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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

2482

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. 👏 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.

Related Stores

Bank of Queensland
Bank of Queensland

closed Comments

        • +1

          No,

          His original comment suggested the deposit of $1000 would not count if it were added that month.

          You need to transfer the entirety into the savings account less enough for the 5 transactions.
          e.g each month you transfer $1005 in and you keep $5 for the transaction account for the five payments and put the $1000 into the savings

          First month you can put everything into the savings as they make the first month without requirements but you'll need to still make 5 payments this month to make yourself eligible next month.

          In contrast, some other banks require you to meet the bonus reqs retrospective meaning you can only earn bonus interest from the second month so no point in putting all your money in until you've locked in the bonus reqs for the next month and it's the start of the next month

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

        Is this why I deposited $1k without doing the 5 txns requisite; and it says "Bonus rate activated next month: Yes" = October = First month?

        • Unlike some banks, you automatically meet the criteria in the first month (September) - interest is calculated and earnt for the previous month (e.g the current month).

          Hopefully you made 5 transactions this month though so that you get the bonus interest rate for October….

          • @Unorthodox: Is interest calculated per day…? will we all be paid same day..?

            Hopefully you made 5 transactions this month though so that you get the bonus interest rate for October….

            Uh oh, make my way sometime today to ColesWorth for split GPayment sometime.
            Just realized base rate is 0.5% only gahdannggg.

      • So I don't get any interest from Everyday account balance? Only off savers…?

  • +1

    Ubank all the way

    • +2

      Wondering why this got neg'd, is there better than UB for 36+ ??? (excluding maxx 4 mth ones)

      • +1

        There are a few "better". ING, Virgin Money Lock Saver.
        http://opencomparison.xyz/d/leaderboard

        • +2

          Ta for the reply, only 2 on that list, ING & Virg.
          For the overall pa $ differnce in the top 3, INGs 5+ transactions, Virg 32 days notice (term deposit), UB (where I'm already setup) is much less hassle, atm.
          This area is getting more competive, our $'s must be better value for them atm, will keep checking rates, & OzB ;-)

  • FYI OP it's not up to 50k. Got 200k with them and i'm getting the full rate on it.

    • +1

      Reckon that's a difference between Future Saver and Smart Saver.

      Future Saver Account
      You can earn 3.50 %P.A. ^^ On deposit balances up to $50,000

      Smart Saver Account
      You can earn 3.10 %P.A.^^ On deposit balances up to $250,000

      • I'm on the future saver.. so it's definitely not true that it's only up to 50k

        • +1

          Balance up to Base + Bonus Interest variable rate % p.a.*
          $50,000 3.50%
          $50,001 to $250,000 1.50%

          • +6

            @Nathw: It's not reported correctly. It's 50k per account, you can have 9 sub accounts.

            So i got 4 sub accounts getting the full rate

            • +2
              • @Nathw: Can anyone else confirm this? Sounds too good to be true, and an oversight on BOQ's part to let someone have 9 x 50k = $450k all able to get the 4.00%

    • Across 4 Future Saver accounts or 200k in one? Thought the bonus rate was limited to $50k by individual

      • It's not per individual. Got 1 account with 4 future savers on it with 50k. All getting the full rate. You can have 450k with BoQ getting 4%

        • +2

          From their FAQ -

          How many Future Saver accounts can I have?
          You can open up to nine Future Saver accounts to help keep track of different savings goals. Bonus interest is paid on the total balance of all Saver accounts that are held in the same name. The amount of bonus interest you will earn is determined by the balance in your account.

          Mind sharing how much interest you're getting each month?

          • +3

            @firestint: Only moved most of my money into it first/second week of August. Around $110-136 going into each individual account.

            From my math, I am getting the full rate, not 1.5%.

            Also, the staff members showed me their accounts and explained how it worked. They're getting the full rate on multiple accounts too.

            • +1

              @lovindeals: Looks like you've found the gem.

              I wonder if they will catch up to this as this is technically different from what their website says.

              • @victorheaven: Hope not! Oh well atleast i'll get a few months worth of free interest rates

                • @lovindeals: Now I'm tempted to open some more accounts, 4% does seem very appealing.

                  Better than the 3.6% ING/Virgin and 3.35% (from next month)

                  • @victorheaven: Got 100k already maxed with ING, can't be bothered moving it lol!

                    But 4% is an amazing rate for sure.. hopefully they don't fix this "technical issue" ;)

            • @lovindeals: That looks like the full rate applied per account. Great to know, I will open up more accounts now thanks!

              • @firestint: Yeah, hopefully it's not a technical issue but I've seen from multiple staff members they're getting the full rate + a few other posts around here aswell

            • @lovindeals: I've checked that with them before and was told it's the total balance, as per T&Cs, so it is probably a glitch. Is it worth the risk trying to get it only to find at the end of the month that it's been fixed and you've been getting 1.5%?

              • @archiexyz: I did the same till the staff members explained and showed me their accounts and assured me the T&C's weren't correct (lol). Tried it out and i'm getting the rate hahaha

              • @archiexyz: Even if it's a glitch, not much that we lose out. Can always transfer the excess to another bank like uBank

            • @lovindeals: Did you open the account in a BOQ branch? I thought they weren't doing that.

              • +2

                @archiexyz: No. Had all my money in the non-app BoQ.

                I wanted to transfer all my money to another bank because of the higher rate, then they told me the BoQ apps limit isn't 50k and will get the full rate on all the money I had

                • @lovindeals: Right. I only had 10K in the fast track starter and the app had only just come out when I moved over and the trainee banker probably had no idea

                • @lovindeals: what non-App Boq?

          • @firestint: quick maths would say $2k per 50k account per year
            so he would be on 8 grand a year or $666 a month roughly

          • @firestint: when is pay-date? @lovindeals
            is it same for everyone ?

        • +1

          Hijacking this, did you have multiple everyday accounts to go along with each future saver? I’m tempted to try this if it’s only one everyday account linked to multiple saver accounts

          • @kaij: Nah I just have the one account with multiple futures

      • +2

        So do you have to do the 5 transaction once and deposit 1k into one account or all 4?

        • So I originally have 1 future saver that has the bonus rate unlocked for this month and next month. Just opened another account and it’s automatically unlocked for both months so I would say the steps required are once off

      • Hi there if you don't mind me asking are you still getting the bonus rate on all your accounts? or have BOQ cottoned on?
        Are you having to make four $1000 deposits and 4 lots of 5 transactions?
        Cheers

    • +1

      I had a chat with BOQ today and they confirmed that the bonus 4% interest is only applied on the first $50K and they will aggregate all your Future Saver accounts. On the website it also says that the bonus interest rate for balances greater than $50K and less than $250K is 2.5%.

      Based on my discussion with BOQ, I don't believe that the 4% is applied on each Future saver individually, however, it's possible that the system is glitching. I had to wait about 35 mins on hold to reach them, but just relaying their message to save everyone time.

      • System is definitely glitching for this.

        I tested this on lovindeal's comment and confirmed that I'm getting 4% on total balance > $50k

        • They'll probably patch this soon, so make the most of it for now I guess.

          • +2

            @Cropmy5: Yeah. The risk is getting the low interest rate without realising once they fix it.

      • +2

        Stop calling them :p

        They are now reviewing to rectify the loop holes. See this email I just received from them.

  • +1

    You may not trust their app, but surely their saving rates.

  • +1

    Do you have to be under 35, or under 36?

    • +3

      Under 36. When you turn 36 the next month your accounts will auto change from future savers to smart savers.

  • +1

    What’s your next move ubank?

  • any signup promotions?

  • -2

    So should we wait until tomorrow to open an account with them?

    • +3

      Why is it getting downvoted lol.

      • +2

        i guess someone knows the answer and thinks it's a stupid question ¯\_(ツ)_/¯

        • +3

          Rate is variable for everyone, not fixed or introductory - it goes up/down for everyone, new and existing accounts on said date.

    • +3

      This is a change in the base rate e.g. variable portion, so it does not matter whether you open it today or tomorrow, you'll ahve the same effective interest rate as of tomorrow

  • Hey guys. First comment on OB so please be nice.

    If I want to move my funds from ING to BOQ, which day of the month would be ideal?

    Cheers

    • +1

      depends on the day your ING account was created. you multiply that by 2, add 5, and then do what stanley says

      does it really matter? just send it during the weekdays if you worried about losing a few cents

    • +2

      Majority of banks calculate interest daily and charge monthly, so it doesn't matter which day would be ideal. However, to account for transfer delays, it's best to do it inbetween weekdays, e.g. between Monday - Thursday, If you transfer on Friday there may be a chance your transaction doesn't go through until Monday, so you're missing 2 days of interest.

    • Probably first day of next month so that you don't lose out on all the current month's interest for breaking ING's grow balance rule.

  • +3

    Can you be 35 years old (but below 36 years old) now and qualify for the rates? Tried looking at the FAQs but may have missed it.

    • +2
      • +2

        My meme was negged 😔

        If you are 35 and 365.25 days old then you are 35 so you will qualify for the promotion.

        You would not tell someone you were 36 if you had not turned 36.

        A person who has not turned 36 can be no older than 35 years of age.

    • +2

      Yes you can, when you turn 36 the following month your future saver will automatically become a smart saver.

  • +1

    While CitiBank is still sleeping….

    • +3

      Wording and/or formatting errors don't warrant downvotes.

      • -5

        Deception does!

        • +1

          Not sure how this is deception, just read the entire title and you won't be deceived. Agree it could be at the start of the title for ease, but not worthy of a downvote.

        • -1

          Karen

  • +1

    Account creation is super easy via the app!

    However with only 10 days left in the money, can anyone comment about their experience in terms of speed to receive the debit card so they can make the required 5 transactions for the month of Sept for the bonus savings rate to be applied ?

    Is there a way of making the transactions WITHOUT having your debit card?

    Thanks in advance :)

    • Apple Pay?

    • +3

      There's no need to worry about making the 5 required transactions or the $1000 deposit for the first month. The bonus rate is auto-applied for the current, and the next month.

      • Amazing, thank you

        • +2

          fyi the app's bonus status that it displays has been reported to only count the cumulative deposits ($1000 criteria), not the 5 transactions, so just be wary.

  • -1

    Thx op bought 10

  • -4

    OMG communism has arrived! Quick! Gimme the Fountain of Youth!

  • +1

    Viagra users could try ANZ as an option. At least one of the 2 might go up….

  • Any easy ideas to get those 5 eligible transactions done? Forgot to use that card at all so far this month.

    • +2

      Woolies or Coles buy something for a dollar and split the payment 5 times at the self checkout, e.g. 20c each. Very quick once you know where to find the "split payment" option on the touchscreen. Just remember to put a dollar in the transaction account so you can do that (if, like me, you don't use the BoQ accounts for everyday spending).

      • Legend.

    • Use Beem to make 5 transfers.

      • This doesn't work?

        • Worked for me.

        • Beem it works for BOQ, Westpac, but not ING.

      • Didn't worked for me. Did 5 transfers from BOQ debit card to another card.

        Qualified for Bonus interest shows - No

        • I found out last week it can take up to a couple of days for the status for next month to update.

          • @Tinqer: I did beem it transactions on 21st September. so its few days now.

            • @pluto: did u deposit $1k?

              • @capslock janitor: Yes directly in savings account. Then did in transaction account as well.

                Now it shows bonus active for this month. Didn't received bonus interest for September. Should I contact them to add bonus for September?

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