiple banks so outages and all that don’t affect me much.

      • Was locked out and guy on phone was rude AF and hung up on me was pretty weird experience, waited another 15 min on on hold and next person unlocked it.

        • Seems like I was the exception and got lucky from all the comments in this post

    • +3

      I got the same experience last Sunday. I couldn't withdraw/transfer my money from myBOQ. It was really annoying since the phone line support was not available during the weekend. I had to wait until Monday 8AM to call them back and waited for over 20 minutes to talk to a BOQ rep. They told me the money freezing issue has happened randomly to 5% of their customers (it's a lot of customers, right?). The remedy was to create a new transaction account. Hence, I created my new transaction account and transfer all of my money to Ubank. I won't ever deal with BoQ again. The worst banking experience ever.

      • +3

        5% of their customers (it's a lot of customers, right? Nah just you and another person

        • It could be such that they probably have only 40 customers in total since their app is terrible.

      • +2

        I had the same experience. Their in-app support totally sucks, I literally sent them a message everyday it was down and not a single response. I put in a formal complaint because that's pretty shocking for a financial services company.

        • yeah, same experience mate, no one answer my complaint through the app support channel.

      • +1

        This happened to me as well. It was a nightmare, I was on hold for an hour before they told me the same thing. They couldn’t tell me how many days it would take for the myBOQ app to be operational for me again and no option for me to log in via internet banking.

  • +2

    for the existing customers are we getting it automatically?

    • Same question here

    • On their website: Interest rates are variable rates and are subject to change at any time without notice. Interest is calculated daily on a stepped basis and paid monthly on the first day of the following month.

      So My guess is yes!

    • Yes.

    • Can confirm - logged into my BOQ app, checked my Future Saver acc and the rate has already been updated to reflect 3.5% p.a.

  • +4

    No love by BoQ for the octogenarians.

    • +14

      haha username checks out

  • Up to 50k again….

    • +6

      What is this? A bank for ants?

    • You can open up to 9 accounts.

      • So I could have $49,999.99 in my first Future Saver account, claiming 3.5% p.a. and then as much as possible in a 2nd (or 3rd etc) and also receive 3.5% p.a.? Or will I receive 3.5% on my first $50K and then 1.5% on the remaining cumulative balance?

        • What you said at first. You should get 3.5% for all accounts less than 50k (up to 9 accounts).

  • 40 year old are too old?

  • Can this all be managed online or do you have to verify identity at a branch? I'm in NSW

    • The account is all created online, they only ask for a form of identification.

    • After I submitted my application, it said something about check email and confirm in branch… but I haven't received the email yet. I think I got something wrong with my name…. tried calling and straight into the queue….

  • Still less than inflation :(

    • If you're holding cash and hoping to maintain purchasing power, you've got some fin 101 to master.

      • Im basically all equities

        • Have you seen that graph that people show how risk-adjusted returns change as you increase allocation to high growth assets. It's on the largest increasing trajectory up to about 80%, then plateaus to 90%, then drops off above 90%. Apparently modern portfolio theory teaches it's better to have at least a small allocation to defensive assets in even the most aggressive high growth portfolios, minimum 10-20%.

  • +2

    Their app sucks. Decided not to risk putting my money in a bank that I might not even be able to login without calling their customer support.

  • So it'll be 2.85% with Smart Saver?

    • From 17 August, we’ll increase the interest rates on our myBOQ deposit products by 0.50% p.a. This will bring the rate on our Future Saver account up to a market leading 3.50% p.a., our Smart Saver account up to 2.85% p.a., & our Simple Saver up to 1.50% p.a. T&C's apply.

      https://twitter.com/BOQ?s=20&t=v7RlsltCNUdOCudHPyPmRw

  • +1

    Website says 3%. Where is 3.5% coming from?

  • +2

    One thing I think we do have to praise them for is, not waiting until the beginning of the next month to up the savings interest rate.

    • ubank is beginning of the next month to up the savings interest rate.

  • +1

    Age restricted zzzz

  • +5

    if you have problem, account locked…etc..need to speak to CS, good luck! no on will response either email phone, or branch if you open account online, see for yourself

  • What is the best option for a 100 K ?? ME Bank?

  • Can someone please advise as to the below two questions?

    a) Given it is "up to" 50k, is interest maximised by leaving $49,999.99 in the Future Saver account (and then transferring out the interest earnt at the start of each month to ensure it remains at that amount for the duration of the month)?

    b) Can I reach the 5 "transactions" requirement by paying 5 lots of $0.01 each month from my Everyday account into my other bank account with ANZ?

    • I was doing A and it works, as for B not sure what you are saying need more info but I did 5 1cent transactions on eftpos and it worked

    • Cant say for sure but for b) I was under the impression it had to be payment to vendors not other banks.

    • +1

      I would say that b wouldn't work, but T&Cs state that atm withdrawals count as an eligible transaction, so could just do 5x atm withdrawals and then bank the cash into your ANZ.

      Alternatively, the method that I do for 5x transactions is buy something and pay afterpay, then do 5x $0.01 transactions each month. Also can do 5x $0.01 transactions easily on self checkout at Colesworth

    • For a) don't you need to deposit 1K every month? So would need to transfer in 1K then transfer out 1K + the interest earnt at the start of each month? Also, is there a reason you're putting in $49,999 instead of $50k even?

  • +4

    What’s with all of the limitations?

    Do ya want our money or not?

  • +1

    Is it possible to transfer $500 from an external account to BOQ account, then transfer that $500 out then transfer again to meet the $1000 deposit criteria?

    • Yes

    • Yes

  • An absolute hassle to sign up and verify ID with their terrible customer service wait times. Glad they decided to bump it up to 3.5% as other banks were offering higher interest rates.

    • myBOQ App is good and easy to sign in. Ring up myBOQ customer service will be waiting very very long time. That means they don’t have enough staffs answer the phone.

  • +1

    Can't seem to apply for this product. The onboarding form only provides "everyday account & saver account" and "simple saver." No option for future saver account.

    • Customers between the age of 14-35 will receive a Future Saver account, whilst customers 36 years and older will receive the Smart Saver Account.

    • +2

      Apply for everyday account & saver account

  • What happens when you turn 36?

    • Don’t know

    • you put all those high interest savings into a high yield investment vehicle

  • Anyone else unable to get past device access locked?
    Called to unlock it as advised, but locks immediately when I tried again.
    Support was clueless.
    Tried on another phone with the same result.

    • +1

      Yes. This made me move away to Macquarie's 3.1% honeymoon rate earlier in the month.

      I was able to coax out of them that it occurs only on Android phones and might have something to do with dual-SIM capabilities - even if you only use one SIM. They said their techies were working on it. 2 months on, still no fix.

      I'm not sure I can move 50K back until I can login/use their app, but some comments above have tips on how to NOT use the app at all and still satisfy conditions.

      • Interesting way of not having to use the app, but they haven't even sent me my BSB or Account number. So I wouldn't even be able to transfer any money in.

    • You have to read their text messages during login stage very carefully.
      They send 'verification codes' and 'temporary access' codes that look near identical.
      My account got locked, but after calling up they were able to send both of these new codes to me (after 1 hour waiting on hold).
      After these two, you then set up your own more permanent "Access Code" which cant be of numbers like: 123456, your birthday, or repeated numbers eg 222222.

      • Yeah, I know there's two different codes.
        I install the app.
        Select existing customer.
        Enter verification code that I receive.
        Enter the temporary access code that I received previously.
        It loads for a bit, then tells me device access locked.
        If I try again on the same device, it immediately says device access locked after entering the access code, even after data clear or reinstall, until support support sends a new access code.
        I never get past the access code screen to set a permanent access code.

        • Yeah I had the same issues, trying to re-enter the original "temporary access code" they gave me, but after the lock had occurred, it was already too late and there was nothing I could do beside call them.
          But once I finally got onto someone, they completed those steps with me again (and re-sent new codes) during the phone call.

    • +1

      Managed to fix it by installing Shamiko.

      • +1

        Thank you fellow Magisk-er. I've "resolved" it the same way.

      • Did you have to do anything else? I've installed Shamiko but still get locked out.

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