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4.00% 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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4.00% 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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david6509 on 19/09/2022 - 15:37 boq.com.au (3076 clicks)
Last edited 19/10/2022 - 16:11 by 1 other user

BOQ just replied to one of my comments on facebook.

"We understand how important a good rate is for our savings customers, which is why from 20 September, we'll be lifting the rate on myBOQ Future Saver account to 4.00% p.a. đź‘Ź Terms and conditions apply, you can check out our website for more information from tomorrow"

Also 3.35% p.a. on Smart Saver account

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.

Financial Bank Account Savings Account

Related Stores

Bank of Queensland
Bank of Queensland

closed Comments

  • kicha on 19/09/2022 - 15:39
    +15

    Great news, thanks OP.
    (cue the "age discrimination should be illegal" comments)

    • bemybubble on 19/09/2022 - 15:42
      +41

      (cue "inflation is at 6% this deal is still rubbish" comments)

      • striker5950 on 19/09/2022 - 16:03
        +41

        6 percent is the official sugar coated figure, the real figure is considerably worse

        • 1st-Amendment on 20/09/2022 - 08:41
          +3

          6 percent is the official sugar coated figure, the real figure is considerably worse

          Cue the "the published rate is not the real rate" comments…

    • Scantu on 19/09/2022 - 16:05
      +3

      It should be though, I don't see why not? Why should a financially struggling 50 year old be treated differently to a financially struggling 35 year old?

      • bemybubble on 19/09/2022 - 16:08
        +14

        They are targeting first home buyers. By attracting them with higher savings will hopefully, in turn, lead to them using the same institution to borrow with.

        The amount of first home buyers that still believe that borrowing with the bank they save with has an advantage is mind boggling…!

        • Daabido on 19/09/2022 - 16:16
          +2

          Especially the Bank of Queensland. They charge you $10 a month for the privilege of paying them uncompetitive interest on a loan. They won't budge on removing it either. What is this, the '80s where you had to pay to join a video store? Reviews are awful too. Sure, take them for a good interest rate on savings, but don't borrow money from them. Oh, transfers can take two business days as well.

        • xrailgun on 19/09/2022 - 20:49
          +2

          honestly, how many can buy their first homes before 35 these days?

          • bemybubble on 19/09/2022 - 20:50
            +2

            @xrailgun: Heaps. If you aren’t fussy and know where to buy

          • DONMAI on 20/09/2022 - 02:27

            @xrailgun: I know right! most of us are still on measly 200k salaries! where these 300k'ers at?

          • tonydarcy on 21/09/2022 - 09:58
            +1

            @xrailgun: It is not that hard. I own 2 investment properties and I am only 22 years old. The 'secret' is buying in cheap areas, rather than your dream house in your dream area.

            • linoc66 on 26/09/2022 - 22:10

              @tonydarcy: Well done Tony! not a secret anymore is it ;-)
              I did similar, 1st was shiet, in a shiet country town (while I rented elsewhere). Got trashed twice, but land val, no late payments etc, set me up with equity to eventually have 4 IPs, OO 5 acres. Then divorce took 75% (2 x kids). Son just turned 21, bought his 1st arnd 6mths ago.
              Keep at it, if not aware, check out Property Chat

        • mitt on 20/09/2022 - 10:00
          +1

          It had an advantage for me.

          The banks with the best rates stuffed me about with paperwork for approvals, moving things forward was a nightmare. It was worse for my brother who had a guarantor on his loan. ANZ especially almost lost him his deposit with their nonsense.

          Meanwhile the bank we both save with/use daily had pre-approval done within 24 hours & final approval was within a few days of having everything submitted. I didn't need to F about proving income or verifying savings. It just worked.

          That was worth the extra .1% interest. We can always switch banks after a year or 2 anyway.

        • crunchyhead on 26/09/2022 - 13:27
          -1

          That doesn't stop it from being discrimination.

      • fafsdfadfabcfbc on 19/09/2022 - 16:18
        +1

        Interesting, financially struggling with savings?

      • BLB1984 on 19/09/2022 - 16:38
        +4

        I agree that we should also disband all and any discounts and deals for the 55yo market as well - that’s what you’re saying isn’t it? Surely let’s not have any types of ageism

        • ssfps on 19/09/2022 - 19:08
          +5

          I sure hated paying extra on my car insurance when under 25 despite being a careful driver, so yeah. I don't necessarily think it should be illegal, but it is pretty crap.

          • linoc66 on 19/09/2022 - 23:58

            @ssfps: No risk factor in collecting funds, vs lending/paying it out.

      • 1st-Amendment on 20/09/2022 - 08:45

        Why should a financially struggling 50 year old be treated differently to a…

        Why does the Zebra not get to eat the Lion once in a while? Why God why?

        • Scantu on 20/09/2022 - 11:57

          🤷‍♂️

        • ssfps on 20/09/2022 - 13:07

          If you actually believe old people are all wealth hoarders or young people are all spendthrifts you've been watching too many tabloid current affairs programs. What you're actually annoyed at is classism, the kids of those billionaires are themselves billionaires.

  • hellobasilcheese on 19/09/2022 - 15:42

    nice

  • FujiFruit on 19/09/2022 - 15:42

    So I can put $49000 in my son account and get this interest? Or is there something wrong if I do it that way?

  • Dealor on 19/09/2022 - 15:43
    +3

    Wow, didnt expect to see any 4% saving rates come this early. Thanks OP. Definitely beating crypto this year with this rate.

    • boomramada on 19/09/2022 - 17:40
      +2

      Lol just wait for more rate hikes by RBA

  • CrazyBargainCatcher on 19/09/2022 - 15:48

    LETTS GET ITTTT!

    • capslock janitor on 29/09/2022 - 22:36

      Make big deposits, my gloss is poppin'
      You like my hair? Gee, thanks, just bought it
      I see it, I like it, I want it, I got it, yeah

  • bargainatoraah on 19/09/2022 - 15:55
    +1

    Ageist

    • Ghost47 on 19/09/2022 - 16:06
      +7

      Yeah.. because 14-35 year olds don’t have to contend with a globalised employment market these days, insane house prices, climate change etc… this kind of thing should be available to 50+ year olds as well.

        • Ghost47 on 20/09/2022 - 10:06
          +4

          Unemployment is the lowest in history,

          Because we aren’t importing as many bodies as we were only three years ago before COVID.

          For the first time in history the availability of remote working means it's now vastly more practical to work from suburbs and towns further out that are cheaper.

          Not everyone wants to live three hours from the office. People who want to work remotely the rest of their lives can go ahead and do so, there are people who like going into the office like in the pre-COVID days.

          I guess you haven’t been paying attention to regional house prices too nor considered the effects if more city slickers move out to the regions and outcompete people for housing.

          Lol, I went outside and checked the sky, it's still there…

          Climate change doesn’t mean the sky will disappear. It seems you are in desperate need of an education.

          This truly is the age of entitlement.

          If you really think people’s main concerns are choosing between a 65” or 77” TV you need to get your head out of your arse. It might be your main concern, and that’s fine if it is, but don’t assume everyone is in the same situation you are.

            • Ghost47 on 20/09/2022 - 13:51

              @1st-Amendment:

              But still the lowest right?

              The market is good now, sure. But acting like everyone can go out and get whatever job they apply for is still ignorant, especially if the job is anything outside of hospitality and retail, because as I said — we live in a world of global competition now, something older generations didn’t have to contend with.

              This is the first generation in history to demand a house in a capital city 15 minutes from their office, then cry like a baby if that isn't handed to them on a plate.

              This made up crap again, spoken by fools who think millennials blow all their money on smashed avo and coffee. I’ve never, ever seen anyone ask for a property to be handed to them on a plate. Complaining about prices being out of reach is not asking for free property unlike what dumb, ignorant, year 10 school leavers would have you believe. This talk is just pure idiocy and numpty-level intelligence, and spoken by the kind of people who have their heads far, far up their own butts.

              Since you went there, how about "The Dams will never be full again" (2007) or "the Arctic will be ice free by 2014" (2007) or "we only have 10 years to save the world" (1989).

              Ah, you’re one of those “hey it hasn’t happened yet so it must be all made up, I am smarter than all the climate scientists put together” people lol.

              Feel free to educate me on this, when is the apocalypse due specifically?

              Imagine being ignorant enough to think a switch will flick and it’ll automatically be the apocalypse lmao. Do you not understand that by mining carbon out of the ground, burning it and therefore pumping CO2 into the atmosphere over a period of many decades, there will be some sort of effect? 1 + 1 doesn’t equal 2 to you, does it?

              In this forum that is one of the most popular discussions.

              We all know you meant it in a general sense because the words that preceded that comment were “Imagine living in the great most peaceful and prosperous time in human history…” but it’s ok, keep making stuff up.

              • 1st-Amendment on 20/09/2022 - 13:56
                -2

                @Ghost47:

                But acting like everyone can go out and get whatever job they apply for is still ignorant,

                I didn't say that. But ignorance etc etc…

                No wonder you find life in 2022 so tough, you can't even read…

                • Ghost47 on 20/09/2022 - 14:13
                  +1

                  @1st-Amendment:

                  I didn't say that.

                  You didn’t have to say it. You lot all think the same thing, that younger generations, just because they haven’t lived through a war, are weak and entitled. And yet you label others as ignorant.

                  you can't even read…

                  Like you didn’t read the rest of my post, I’m sure.

                  • 1st-Amendment on 20/09/2022 - 15:23
                    -2

                    @Ghost47:

                    You didn’t have to say it. You lot all think the same thing,

                    You already proved the point, no need to dig the hole any deeper…

            • TimeOrMoney on 20/09/2022 - 20:44

              @1st-Amendment:

              How are all the 'end is near' prophecies working out? Lol…

              Ah, so you're one of those. Here's your script:

              1. "Climate change is just fear mongering."
                2a. If it hasn't happened yet: It was all a lie.
                2b. But if it's happened: Why did the "so called experts" not try harder to stop it.
              • 1st-Amendment on 21/09/2022 - 10:28

                @TimeOrMoney:

                Ah, so you're one of those. Here's your script:

                Ah so rather than argue with what I said you thought you'd try a strawman and see how that works out instead? Awesome…

                If it hasn't happened yet: It was all a lie.

                Well that is how science actually works. If your hypothesis repeatedly fails to deliver on its predictions then your hypothesis is junk. We now have 40 years of failed climate predictions, how many do you need before you start to wonder if you are being scammed?

        • Techie4066 on 20/09/2022 - 12:11
          +1

          Imagine living in the great most peaceful and prosperous time in human history, where the main concern is whether to buy a 65" or 77" OLED TV, but then thinking you are living the most oppressed life? This truly is the age of entitlement.

          Yeah, because products are everything there is to life.

        • ssfps on 20/09/2022 - 13:11
          +3

          Unemployment is the lowest in history,

          Tell me you watch the news but don't process anything.

          My donkey is employed but he doesn't earn much.
          Or a little more spicy, chattel slaves were employed constantly.

    • snep on 19/09/2022 - 18:18
      +4

      Indeed: just like pensioner benefits or the voting age. Most would agree that chasing strict equality is limiting, perhaps even self-defeating.

      It's easy to cry "unfair!", and much harder to agree on what "fair" actually entails.

      • 1st-Amendment on 20/09/2022 - 09:01
        +1

        Most would agree that chasing strict equality is limiting, perhaps even self-defeating.

        Most people who think about would, the problem is that not a lot of people think about it.

    • postform on 19/09/2022 - 18:49
      +2

      Oh and also.. the fact that this age bracket coming towards needing more health care but just when we need it Medicare now getting cut every year? Yet we've paid our MLS every year?

      I bet ya.. when we get to the age of getting pensions, it'll be cut as well.

      But ohhh it's the avocados on toast they say..

      • 1st-Amendment on 20/09/2022 - 09:04

        I bet ya.. when we get to the age of getting pensions, it'll be cut as well.

        The pension, along with other welfare has to be cut because the country simply cannot afford to fund 50% of the population on welfare.

        But ohhh it's the avocados on toast they say..

        No it's basic economics. The media is not your friend. Stop listening to their version of reality.

        • postform on 20/09/2022 - 09:50
          +2

          I'm not even talking about the media. It's what I am observing. The generation above has reaped all the rewards. Where as I've paid all my dues and nothing to show for it.

          Hey it's just life, but it's the uncomfortable truth.

          • Ghost47 on 20/09/2022 - 10:12
            +1

            @postform: People tend to dismiss the truth when it’s too uncomfortable for them.

          • 1st-Amendment on 20/09/2022 - 12:15
            -1

            @postform:

            I'm not even talking about the media. It's what I am observing.

            Well you say that, but then you say this:

            The generation above has reaped all the rewards. Where as I've paid all my dues and nothing to show for it.

            That sounds a lot like a talk-back radio slogan. Did you serve in a war that cost millions of lives? Because some of those rewards were earned at the cost of their blood, something no generation after 1975 has had to worry about. Do you prefer that to browsing bargains on OLED TVs?

            • postform on 20/09/2022 - 13:12
              +2

              @1st-Amendment: I want to make it clear. I definitely know we are in a privilege age. We got a lot of creature comforts.

              And also that the previous generations also had their fair share of bad things happening. My comments don't unacknowledged them, I am very aware life back in the years was horrible and all the sacrifices that happened for the better.

              But it's funny how older generations never acknowledge our struggles. It's not just.. simple life like omg we deserve 100k job. It's more we don't have hope.

              Let me tell you. I'm on a lot of money (search up senior software engineer's salary and look at the upper range and that's my salary) - in saying that - not to get some ego boost but the fact that on that salary, I still can't afford what my parents could on less than half of what they earnt just 10 years ago.

              Is it crazy for me to be on an upper income and barely be able to afford a home in a comfortable location? (I'm not talking about north shore.. I'm talking about even where my parents are - Around western Sydney? To hell with that.. even 1.5hr away i still cant comfortably afford it) If I brought a home today and lose my job tomorrow I will be on the streets. So if I'm struggling to comprehend not taking huge risk to buy a home to live then I wonder how others with much lower salaries think.

              • 1st-Amendment on 20/09/2022 - 13:37
                -2

                @postform:

                It's more we don't have hope.

                That is a product of always-on media which rams anxiety down your throat 24/7. Try switching that off and see how your situation improves.
                Because every generation has an 'end is near' story to keep them hooked. The difference is that every other generation's threat was actually real (the Japs/Nazis, the Commies, nuclear holocaust etc), this is the first generation whose threat is at worst a mild inconvenience.

                I still can't afford what my parents could on less than half of what they earnt just 10 years ago.

                Of course you can, you're just comparing apples with oranges.

                • postform on 20/09/2022 - 19:50

                  @1st-Amendment: Well I don't watch media much or very rarely. You know what I did take close attention to? I went to countless auctions during 2020 - 2022, and every time I went, I realised it's a rigged system against me.

                  It's not media, its simple factual numbers. My borrowing capacity < then the final winning bid. Auction ranges saying 600-700, always resulted in 800+ sales.

                  You know.. that's not media, thats facts. Thats life. So maybe you should turn off the media and go out there, talk to real people. But then again, you seem like you are in your own echo chamber.

        • Just Another Day on 20/09/2022 - 13:45
          +3

          1st-Amendment:
          "Unemployment is the lowest in history"

          Also 1st-Amendment:
          "The pension, along with other welfare has to be cut because the country simply cannot afford to fund 50% of the population on welfare"

          This is the best thing i have read all day

  • Nathw on 19/09/2022 - 15:59
    +15

    Let's say goodbye to Westpac

    • Thranrond on 19/09/2022 - 16:01
      +4

      closed my account last week lol

      • ClownCar on 19/09/2022 - 16:07

        Same!

        • capslock janitor on 29/09/2022 - 22:38

          imma transfer the excess over sub30k to boq .. or all of it

  • richyeboi on 19/09/2022 - 16:01
    +3

    Does anyone know if would still receive the interest if you transferred $1000 to your Everyday account and then just transferred it back out to another account? For example with Westpac they track if your total amount goes up every month, is it the same here?

  • kumquat on 19/09/2022 - 16:15
    -7

    If 14-35 year olds have that much money think they would be investing in things other than interst.

    • askbargain on 19/09/2022 - 16:16
      +19

      at least a 14y/o would know the meaning of up to

    • Techie4066 on 19/09/2022 - 16:18
      +1

      investing in things other than interst

      Like what… spending down to $0 balance for no return? lol

    • Hvrd on 19/09/2022 - 18:10
      +4

      a risk free return is pretty good

    • ssfps on 19/09/2022 - 19:13
      +1

      Savings accounts are for people saving for large purchases, like a car or a house deposit. 50k limit makes this appear to target those saving for a first house deposit. Short TDs are not returning any better, and that's not money most would want to risk on other investments.

    • devize on 19/09/2022 - 22:17
      +2

      Such as? What would you be investing in right now that beats a risk free 4% return?

  • victorheaven on 19/09/2022 - 16:21
    +1

    I hope this also means Virgin Money will be increasing their rate to 4.1% being owned by BOQ as well

    • capslock janitor on 29/09/2022 - 22:40

      why +.1?

      • victorheaven on 30/09/2022 - 09:52

        Because Virgin's current best possible rate is 3.6%, so +0.5% from that.

        • capslock janitor on 30/09/2022 - 11:18

          i dont get why, they'd wanna go over ..

          • victorheaven on 30/09/2022 - 11:48
            +1

            @capslock janitor: Exactly the same reason as why they were 0.1% over BOQ (Virgin 3.6% vs BOQ 3.5%) before the BOQ passed on the September increase.

  • banana monana on 19/09/2022 - 16:22
    +2

    Can someone explain this in layman's terms please? I open a Future Saver Account (which also comes with an Everyday Transaction Account). I deposit $1k into the Everyday Transition Account externally and then make 5 transactions to receive the 4% interest rate on the balance in my Future Saver Account?

    Say if I put in $10k into the Future Saver Account to start with and deposit a further $1k into the Everyday account, would that satisfy 4% being applied to the $10k balance?

    Please let me know if I'm missing anything. Thanks in advance :)

    • Unorthodox on 19/09/2022 - 17:18

      Yes, and BoQ bonus interest is applied in the first month so you don't need to wait a month to get the previous reqs.

      Also your eligible interest is the full amount in the savings account including any of the $1k deposit you keep in there. (Your scenario wording is a bit off)

      • Zacard on 20/09/2022 - 11:38

        just piggybacking of the original post. so you mean the interest will be applied on the combined amount from the saver and transaction account?

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