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4.10% 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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4.10% 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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Associatedjcoccio @ Savings.com.au on 19/10/2022 - 15:58 boq.com.au (1001 clicks)
Last edited 15/11/2022 - 18:51 by 1 other user

Effective Thursday 20 October, Bank of Queensland (BOQ) will increase its Future Saver account rate to 4.10% p.a.

The new rate of 4.10% p.a. is available for Aussies aged 14-35 with a maximum balance of $50,000.

Interest earned on balances between $50,001 to $250,000 will remain at a rate of 2.50% 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.

BOQ will also increase Smart Saver accounts for customers aged 36 and over by 0.25% to 3.60% p.a. for balances between $1 and $250,000.

Simple Saver accounts will also increase by 0.25% to 2.25% p.a. for balances up to $5 million.

Read more: https://www.savings.com.au/news/boq-savings-account-october2…

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closed Comments

  • CrazyBargainCatcher on 19/10/2022 - 15:59
    +18

    Hmmm, only a 0.1% increase instead of the 0.25%

    • jjcf on 19/10/2022 - 16:52
      -3

      Imagine still thinking that banks borrow and lend at the overnight cash rate.

      • Techie4066 on 19/10/2022 - 17:20
        +12

        Somehow ubank and ING are coping just fine passing the full rate increase (and more) along to savers. If BOQ wants to keep their Future Saver on the pedestal then they better work a bit harder.

        • USER DC on 19/10/2022 - 21:33

          Already ditched em a long time ago, never left ING, the king RN (and long call wait times too). ING probably cut salary payout by cutting no, of employees or something like that (at least not hiring new employees when customer base increased massively)

  • Unorthodox on 19/10/2022 - 16:00
    +12

    Somewhat worth a Negative as it's less than the cash rate increase and delayed as well.

    Also not the first time they've skimped out on the increase.

    • Junnyjun on 19/10/2022 - 16:26
      +13

      Also their app is crap

      • ATangk on 19/10/2022 - 18:28
        +5

        At least it’s 1000x better than the old BOQ…

        • gilbarc on 19/10/2022 - 19:34
          +8

          At least back then you had the option of the website which was good enough.

          Now it's shit app or nothing

  • CyberMurning on 19/10/2022 - 16:27
    +2

    why not 14-53 yo

  • Foodstamps on 19/10/2022 - 16:31
    +3

    Would be great to have savings…

    • theredkrawler on 19/10/2022 - 16:33
      +12

      I'd have a lot more if it wasn't for OzBargain.

    • capslock janitor on 24/10/2022 - 00:51

      We have food stamps in Oz??

  • OzyBe on 19/10/2022 - 16:32
    +15

    Wish we could neg BOQ directly…….

  • Drakesy on 19/10/2022 - 16:37
    +2

    I'll take my Ubank account for now.
    Switched to BOQ and dumped them because i couldnt be bothered with hoops.

    • discountdong on 19/10/2022 - 16:54
      +7

      it's actually really easy to meet the criteria, i was with ubank previously and switched (they have a better app but worse rate)

      you can just get your pay deposited to the everyday account which should easily hit the $1000 / month

      and for the 5 transactions per month, i just go to woolies and do split payment 5x$1.00 transactions (tap your card 5 times) and pay the rest with credit card

      and that's it for the month

      • Drakesy on 19/10/2022 - 16:59
        +1

        Yeah, the major hoop for me is the $50k max.
        But thats fair enough.

        • Bargain Fighter on 19/10/2022 - 17:13
          +4

          You can create multiple Future Saver accounts easily in the app and put max $50K into each. This trick works for me - I enjoy full saving interest rate for all accounts.

          For the 5x transaction, I've been using Beem to charge the BOQ card 5x $1 amount to transfer to another debit card.

          • bfg100k on 19/10/2022 - 19:05
            +1

            @Bargain Fighter: can you do this with 1 Beem account or you need 2?

            • Bargain Fighter on 19/10/2022 - 19:55
              +2

              @bfg100k: You can add up to 5 debit cards that support EFTPOS in the app. e.g. you can transfer 5x $1 from BOQ card to ANZ card.

              If you're playing lottery, you can top up 5x $1.

          • WavyClock on 20/10/2022 - 02:00
            +1

            @Bargain Fighter: For multiple Future Saver accounts, do you need multiple everyday transaction accounts? Or just one? If one everyday, then to activate the bonus rate for all future saver accounts, you only need to do 5x transactions + $1000 deposit into everyday, would that be right?

        • Techie4066 on 19/10/2022 - 17:14
          +3

          Limit not a hoop. Hoops are targets to jump through to activate interest.

        • T3J on 19/10/2022 - 18:04

          I stick with ING for 4.05% > 50k.. for the transaction hoops I setup The Lott to autobuy some lotto each month. I know some people have had some ING drama but I'm happy with this for the odd win each month with a chance at a big win (I'm realistic, will most certainly never happen) and don't worry about ING getting upset at doing $1 lowball transactions.

        • discountdong on 19/10/2022 - 20:50

          yes as others have said, you can have up to 9 50k saver accounts, so 450k total.

          just meet the criteria from the Everyday account and it will activate the bonus for all linked Future Saver accounts.

          the BoQ app isn't the best though but the tradeoff is worth it, I credit card most things anyway

          • aboteh on 19/10/2022 - 21:53
            +1

            @discountdong: I checked with BOQ rep and was told only 1 Future Saver account will have the bonus rate applied to. Is the rep correct or he doesn't know his stuff?

            • discountdong on 19/10/2022 - 22:52

              @aboteh: no idea..either its an error or they worded it wrong. others have also said they're getting the rate on each account. I've got 2 future saver account and both say i have the bonus rate activated for next month

              • hotsnakes on 19/10/2022 - 23:17

                @discountdong: I thought they acknowledged that obtaining the highest rate on multiple saver accounts (>$50k) was a system error for some customers, a few weeks ago? Their T&Cs are clear (confirmed also by talking to staff) that it's up to a combined limit of $50k, so if you are really receiving the high rate on >$50k, then something is still broken in their system. Wouldn't surprise me.

    • HunterxHunter9000 on 20/10/2022 - 13:08

      I was going to go to ubank but didn't because of a lack of security for app and when asked if fraudulent transactions were covered they advised over phone that there's no cover for fraudulent transaction.

  • Vita85 on 19/10/2022 - 16:38
    +7

    BOQ ageist confirmed

  • cmyk on 19/10/2022 - 16:44

    What's the best no hoops offer now?

    • coxymla on 19/10/2022 - 16:53
      +3

      ANZ Plus

    • alohadude on 19/10/2022 - 17:02
      +5

      ubank offers 3.6% from November requiring only a $200 deposit per month if you consider that no hoops

    • Deezy88 on 19/10/2022 - 17:18
      +3

      Macquarie Bank - 4% per annum for 4 months. No spending/deposit requirements.

      • OzyBe on 19/10/2022 - 18:28
        +3

        The hoop for this one is that it is only for 4 months, and that they do not increase the rate when the RBA increases rates as it is fixed.

    • HunterxHunter9000 on 20/10/2022 - 13:14

      I consider boq no hoops for me, I get paid salary into account and make 5 bpay payments in any amount I want and it's done.

  • nomadspartan on 19/10/2022 - 16:44

    Usually with these deals, do you have to meet the criteria in the current month for the bonus rate to be applicable in the following month? Because I'm, pretty sure I've ticked off the criteria in October, but in the app it's still saying bonus rate is not activated for the next month…

    • Yoo on 19/10/2022 - 16:51
      +1

      5 transactions + $1000 deposit. The bonus for the next month is activated the day after you met the requirements.

    • Doy on 19/10/2022 - 16:52

      Make you transfer the $1K to the Everyday account first, not the Savings account

      And then 5x $0.01 transactions at the self serve does the trick

      • nomadspartan on 19/10/2022 - 16:58
        +1

        One of my "payments" was done using Bpay, maybe I'll just have another card transaction and the system will pick up on that better.

      • Davelovesdealz on 19/10/2022 - 17:08

        Does it not meet the criteria if you send it straight to the saver account?

      • MeesusEff on 19/10/2022 - 17:14
        +1

        Buy 1 grape at a time?

      • pixxelpusher on 19/10/2022 - 19:57

        How do you do 5 transactions on the same item?

        • min2 on 23/10/2022 - 08:30

          Split the transaction at Colesworths checkout in store

  • cristtos on 19/10/2022 - 16:55

    Is this legal (age discrimination)?

    • jjcf on 19/10/2022 - 17:08
      +9

      Offer is funded by boomer tears.

      And yes, offering a genuine benefit to a specified age group is legal.

      • monkeyfood on 19/10/2022 - 17:15
        +5

        they know everybody in that age bracket is broke, but just in case its capped at 50k

        • Techie4066 on 19/10/2022 - 17:17

          It's not because multiple savers attached to one transaction acc receive the same rate.

  • mugen on 19/10/2022 - 17:11

    Anyone tried using beemit to transfer to themselves and meet the 5 transactions?

  • freedomofspeech on 19/10/2022 - 17:14

    better than Westpac rates?

    • mei mei on 19/10/2022 - 17:17
      +1

      Of course.

      • freedomofspeech on 19/10/2022 - 18:12
        -1

        Really?? Seems almost identical to the under 30 rates for Westpac

  • The Delray Misfits on 19/10/2022 - 17:17
    +1

    got 50 with boq and the rest sitting with virgin money at 3.6%

    very annoyed boq only passed on .10%. cheap c***s

    • Notoriousbird on 19/10/2022 - 18:25

      ING has 4.05%

    • RichardF89 on 19/10/2022 - 19:23

      you can open up to 9 accounts with them which means up to $450k

      • Yoo on 19/10/2022 - 22:11

        Not sure why you are being downvoted. I have multiple saving accounts with BOQ too.

    • min2 on 20/10/2022 - 08:00
      +1

      Increased to 3.9% for Lock Saver

  • cheekychief on 19/10/2022 - 17:50
    +1

    Does anyone know is you can you deposit the $1000 into the everyday acct and then withdraw it a couple days later to meet the criteria? Looking for an acct for the kids. Thanks

    • Meovel on 19/10/2022 - 18:08
      +4

      Yes can be withdrawn immediately

    • racer1234 on 19/10/2022 - 18:21
      +3

      They waive the criteria for under 18's.

  • Otoro on 19/10/2022 - 17:57
    +1

    Does anyone know if I can open multiple saving accounts to put max 50k in each account and still earn 4.1% per account? I'm new to this so I don't really sure about this. Thanks

    • Meovel on 19/10/2022 - 18:09
      +1

      it's 50k max for all accounts under the same name, if you wanna n * 50k cap need joint accounts.

      • Otoro on 19/10/2022 - 18:14

        Thanks Meovel.

      • RichardF89 on 19/10/2022 - 19:26
        +2

        no, it is 50k per account and up to 9 accounts which means 4.1% interests for a combined of $450k saving

        • Otoro on 20/10/2022 - 23:20

          So you mean I can open 9 saving accounts and put 50k in each but still have 4.1% interest? But it said "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." on BOQ website. Do I understand the quote in the wrong way?

          • RichardF89 on 20/10/2022 - 23:22
            +1

            @Otoro: I have 2 accounts and received the full bonus interest

            • Otoro on 20/10/2022 - 23:24

              @RichardF89: Can you let me know how can you do it? Do you need to open multiple saver accounts and give it different name?

              • DawnShadow on 22/10/2022 - 13:23
                +2

                @Otoro: Just open another savings account tied to your transaction account. I’ve done it, it works, no tricks needed. I got the full interest on both accounts.

                • Otoro on 24/10/2022 - 01:58

                  @DawnShadow: You mean open 2 or more saver accounts under the same transaction account right?

    • ippy on 19/10/2022 - 18:47
      +3

      Someone says upthread they have multiple accounts https://www.ozbargain.com.au/comment/12825280/redir and here on reddit https://www.reddit.com/r/AusFinance/comments/wqjusk/boq_savi…

      I've only just done this this month so cannot confirm

      • Otoro on 24/10/2022 - 02:03

        Thanks mate. :)

    • firestint on 19/10/2022 - 18:48
      +5

      There was a lengthy conversation on this. Don't call or ask BOQ but it's meant to be 50k max per individual but they obviously have stuffed up and you can get the bonus rate across multiple accounts.

      • Otoro on 24/10/2022 - 02:04

        This is really helpful. Thanks for the link mate.

  • firestint on 19/10/2022 - 18:49

    What happened to the other 0.15percentage point? Shame on BOQ

  • ifonlyiwasyounger on 19/10/2022 - 19:52
    -7

    Institutional ageism.

    • JelIyfish on 19/10/2022 - 21:27
      +6

      Username checks out.

    • AusBargains on 19/10/2022 - 22:12
      +2

      Systemic ageism. Rage against the machine. Down with the system.

  • pixxelpusher on 19/10/2022 - 19:59
    +2

    Why do BOQ hate people over 35?

    • AusBargains on 19/10/2022 - 22:11
      +1

      Why is BOQ bigoted against people who have $50000+ cash on hand?

  • cookie2 on 19/10/2022 - 21:02
    +2

    How come age is a protected attribute in Australia and you aparantly can't be descriminated against, due to age, and yet organisation provide additional benefits for adults in different age groups? I don't agree with it. Not for seniors, young adults, workplaces paying less to under 21s etc. Why should certain age groups get more financial benefit?

    • AusBargains on 19/10/2022 - 22:09
      +1

      In Australia, all animals are equal but some are more equal than others.

      But the serious answer is that in society, even though they say discrimination is a bad thing, apparently some types of discrimination is acceptable while others are not.

    • Techie4066 on 20/10/2022 - 11:42
      -1

      Why should certain age groups get more financial benefit?

      Are we talking boomer control of the property market or what

  • red sed on 19/10/2022 - 23:17
    -3

    This is discrimination against the elderly! Forget the games and go to Latrobe Financial and get 4.1% without the hoops!

    • R3AP on 20/10/2022 - 07:56
      +3

      Having to wait 6 months to withdraw money after giving notice is a pretty big hoop ngl.

    • Ughhh on 20/10/2022 - 11:43
      +3

      What about the pension? Or discounts you often get with a seniors card?

    • Techie4066 on 20/10/2022 - 11:43

      Lol 4.1% non-guaranteed? Have you heard of AMP or Judo term deposits?

    • kipps on 20/10/2022 - 16:15
      +1

      Since when is 36 years old elderly?

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