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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      capslock janitor on 24/10/2022 - 01:20

      🤣🤣

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  mlburnian on 20/10/2022 - 00:02

  -1

  Not much after tax

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  jrvb42 on 20/10/2022 - 08:23

  +1

  Putting money into your mortgage will effectively earn (save) interest at your mortgage rate. Tax free. Yet another reason to borrow, not save. (And I am ignoring the obvious ageism in this offer. Old people also need higher interest from their savings, especially retirees).

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    capslock janitor on 24/10/2022 - 01:22

    Was it wrong of us to pay off the mortgage? 🥺

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  capslock janitor on 24/10/2022 - 21:30

  • Transfer a minimum of $1,000 each month (like your salary) into your linked Everyday Account.

  Is 1K directly to Saver okay?

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    ramona on 03/11/2022 - 16:38

    Gotta be into Everyday Account, then into Saver

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  Polikj on 01/11/2022 - 11:14

  Are people still getting the bonus interest on their additional savings account (i.e total balance over 50k) this month. Or has that loophole been closed/fixed.

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    adrianehm on 01/11/2022 - 14:30

    +2

    It still works. I have 5 Future Saver accounts with just under $50k in each (total $200k+) and I just received the full 4.1% interest credited into all my accounts this month (1-Nov-2022).

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    RichardF89 on 02/11/2022 - 18:59

    yes

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  sashatheman on 08/11/2022 - 08:14

  -3

  Hey I want to make you aware of something. I missed out on my monthly interest and you should be aware of this too, it really upset me. BOQ will do anything to not pay you interest. So many hoops. I will be switching out of BOQ to ING soon.

  • First of all you have to deposit the $1000 into the EVERYDAY ACCOUNT only, but that account doesn't earn any interest so then you have to go and transfer it out of that account and into your Saving account. A useless additional steps. They wont count it if its deposited directly into the Savings account.
  • They have a bullshit way of counting when you qualify for your interest earned when making 5 transactions. If I make 5 transactions say in the month of Oct It will say that I earned the bonus interest. However they won't pay you that interest until December. But they trick you by showing in the app, that the bonus interest was earned THIS month. but actually it relates to the activities that you have done the prior month. So you think that you qualified this month, but you havent.
  • Now how did I learn why I havent received my interest? I tried to message them. after a few responded when I actually needed to know why I havent received my interest they went radio silent. For 5 days straight I messaged them and no one responded. So I called them. It was a 40 minute wait…. Only then did they explain why I havent earned my interest.
    Worst experience I have had with banks. Getting my money out of this bank as a principle.
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    victorheaven on 09/11/2022 - 11:27

    Mate, you can easily tell if you've met the requirement for bonus interest rate in the current and next month in the app and it has been discussed countless times in various BOQ deals how it works.

    If you are unable to read, maybe just use Ubank and earn a lower interest rate.

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      sashatheman on 11/11/2022 - 10:08

      Taking my money out of it and putting it into St George account that doesnt have all that complicated bullshit. earns 4.0% interest and balance is way more than 50k, and can be older than 35. Stupid ass restrictions to begin with.

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