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4.75% 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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4.75% 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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me1stt on 07/12/2022 - 13:36 boq.com.au (2531 clicks)
Last edited 17/02/2023 - 17:50 by 1 other user

From Savings.com.au:

Bank of Queensland (BOQ) will increase its Future Saver savings account by 40 basis points to 4.75% p.a. for balances up to $50,000.

To be eligible to receive this rate, customers will require $1,000 minimum monthly deposit with a minimum of 5 eligible transactions on their linked Everyday Account every month.

BOQ will also increase:

  • Smart Saver by 0.15% to 4.00% p.a. for balances between $1 and $250,000.
  • Simple Saver 4-month Introductory Special by 0.50% for a total rate of 4.10% p.a. for balances up to $5 million.

These increases are effective from 9 December, 2022.

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closed Comments

  • david6509 on 07/12/2022 - 13:39
    +15

    Now we just need ING to come to the party!

    • willthefomo on 07/12/2022 - 13:46
      +1

      Do they usually do the interest match? Interest beat will be even better!

      • archer175 on 07/12/2022 - 14:55
        +8

        Hope Office works Jumps onboard for lending ;-)

    • gamesnepal on 07/12/2022 - 14:03
      +2

      Yep, I am waiting for ING. Already jumped the hoops to get the bonus interest for the next month.

  • dm02 on 07/12/2022 - 13:39
    +5

    Yay, they did it!

    • Techie4066 on 07/12/2022 - 13:57

      Well of course they were going to, by how much was the question.

      • dm02 on 07/12/2022 - 14:00

        Not necessarily.. it would be up to them if they wanted to increase it or not. They already had the highest from what I understand

        • Techie4066 on 07/12/2022 - 14:02
          +3

          Have they not done it every month? I note there was only one month where they did not pass on the full RBA cash rate increase (missed 0.05%) and this is the first time they exceeded it. This account is designed to be market leading and you don't need to be Einstein to predict a bump in interest.

          • dm02 on 07/12/2022 - 14:21
            -1

            @Techie4066: Don't get the need for the sarcasm, nothing I said was unreasonable. It's up to the bank if they pass it on or not, in this case they did.

            • Techie4066 on 07/12/2022 - 14:24
              +2

              @dm02: Same as May. And August. And September. And October. And November! Hooray, all the RBA rate hikes.

    • puglikesabargain on 07/12/2022 - 14:32
      +2

      Yayyyy Bank of Queensland is really coming to the party today, their Virgin Money division has just lifted deposit rates! - https://www.ozbargain.com.au/node/743766

  • Thranrond on 07/12/2022 - 13:41
    +1

    nice!

    • hamwhisperer on 07/12/2022 - 15:02
      -2

      Without question, yes.

      • pennypincher98 on 07/12/2022 - 17:18
        +6

        By that same logic, go ask for a senior's discount/freebies everywhere you go because it's discrimination if they offer it to someone else but not everyone.

        I wonder what goes inside the mind of an uneducated brain sometimes, but I presume it's nothing.

        Besides, they're doing it for their own benefit by just making it so young people can save enough to take out a loan with them. This isn't even 5%, and won't last while people old enough to be excluded had double digit savings rate that lasted and a lot cheaper housing (even inflation and wage adjusted). Sorry that extra ~$200 a year can't buy you a 4th investment property.

        • BusMan247 on 08/12/2022 - 00:24
          +1

          To be fair I work in banking, but am older at 40… but it’s only recently where I’m seeing age conditions on giving interest. The only reason they are doing it because this age group would be in the process of being home owners or recent home owners without loyalty and willing to jump ship. They know older people generally can’t be assed.

          Senior citizens getting discounts is a completely different thing. Not sure what your logic is or if you’re just taking the piss

          • pennypincher98 on 08/12/2022 - 00:43

            @BusMan247: I was referring to that also being "age discrimination" because some people can't see the underlying cause of this not being out of the good of the hearts to the youth lol.

          • ssfps on 08/12/2022 - 02:39

            @BusMan247: Senior citizens getting discounts is pretty much same thing, both are age based discrimination. Whether you think that kind of discrimination is ethical is another matter, and plenty of kinds of discrimination are legal.

            • BusMan247 on 08/12/2022 - 21:18
              +1

              @ssfps: It’s kind of scary that you are thinking like that. I don’t think you’re trolling either.

              So to you, looking after oldies/seniors is just the same as the above? I’m lost for words. I guess for you, you’re the kind of person that needs to hit 70+years yourself to learn about this particular topic. Don’t worry mate, we all learn.

              • ssfps on 09/12/2022 - 02:25

                @BusMan247: @BusMan247
                1) i didn't say it's unethical to give seniors discounts, i didn't judge it either way.

                2) It appears you're confused about the definition of the word discrimination, it's not synonymous with "unfair" like you seem to believe, even if it's being used that way more and more.

                3) semantics aside, the biggest flaw with your reasoning is that you think seniors (and or young people?) deserve handouts simply for being of a particular age, rather than their actual need. If a 40 year old is in poverty, why should they pay full price, and if a senior is a multi millionaire, why shouldn't they? Why do you think age is so important a discriminator for financial assistance? I don't think you have a coherent view on the subject, you've possibly just watched too many "today tonight" episodes and get off on the indignation.

  • Techie4066 on 07/12/2022 - 13:48
    +1

    0.4% increase! Nice one.

  • freoleo on 07/12/2022 - 13:49
    +1

    Nice! picking BOQ paying off so far

  • Stoibs on 07/12/2022 - 13:51
    +9

    Is there a reason for these age limits? :/

    • furyou on 07/12/2022 - 14:31
      -1

      cuz anyone older will have a mortgage with lower IR they can just draw out for free$$?

    • Snagsandonions on 07/12/2022 - 15:49
      +7

      To help build future home loan customers.

  • philphy on 07/12/2022 - 13:54
    -4

    We should do them for ageism - isn't that illegal and if not it should be!!!

    • Ghost47 on 07/12/2022 - 13:57
      +3

      Ok boomer.

      • fullmetal on 07/12/2022 - 14:05
        +6

        Not even all millennials qualify as well.
        Generations Born Current Ages
        Millennials 1981 – 1996 26 – 41
        Gen X 1965 – 1980 42 – 57
        Boomers II (a/k/a Generation Jones)* 1955 – 1964 58 – 67
        Boomers I* 1946 – 1954 68 – 76

        • furyou on 07/12/2022 - 14:32
          +1

          isn't ok boomer just an insult to anyone over 30 by any left leaning 20s?

        • MITM on 07/12/2022 - 21:13

          Who come before Boomers1 please ?

          • FarKen on 07/12/2022 - 21:41

            @MITM: That would almost be centenarians by by now ;-)

          • Eeples on 07/12/2022 - 23:55

            @MITM: The builders.

    • jjcf on 07/12/2022 - 14:09
      -3

      No, it isn’t.
      And no, it shouldn’t be.

    • dm02 on 07/12/2022 - 14:49
      +6

      Seniors get discounts at many places with a seniors card.

    • Ghost47 on 07/12/2022 - 14:54
      +4

      Ageism, racism, heightism, baldism etc. are rife in this country.

      No one can stop it, until we are ruled by fair-governing robots.

    • Snagsandonions on 07/12/2022 - 15:53
      +10

      Has double digit savings rate for a significant portion of their life and then complains about younger people getting a measly 4.75% that won’t stick long term. Yikes

      • jackspratt on 08/12/2022 - 20:00
        +1

        And double digit mortgage rates at the same time. Egads!

    • OpticalCog on 07/12/2022 - 19:25
      +3

      Imagine complaining about young people getting something for once… If you think this is ageism you're not going to believe it when you find out our Gov. gives out free money to people over 67. Also guess we should scrap all those senior discounts too whilst we're at it.

      Young people are facing the highest cost of living ever including higher taxes than any prior generation - with more than ever being spent on healthcare which is disproportionately for the older generations. Give em' a break and let em' have their +0.65% interest on savings under 50k lmao. At most, it's $325 a year.

    • RefusdClassification on 08/12/2022 - 01:48
      -1

      Imagine if there was a high interest bearing account that was only available for males, or Catholics, or people of Anglo Celtic ancestry? The social justice mob would be tearing the place apart. But when banks discriminate against oldies, nobody cares.

      Ageism is wrong.

      • Techie4066 on 08/12/2022 - 09:28
        -1

        Thanks for the whataboutism and self-victimisation, adds a lot

  • MainlagToby on 07/12/2022 - 13:54
    -1

    Not looking forward to my 1.75% expiring

  • Ghost47 on 07/12/2022 - 13:57
    -1

    Not behd.

  • Oldmate88 on 07/12/2022 - 13:58
    -1

    Is there any point doing this when I'm paying 1.9% interest on a home loan with about $90k in the offset?

    Given I'll pay tax on the interest earned (say 38%) that brings it down to about 2.89% earnings.

    • ltwo on 07/12/2022 - 14:18

      2.89 > 1.9

      • Oldmate88 on 07/12/2022 - 14:21
        -6

        Don't think it's worth it for $450 p.a

        • JDMcarfan on 07/12/2022 - 14:29
          +17

          hand in your Ozb licence

        • ltwo on 07/12/2022 - 15:45

          shouldn't it just be a matter of moving some money?

          • TogTogTogTog on 07/12/2022 - 17:56

            @ltwo: Nah, the home loan will be 1.9% with like a 5% 100k offset.

  • fullmetal on 07/12/2022 - 13:59
    +10

    damm but why promo these days have age limit.

    • harveyworld on 07/12/2022 - 14:12
      +5

      I got negged for asking the same thing… I agree its a valid point

      • Slo20 on 07/12/2022 - 16:19
        +4

        I’d assume you got negged cos the same comment appears everytime. Here’s an example

      • pennypincher98 on 07/12/2022 - 17:28
        +3

        You got downvoted for saying it's age discrimination. I agree, it's a "damn, this has an age limit" just like targeted offers are a "damn I didn't get targeted" but inferring it's illegal comes off incredibly entitled.

    • Techie4066 on 07/12/2022 - 14:16

      "these days"? Is there another bank account with a competitive rate targeting young people?

    • Oldmate88 on 07/12/2022 - 14:22
      +4

      I'm guessing it's trying to get them into their 'system' before they purchase a house.

    • cook99 on 07/12/2022 - 17:26
      +3

      I raised the same issue last time.
      TLDR: it's perfectly legal per ACL.

      Whether I/we like it is another story, but certainly allowed

  • puglikesabargain on 07/12/2022 - 14:01
    +3

    Pretty impressive raising the rate by 0.4 percent and quickly. Hopefully this latest BoQ move will prompt ING, Virgin Money and St George to increase their offers. Not sure about UBank and AMP - seem to have fallen behind in the pack.

    • Ghost47 on 07/12/2022 - 14:09
      +2

      I got an email from UBank earlier today, their rate is going to 4.10% (incl. bonus interest). But I agree, still rookie numbers.

      A quick Google shows our economy is similar to Canada’s and NZ’s. Taking that at face value, their cash rates are 3.75% and 3.5% respectively. I’d say we have a ways to go yet. Not sure what their COVID stimulus response measures were, if we printed a lot more money than they did then our rates will have to go higher than theirs possibly.

      Bring on the extreme recession. I think it’s arguable that most of the growth the world has experience post GFC is largely driven by cheap money.

  • SimBer on 07/12/2022 - 14:11

    Does the $1k monthly deposit need to stay in the account or can it be transferred out?

    • Sigmund Freud on 07/12/2022 - 14:14
      +1

      yes, can be transferred out after deposit.

  • paloverde88 on 07/12/2022 - 14:11
    +4

    age discrimination approved by the human rights commission

  • Sigmund Freud on 07/12/2022 - 14:12
    +3

    bad app, good rates

  • Marcsie on 07/12/2022 - 14:13
    +1

    4.1% with UBank and 3.85% with MyStateBank both with no age limit !

  • BigRiggs24 on 07/12/2022 - 14:23

    So glad I switched from Westpac a week ago! ♥♥

  • Homr on 07/12/2022 - 14:26

    waiting for Macquarie to up theirs

    • me1stt on 07/12/2022 - 14:29
      +1

      Macquarie Bank will increase rates across both its savings and transaction account, passing on the increase in full from 16 December 2022.

      The base rate of Macquarie Bank's savings account will lift to 3.70% p.a., while the welcome rate for new customers will remain at 4.25% for the first four-months up to balances of $250,000.

      Macquarie Bank's everyday transaction account will also increase to 3.70% p.a., for balances up to $250,000.

      • Homr on 07/12/2022 - 14:30

        Thats not it, they have a special 4 month honeymoon rate

        • me1stt on 07/12/2022 - 14:32
          +1

          My reply is also from Savings.com.au.

          Looks like Macquarie won't increase honeymoon rate this time.

        • Techie4066 on 07/12/2022 - 15:02

          Reading comprehension is useful

  • nuker on 07/12/2022 - 14:28
    +6

    36 y.o. money is not good for us. (BoQ)

  • adrianehm on 07/12/2022 - 14:30
    +4

    Wow 4.75%! 40 basis point increase is amazing. Hats off to them by announcing this so quick too with hardly any wait time for the new rate to take effect (compared to uBank or AMP). Glad I switched to BOQ from CommBank months ago.

  • puglikesabargain on 07/12/2022 - 14:31
    +1

    Yayyyy Bank of Queensland is really coming to the party today, their Virgin Money division has just lifted deposit rates! - https://www.ozbargain.com.au/node/743766

  • trapper on 07/12/2022 - 14:33
    +4

    for 14-35 Year Olds

    How do they get away with discriminating by age like this?

    • OpticalCog on 07/12/2022 - 19:33

      yeah quick remove the aged pension and senior discounts /s.

      Imagine complaining over young people getting +0.65% on <50k (aka $325 a year). Especially when they're facing the highest taxes (which disproportionately helps those older than them due to medicare & the aged pension) and a housing affordability crisis.

      • trapper on 08/12/2022 - 01:12
        -1

        Imagine complaining over …

        I'm wondering how it's legal.

  • Notoriousbird on 07/12/2022 - 14:42
    +1

    Does having multiple future saver accounts still work?

    • ippy on 07/12/2022 - 18:29
      +2

      yes

      • Ernestpogi on 07/12/2022 - 19:18

        How does this mutiple future saver accounts work?

      • pluto on 07/12/2022 - 20:03

        Do I still get full interest rate if i have below 50000 each in 6 accounts or combined amount in all accounts has to be less than 250K ?

        • trashcan on 07/12/2022 - 22:12
          +3

          The 50K limit is per account. There is no combined limit. One can have 9 accounts so theoretical maximum that would the attract the bonus rate would be 450K (50K each accross 9 accounts)

          • srslycbf on 07/12/2022 - 22:49

            @trashcan: "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." - BOQ

            Think of the 9 future accounts as 1 big account just subdivided. If you have up to 50k spread across 9 accounts whether it be evenly or not, you will earn the bonus interest of 4.75% based on balance of each account.

            If you have 50,001 to $250k spread across 9 accounts, even if the one future saver account out of the 8 is smack bang 50k, you will only receive the 2nd tier interest, being 3.00%.

            And over 250k is 0.05%

  • Evostar on 07/12/2022 - 14:47

    Q. If signing up as a joint account. Person A. Is 30 Person B is 35+ does the higher rate apply? Thanks.

    • RichardF89 on 07/12/2022 - 14:59
      +1

      no I asked the same question you can't have the Future Saver savings when you above 35 you will get smart saver instead

      • Evostar on 07/12/2022 - 15:03

        Boo hiss boo

        Thanks for clarifying

  • JelIyfish on 07/12/2022 - 15:20

    What about people with adult ages and adult balances :(

    • Skids andy on 07/12/2022 - 22:38

      You've had your time :P

  • blighst on 07/12/2022 - 15:40

    Anyone have trouble accessing the app - keeps locking me out

  • Gelato on 07/12/2022 - 15:50

    Anyone had issue of receiving interest? I deposited $20k in Oct and made 5 transactions, so did in Nov. but on 1 Dec, I only received $0.01 interest. Very insulting…

    I messaged app support but waiting forever to get a response

    • TasJacks on 07/12/2022 - 15:59

      are you checking interest in your savings or transaction account?

    • ascorbic on 07/12/2022 - 15:59

      Did you deposit first into the everyday account or directly into the savings account?

      • Evostar on 07/12/2022 - 16:12

        What is the correct way?

        I just transferred straight into the Savings account 20k.

        is that correct?

        • kaij on 07/12/2022 - 16:14
          +1

          Everyday first then move into savings

        • ascorbic on 07/12/2022 - 17:07
          +3

          That's not correct. You need to deposit $1000 into the linked everyday account to be eligible. https://www.boq.com.au/boq-app/in-app/help-and-support/bonus…

          You can also check in the app if you're eligible for bonus interest next month but I find there's a delay of a few days for it to show I've met the criteria.

        • freoleo on 07/12/2022 - 19:14

          You can check your eligibility in the app, it would have said you're not eligible if you didn't transfer into the everyday account first

    • Gelato on 12/12/2022 - 21:50

      okay update….looks like i made a rookie mistake. Misunderstood the requirement to have savings on Transaction account, while the correct was Everyday Account first then move into Future Saver.

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