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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.

Financial Bank Account Savings Account

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closed Comments

  • burningrage on 07/12/2022 - 17:19

    Bank of Melbourne hopefully will follow

  • hopper on 07/12/2022 - 17:19

    14-35 Year Olds

    I pity those turning 36 tomorrow

    • Techie4066 on 07/12/2022 - 20:48

      Oh dear, they're going to miss a marginal amount of interest on a higher balance with ING! Or receive the exact same interest with Virgin Money!

  • MiataMx5 on 07/12/2022 - 17:33
    +1

    If I have ING and BOQ, I need to purchase 10 bananas in WWS in 10 transactions. My god.

    • RichardF89 on 07/12/2022 - 18:09
      +3

      just buy 1 banana and pay 10 times

      • MiataMx5 on 07/12/2022 - 20:45
        +1

        lol. Lost 9 bananas profit.

      • MiataMx5 on 07/12/2022 - 20:47

        I think another way is to split the payment of the energy invoice. Paying $1 per time to Origin and pay 10 times. Then, pay the rest.

  • Bluto Mindpretzel on 07/12/2022 - 18:28
    +4

    "Won't somebody think of the borrowers!"

    Glad to see us savers rewarded lately, but the media reports it as universally bad nonetheless.

  • souths123 on 07/12/2022 - 19:15
    -1

    but shaving .1% off for savers over 35…only .15% increase…lucky I don't have anything in BOQ atm…. can get better elsewhere

  • Lakon on 07/12/2022 - 23:23
    +1

    I identify as 20 year old..

    • Patrick D on 07/12/2022 - 23:43

      hahahahahahahah

  • Benno007 on 08/12/2022 - 00:31

    Glad I've got another 2 years… very helpful lol.

  • RefusdClassification on 08/12/2022 - 01:52
    -4

    Not a deal. The real inflation rate is ~10%; if you put money in a savings account you are going backwards financially.

    I wish Australia was more like the UK. In the UK things like pensions are linked to inflation. In Australia the pension only increased by an anorexic 3.8%. The pension is getting increasingly worthless over time because it is not matching inflation.

  • balu on 08/12/2022 - 05:59

    Noob question, does having money in different bank accounts - affect your ability to get a home loan in the future?

    • ozbd on 08/12/2022 - 10:18
      +1

      No effect. All they will take into account is the amount of money you have as opposed to how many accounts it is in.

  • codyy on 08/12/2022 - 12:08
    +1

    i'm sure its been asked and i had a quick scroll but couldn't find this scenario exactly:
    if I have 50k in my account i get 4.75%
    if i have 60k in my account do i earn 4.75% on 50k and then 4% on the extra 10k?

    point of my question is - as soon as i go over 50k, will the interest be reduced to 4%? Do I need to ensure my balance is always UNDER 50k?

    • trashcan on 08/12/2022 - 12:35
      +2

      The Bonus Rates are tiered

      0 - 50K - 4.75%
      50K - 250K - 3.15%
      250K+ - 0.05%

      If you do not fulfill the requirement for the bonus you will get 0.05% on you entire balance

  • StephenCurry on 08/12/2022 - 13:09

    Does anyone know can I apply for this with an International passport? I've read on terms that you have to be a permanent resident to apply, but do they enforce that strictly?

    • me1stt on 08/12/2022 - 13:16

      Someone with student visa successfully opened one in branch.

      • StephenCurry on 08/12/2022 - 14:23

        That's cool! I'll go and try then. Thanks for replying!

  • AV1 on 08/12/2022 - 14:27

    With ING, depositing 1000 and then withdrawing it the next day meets the criteria for increased interest. Is that the same case with BOQ or do I have to keep the 1000 in my BOQ account?

    • kacak on 08/12/2022 - 17:14

      Yes for the $1k part, but you also need to make 5 cleared transactions, and ensure your balance (excluding that month’s interest) is increased.

      • freoleo on 10/12/2022 - 10:41
        +2

        Don't need to grow your balance in BOQ

        • kacak on 10/12/2022 - 11:25

          Oops sorry, you’re completely right - I got my wires crossed with ING

  • aorusozbarg on 22/12/2022 - 02:41
    +1

    Will paying off AMEX card in 5 separate transactions be eligible for the bonus rate?

    • Ernestpogi on 22/12/2022 - 18:41
      +1

      It does with my virgin money. I just use beemit to make 5 transfer to get through thr 5 ttansaction requirement.

    • manara2323 on 02/01/2023 - 11:22
      +1

      It does work. I have 5x$1 BPAY transactions to my Amex

  • MegFan on 01/01/2023 - 11:45

    Hi, can you open multiple of these future saver accounts to put money over $50k in for the same interest rate?

    • trashcan on 11/01/2023 - 09:27
      +1

      Yes, One can open upto 9 accounts

  • shernjr on 11/01/2023 - 17:59

    Does anyone know if paying $1 five times through Afterpay counts as the eligible transactions?

  • aorusozbarg on 14/01/2023 - 01:28
    +1

    hey guys

    in the BOQ app, it says both 'Bonus Rate unlocked this month' and 'Bonus Rate unlocked next month'.

    if it says Yes for the first, and No for the second, do i still need to fulfill any criterias for this months bonus rate?

    i'm assuming no, but not sure why it would give you info on next month when you can't complete any of it anyway

    • mustkill on 15/01/2023 - 11:07
      +1

      You need to take the actions to meet the criteria this month, in order to qualify for bonus interest next month.

    • Neyo01 on 18/01/2023 - 18:47

      Pretty sure you still need to complete the criteria so next month does start accruing interest.

      In saying that - I've completed the 1k and done 5 transactions and it still says No for the second so I wonder if it takes a few days to update.

      • Benno007 on 19/01/2023 - 08:15

        It does yeah. I think it took about 3 business days for me once the transactions stopped being ‘pending’

        • Neyo01 on 19/01/2023 - 22:03

          Yeah my transactions were all not pending anymore but it still said I hadn't met the criteria. Checked this morning and its now a Yes, so I'm calm.

  • Ash-Say on 01/02/2023 - 07:06

    What time BOQ interest is applied to the account?

    I have received ING and Ubank already but BOQ is yet to be applied.

    • shernjr on 01/02/2023 - 08:05

      I got the bonus interest around 5am for one saver account, but the other one did not..

    • Benno007 on 02/02/2023 - 08:26

      The time stamp on mine says 5:13am for my second future saver account and 3:17am for my first future saver, so I guess they do them in batches and newer accounts are at the end? Dunno

      • Ash-Say on 02/02/2023 - 09:29

        Yes got it eventually

  • Tuttorix on 15/02/2023 - 12:27

    When does BOQ usually increase their rates? ING has already updated their interest rates to reflect the 0.25% increase on 07/02/2023.

    • rban945 on 15/02/2023 - 15:31

      Been wondering too for a few days now.

      Following the Reserve Bank of Australia’s (RBA) decision to lift the cash rate by 0.25%, BOQ will lift variable home interest rates by 0.25% per annum (p.a.) from 10 February 2023. 

      For savings customers, BOQ will continue to review rates on its high interest myBOQ accounts.

      https://www.boq.com.au/help-and-support/rate-rise-hub

      I’m not sure if the wording just means they won’t be passing on the increases to savings accounts?

      • Tuttorix on 15/02/2023 - 16:27

        I have a feeling they won’t.

  • dm02 on 15/02/2023 - 18:28

    Where is the rise this time around? Don't be stingy BOQ…

    • trashcan on 18/02/2023 - 03:19

      Effective 23rd Feb the new rate is 4.90%

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