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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

Related Stores

Bank of Queensland
Bank of Queensland
Savings.com.au
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        • Mine's actually being hit and miss now and I'm having some issues with zygisk, but I'm finding having the app install on a work profile, using the app "Island" by Oasis Feng, works well.

          • @gamerkonks: If you have time, would you be able to type up some quick instructions on how to set up Island? I've downloaded it but don't quite know how to set it up 😅

            Edit: I've cloned the app from mainland to island but even opening the app from island results in a lock.

  • +3

    LOL… interest rates for Unicorns, 14-35 Year Olds with $50,000

  • Service for me has been reasonably good, only needed them once and they sorted it fine.

    Good deal.

  • How long does it take to transfer ANZ -> BOQ? ANZ -> CBA is immediate but my transfer to my new BOQ account hasn't gone through. Maybe the ANZ Owl has held it up.

    • Same day or half day during business day.

      • Money ($11k) just came through. So took just under 24 hours.

    • I've had similar issues transferring to/from BOQ. Anything more than like $1k would take 2-3 business days despite them doing instant Osko payments for lower amounts.

      Some friends and I have had a multitude of issues and obstacles using BOQ that has meant I'd rather keep my money elsewhere like ING or ubank..

  • Bit confused, haven't had a non-offset bank account in a while. If I have my salary go into the account and just use it as a normal every day account, I.e. pay bills, groceries, set up direct debits etc, I'll still get the 3.5% interest rate? It's not one of those ones that need to grow X amount month on month, or a maximum amount of transactions/ withdrawals? I read the page and nothing seemed to suggest I can't use it like a normal account.

    • +1

      Yes, you can still get the 3.5% from future Saver Account or Smart Saver Account.

  • Does the monthly $1000 transfer requirement need to be deposited directly into the linked Every Day account or directly into the Growth Saver account?

    • +2

      $1,000 directly into your linked Everyday Account. Not directly into smart saver account.

  • Wow, to all of the negative reviews!

    You know your service is really bad when an OZB're says the money isn't worth it! Yikes.

  • the worst bank, no thanks.

    • I may live to regret this comment but not sure how they can stuff up a simple savings account. It took a day to get the money into the account. It seems to be accruing interest OK. Will see how it goes over the next few months / year or so.

  • Would I earn interest for this Month, if I signed up just this month ? or would I not earn interest for another month ?

    • Yes. My one is activated this month and next month already.

    • On the signup page:

      Bonus interest will automatically be deposited into your account the following month once you've met the Bonus Criteria*

      Note: To help you get started on reaching your savings goals, you'll start earning Bonus Interest straight away after opening your Future Saver Account. To continue to earn Bonus Interest each month, you'll need to meet the above Bonus Criteria.

  • Is there any way to keep track of the criteria we've met/yet to meet for each month? Wouldn't want to wait until the end of the month only to miss out on the interest because of 1 missed transaction.

    • +1

      It tells you in the app if you've met the criteria or not.

    • Setup schedule to do all the requirements in 1st week of the month.

      • Yes. Me too.

    • in App it says Bonus rate activated next month, which will say yes or no.

  • Just made the account and it says I have activated the bonus rate for this month and next month without doing anything? Is this a bug or do I have to make the 5 transactions to actually get it?

    Nvm just read the comments above 😅

    • apparently BOQ automatically gives you bonus interest without having to meet the requirements.

  • Does the rate automatically increase to 3.5% for those who signed up when it was 3.0%?
    Anyone using the App where would I see the interest rate I am earning on?

    EDIT:
    Answered both my questions myself
    Yes it automatically went to 3.50%
    To check you go to the Future Saver account, press the three dots on top right, Account details, and it will show you the interest earning amount. It should be base rate 0.05% and bonus rate of 3.45%

  • Piece of advise. In the app, go to Profile > tax details, and make sure Australia is selected as country and your Tax file number is added. Otherwise the app will think you are a foreign person and withhold tax every time you earn interest.
    Happened to me, i added the TFN and got the withholding reversed.

  • Do the $1000 deposit and the 5 transactions need to be done in the previous month to unlock it for next month? example, if I deposit $1000 and do the 5 transactions in August, it will unlock it for September?

    • Correct

  • BOQ Smart saver account 3.1% cap for 250,000

  • +2

    come on boq we need 4%

  • +1

    Did all the requirements and still seeing no bonus rate activated for the next month, anyone else having the same issue? Support is also hopeless, no response from their live chat and have been waiting on the line for about 30 mins

    • +1

      I am waiting for my one to change as well.

      • I am not fully bought in but after waiting for almost 45 mins, support said that given my 5th transaction only went though today despite paying for that on Monday, I should wait for another 24 hours and check if my bonus rate would be activated.

        • Still no change? My one hasn't changed and it's been a few days since my last transaction.

          • @tlai: Mine has updated to bonus unlocked, but I did do a couple more BPAY transactions just to be safe so not sure which transaction triggered the unlock.

            Give them a call if you're willing to wait, they can go through your transactions one by one to verify if you're eligible.

            • @firestint: I might have figured it out. It's not counting Bream from another bank as a deposit and the deposit only counts if it's in the everyday account.

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