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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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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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AssociatedLjcoccio @ Savings.com.au on 16/08/2022 - 16:45 boq.com.au (2061 clicks)
Last edited 19/09/2022 - 16:07 by 1 other user

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

  • bird380 on 16/08/2022 - 16:48
    +8

    Yeah!!! Finally.

  • AussieBogan on 16/08/2022 - 16:55
    +3

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

    • tharlow on 16/08/2022 - 17:48
      +1

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

    • Mr Haj on 17/08/2022 - 08:52
      +3

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

    • bird380 on 16/08/2022 - 17:00
      +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.

  • billsa on 16/08/2022 - 17:04
    +5

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

    • mei mei on 17/08/2022 - 01:05

      Yes

  • AssociatedDrakesy @ Bank of Queensland on 16/08/2022 - 17:11
    +11

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

    • TheMoistMan on 16/08/2022 - 17:17
      +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

      • me1stt on 16/08/2022 - 17:29
        +13

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

        • ascorbic on 16/08/2022 - 18:27
          +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.

          • HunterxHunter9000 on 30/08/2022 - 17:31

            @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.

      • Harold Halfprice on 16/08/2022 - 17:33
        +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.

        • kaij on 16/08/2022 - 18:50

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

        • Ernestpogi on 16/08/2022 - 19:22

          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?

          • Harold Halfprice on 16/08/2022 - 19:59
            +1

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

          • virhlpool on 17/08/2022 - 00:15

            @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.

          • archiexyz on 17/08/2022 - 12:27

            @Ernestpogi: It works with BOQ and Westpac.

        • boomersgold on 21/08/2022 - 14:05

          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?

          • Harold Halfprice on 21/08/2022 - 14:11
            +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.

      • Yuri Lowell on 16/08/2022 - 18:12
        +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.

        • Happysaving on 16/08/2022 - 18:30
          +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.

          • virhlpool on 17/08/2022 - 00:19
            +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.

          • ascorbic on 10/09/2022 - 20:50
            +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.

      • grr1701 on 16/08/2022 - 18:28

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

    • Daabido on 16/08/2022 - 17:18
      +2

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

  • SirNoble on 16/08/2022 - 17:22
    +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.

    • SleepyBargainHunter on 16/08/2022 - 18:16

      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.

      • denserham on 16/08/2022 - 19:56

        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.

        • SleepyBargainHunter on 16/08/2022 - 22:06

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

    • hvn on 16/08/2022 - 18:21
      +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.

      • sinnerman on 16/08/2022 - 18:55
        +3

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

        • hvn on 16/08/2022 - 19:20

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

      • berrycrush on 17/08/2022 - 09:39
        +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.

        • hvn on 17/08/2022 - 10:20

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

      • Chutzpah on 17/08/2022 - 13:27
        +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.

  • RichardF89 on 16/08/2022 - 17:44
    +2

    for the existing customers are we getting it automatically?

    • firestint on 16/08/2022 - 18:07

      Same question here

    • bird380 on 16/08/2022 - 18:55

      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!

    • mei mei on 17/08/2022 - 01:12

      Yes.

    • rehangunna on 17/08/2022 - 13:39

      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.

  • ifonlyiwasyounger on 16/08/2022 - 17:47
    +4

    No love by BoQ for the octogenarians.

    • firestint on 16/08/2022 - 18:11
      +14

      haha username checks out

  • Salimjahar on 16/08/2022 - 17:48

    Up to 50k again….

    • muwu on 16/08/2022 - 19:55
      +6

      What is this? A bank for ants?

    • WavyClock on 16/08/2022 - 23:52

      You can open up to 9 accounts.

      • rehangunna on 17/08/2022 - 13:53

        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?

        • WavyClock on 17/08/2022 - 14:37

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

  • Frozensage on 16/08/2022 - 18:19

    40 year old are too old?

  • soaringphoenix on 16/08/2022 - 18:32

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

    • SirNoble on 16/08/2022 - 18:44

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

    • tlai on 18/08/2022 - 16:20

      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….

  • nk7 on 16/08/2022 - 18:37

    Still less than inflation :(

    • muwu on 16/08/2022 - 19:57

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

      • nk7 on 16/08/2022 - 22:41

        Im basically all equities

        • muwu on 16/08/2022 - 23:10

          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%.

  • fukajk on 16/08/2022 - 19:06
    +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.

  • timhn on 16/08/2022 - 19:08

    So it'll be 2.85% with Smart Saver?

    • mei mei on 16/08/2022 - 23:13

      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

  • cnrmlj on 16/08/2022 - 19:51
    +1

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

  • revo on 16/08/2022 - 20:32
    +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.

    • mei mei on 17/08/2022 - 01:15

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

  • saltytears on 16/08/2022 - 20:33
    +1

    Age restricted zzzz

  • izkai67 on 16/08/2022 - 20:37
    +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

  • 50cent on 16/08/2022 - 21:33

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

  • Shiny Mew on 16/08/2022 - 22:52

    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?

    • denserham on 17/08/2022 - 07:53

      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

    • HecticCrunt on 17/08/2022 - 08:09

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

    • nicholasv on 17/08/2022 - 08:47
      +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

    • boomersgold on 21/08/2022 - 14:18

      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?

  • The Araldited Wallet on 16/08/2022 - 23:07
    +4

    What’s with all of the limitations?

    Do ya want our money or not?

  • cJWptgjGp36G on 16/08/2022 - 23:49
    +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?

    • Meovel on 16/08/2022 - 23:56

      Yes

    • mei mei on 17/08/2022 - 00:58

      Yes

  • WavyClock on 16/08/2022 - 23:55

    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.

    • mei mei on 17/08/2022 - 01:01

      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.

  • coveredturnip on 17/08/2022 - 06:09
    +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.

    • gamerkonks on 17/08/2022 - 09:42

      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.

    • me1stt on 17/08/2022 - 09:54
      +2

      Apply for everyday account & saver account

  • Windows7forever on 17/08/2022 - 08:33

    What happens when you turn 36?

    • mei mei on 17/08/2022 - 10:16

      Don’t know

    • kaleidoscope on 17/08/2022 - 11:55

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

  • gamerkonks on 17/08/2022 - 09:36

    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.

    • HcNguyen111 on 17/08/2022 - 09:58
      +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.

      • gamerkonks on 17/08/2022 - 11:15

        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.

    • SiriousLee on 17/08/2022 - 12:10

      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.

      • gamerkonks on 17/08/2022 - 13:00

        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.

        • SiriousLee on 17/08/2022 - 13:22

          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.

    • gamerkonks on 21/08/2022 - 12:12
      +1

      Managed to fix it by installing Shamiko.

      • HcNguyen111 on 26/08/2022 - 23:42
        +1

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

      • xiahwolf on 02/09/2022 - 18:05

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

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