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5.15% 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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5.15% 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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david6509 on 02/03/2023 - 18:04 boq.com.au (5564 clicks)
Last edited 10/05/2023 - 12:39 by 1 other user

Just saw this posted on BOQ's facebook page. After not cracking 5% with last months update this is some good news!

"To support our savings customers, we’re excited to announce some updates to our range of myBOQ products.
From 3 March, customers will be able to earn up to a market-leading 5.15% p.a. with our Future Saver account. You’ll also be able to earn up to 4.60% p.a. Smart Saver and 4.50% with our Simple Saver accounts. Monthly criteria and terms and conditions apply. "

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.

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closed Comments

    • souths123 on 02/03/2023 - 19:14
      +1

      they increased by .15 earlier and now this, but this might be their move for the month, pre-empting the RBA increase

  • Ghost47 on 02/03/2023 - 18:38

    Wow is this the first +5% rate? Noice.

  • GReeeeN on 02/03/2023 - 18:44

    App only shows “Simple Saver” account, not the “Future Saver account” mentioned in the OP.

    Do we need to wait until tomorrow to open an account?

  • sev snape on 02/03/2023 - 18:44

    if your balance goes over $50k, do you still get the full 5.15% on the first 50k in the account or is the whole amount ineligible for that rate?

    • MrThing on 02/03/2023 - 18:47

      the amount >50k is at the lower rate

      its here > https://www.boq.com.au/personal/banking/savings-and-term-dep… under interest rates

    • Gyr on 02/03/2023 - 19:05
      -1

      Despite what their website says, you can just create a second savings account and still get full interest on both even with the total amount above $50k.

      • MrThing on 02/03/2023 - 19:07
        -1

        I was told by someone on here thats not the case, ie; 2 account with 50k in each wouldn't get 2x the interest

        ud get top interest on 1 lot of 50k and the lower rate for the other 50k

        • Yoo on 02/03/2023 - 19:12
          +4

          I get the bonus interest on all my accounts.

          • MrThing on 02/03/2023 - 19:13
            +2

            @Yoo: yer rightio, cool!, well I shall open a new account then :)

          • treekangagaroo on 02/03/2023 - 19:26
            -3

            @Yoo: Yes but at a lower rate on over 50K amount

            • Yoo on 02/03/2023 - 20:10

              @treekangagaroo: $183.43 interest on both accounts. You can do the math with 4.75% the first 22 days and 4.90% the last 6 days of February.

        • Gyr on 02/03/2023 - 20:00

          I just did a spreadsheet to confirm this, and I'm getting the full bonus rate on both my accounts. (PITA because the app doesn't give a daily balance so I had to manually enter each transaction to backtrack from my current balance).

      • ah31xs on 02/03/2023 - 21:10
        -1

        You can create 9 future saver accounts with 50k in each.

        • Culpable on 02/03/2023 - 23:31

          Sorry to cast doubt on this, but could you please confirm whether you (or anyone reading this) has actually tried this?

          Because this is a massive difference in the potential interest earned if this is indeed true.

          I'd imagine there are a lot of people reading this who are put off by the 50k limit, but may consider BoQ if you can just open up 9 accounts.

          That effectively puts the max interest rate cap at 450k (50k * 9), which is higher than almost all of the other savings rate accounts out there (e.g. ING is 100k, Ubank is 250k).

          • falkor25 on 03/03/2023 - 02:06
            +1

            @Culpable: Is true

          • ah31xs on 03/03/2023 - 11:58

            @Culpable: On the Future Saver page, it says you can open up to 9 accounts: https://www.boq.com.au/personal/banking/savings-and-term-dep…
            You get 5.15% on balances up to $50k. I have 3 Future Saver accounts currently earning 5.15% each.
            Look through BoQ posts here on OzBargain to see other people also getting the max rate on each account.

            • MrThing on 04/03/2023 - 12:01

              @ah31xs: But do they have 50k ++ in total in them?

            • ivyholmes on 12/04/2023 - 15:20

              @ah31xs: One everyday account and 3 future saver account?

              • ah31xs on 12/04/2023 - 15:23
                +1

                @ivyholmes: Yes

                • ivyholmes on 12/04/2023 - 15:25

                  @ah31xs: Did you do 5 transaction per month with $1000 deposit? Or you did 15 transaction per month with $3000 deposit because you have 3 future saver accs?

                  • ah31xs on 12/04/2023 - 15:28
                    +1

                    @ivyholmes: Took $1000 out of the BoQ account, then transferred it back in.
                    Did 5 transactions total which earned me the bonus rate next month.

                    • ivyholmes on 12/04/2023 - 15:28

                      @ah31xs: But only 5 transactions for 3 future saver accounts? How about the left over money in everyday saver? Sorry I just opened 2 future savers I'm abit confused

                      • ah31xs on 12/04/2023 - 15:30
                        +1

                        @ivyholmes: Yes only 5 transactions for up to 9 future saver accounts.
                        You only have to do 5 transactions on the one everyday account, which can be linked to 9 future saver accounts.

          • yht on 05/03/2023 - 19:32

            @Culpable: But I guess Government can only guarantee up to $250K, thus the remaining $200K will not be covered when the bank went bust ?

      • trishmapow on 03/03/2023 - 01:10

        This doesn't work, at least for me. I made a 2nd account and the interest on the 1st account went down to make the same max total.

      • ozborgain on 03/03/2023 - 04:59

        Do you have to put in an additional 1k + 5 transactions for the second savings account (i.e. 2k + 10 transactions in total) to get the bonus interest rate applied to both the savings account?

        • Gyr on 03/03/2023 - 07:08
          +1

          I'm pretty sure you don't have to, but it shows in the app whether bonus interest has been activated or not, which you can check for each individual account. But if you do have to, Beem and moving money in and out will work. Also I only have one transaction account for multiple savings accounts.

          • ozborgain on 03/03/2023 - 07:10

            @Gyr: Thanks mate, will try it out this month and see what happens ;)

      • hawkeye93 on 07/03/2023 - 15:26

        So what's the limit total amount on those accounts? If I have 250k, I can split them into 5 accounts of 50k each and still earn full interest rate on 250k?

  • MrThing on 02/03/2023 - 18:47

    removed:…… didnt read it in full smart saver for 36yr old +

  • Hugh G Rection on 02/03/2023 - 19:00

    trying to open for my child, tells me to go to branch :(
    open 9:30-4 M-F only open after i start work, closes before i finish work. fantastic

    these hours are pointless, i have to take a day off to dump 50k :(

    • TEER3X on 02/03/2023 - 19:05
      +7

      Just send your child with the cash

      • Truck-kun on 02/03/2023 - 19:06

        Just send your child

    • Big Sexy Unit on 02/03/2023 - 19:31
      +1

      I managed to do it drunk one late night from the mobile and only just remembered about it now

    • BigRiggs24 on 05/03/2023 - 18:00

      That's funny, when decided to get my account created I went to the branch, but they were confused as to why I didn't just make the account on the app. They just guided me through the process while attempting to get me to take out a loan with them.

  • souths123 on 02/03/2023 - 19:12
    +1

    so, what is going on with VM???? still nothing and their boost with lock is the same rate as the Smart Saver as from tomorrow

    • chyawala on 02/03/2023 - 21:06

      It's possible to schedule withdrawal from the locked Boost saver and still receive the bonus rate. Good for getting ready to move to better interest rate account.

      • souths123 on 03/03/2023 - 08:17

        atm I will wait and see what happens. I think this is a preemtive move by BOQ and will be their move of the month for rates, so they won't move again until next month. I am hoping that after the rate rise next week, VM will make their move (finally) still a bit p'd they haven't done anything at all after last month's rate rise

  • d14a028c2a3a2bc9 on 02/03/2023 - 19:24
    +3

    Didn't get bonus interest on 1 of 4 of my saving accounts in Feb, not sure whether they fixed the multiple sub $50k account bug.

    • TissueIssues on 02/03/2023 - 19:53
      +1

      Same thing happened to me, can anyone else confirm?

    • Gyr on 02/03/2023 - 20:10
      +1

      I had both bonus interest payments go in yesterday. Today one of the transactions is missing, but the balance is still at the amount it would be if it was paid. It's like the record of the transaction deleted itself out of the app.

      • Hvrd on 02/03/2023 - 21:40

        same here, weird..

      • richrichie on 02/03/2023 - 22:50
        +1

        same here. Got the notification, balance is updated, but the interest entry is missing

      • myrandomstranger on 03/03/2023 - 10:18

        Same here. Was quite confused.

    • jm7 on 02/03/2023 - 21:23

      All mine have the bonus rate 🤔

    • ozbd on 03/03/2023 - 12:49

      Have 4 savings accounts as well and all 4 got the bonus interest. Interest rate (with bonus) was 4.75% till the 22nd inclusive and 4.90% for the rest of the month.

    • Meovel on 03/03/2023 - 18:08

      Got bonus on all 3 savings

      • slartibartfast960 on 20/03/2023 - 18:38

        Do these need to have a combined balance of <$50k? Or can they each have $50k

        • Meovel on 20/03/2023 - 19:49

          each

          • slartibartfast960 on 20/03/2023 - 19:57

            @Meovel: Nice! Asked the bank and they told me different. Do they have to be linked to separate transaction accounts?

            • Meovel on 20/03/2023 - 20:03

              @slartibartfast960: No they linked to the same. Of course they would have said differently, it's apparently a bug.

    • F1ProjectOne on 04/03/2023 - 13:44

      Interest came in slightly later in one of my account compared to the others but by midday of the 1st of March, I've got all of them.

    • TissueIssues on 07/03/2023 - 18:37

      Hello - did u ever end up getting the missed interest? I still havent received anything. Hoping they arent slowly cleaning this up…

  • Freeza on 02/03/2023 - 19:29
    -5

    After 4 months from the account opening date, the interest rate will revert to the standard Simple Saver Account variable interest rate.

  • Flintz on 02/03/2023 - 19:33

    This is higher than my mortgage rate

  • Frozensage on 02/03/2023 - 19:42

    woah… at this rate I'm actually making money off my mortgage

    • LuckyDrew on 02/03/2023 - 19:46
      +1

      You forget about tax there big fella?

      • Hugh G Rection on 02/03/2023 - 20:13
        +1

        no taxes because you claimed that you are a non profit organisation.

      • recession1 on 03/03/2023 - 11:13

        Interest on his mortgage is deductible if he redraws and invests it big fella.

  • Savas on 02/03/2023 - 19:46
    +2

    Ughh I entered all my ID in the app and it still asks for more ..

    • Munners1989 on 02/03/2023 - 23:58

      Were you eventually able to create an account? I've entered my driver's license, medicare and passport and it still wants more…

      • Savas on 03/03/2023 - 07:33

        No… using the website it asks to verify my ID in a branch…. i've had this problem with some other banks..

  • foxmulder on 02/03/2023 - 19:52

    Is $1000 deposit generally achievable for teenagers? and if the deposit of that amount hits the account by mid month, the interest is obviously starts from mid week right?

    • freoleo on 02/03/2023 - 19:57
      +1

      Nah you earn the bonus a month in advance so u get it the whole month

      $250 a week from a job may work for teenagers, I don't see why u cant just transfer $250 in and out like 4 times throughout the month though

    • Gyr on 02/03/2023 - 20:14
      +3

      You can just send $1000 in and out of the account once a month, it still counts.

      • abjsdhasehasee on 05/03/2023 - 19:24

        how about, 1. 1k into everyday account, 2. then into future saver for the month, 3. then out into another bank, then repeat, if so its super easy for anyone

    • Hugh G Rection on 02/03/2023 - 20:15

      yes, 250 a week. or parents just put money in for them. then they go buy a $1 lollie in 5 different transactions.

      • Gyr on 02/03/2023 - 20:18
        +1

        Or Beem it 5 times and buy your lollies with HSBC

        • ozbd on 02/03/2023 - 20:58

          If you have two debit cards on beem you can just transfer between yourself 5 times

    • Culpable on 02/03/2023 - 23:33
      +1

      From their website:

      If you're aged between 14-17 years of age, we'll waive the Bonus Criteria so you'll earn Bonus Interest every month on your Future Saver balance as shown in the table below.

      Perfect for 14 to 17 year olds :)

  • fattymattyd on 02/03/2023 - 21:58
    +1

    Anyone else having issues with the ID verification? Keeps asking for more, then wants me to go into a branch to verify.

    • lorikeet on 02/03/2023 - 22:18
      +1

      I passed it with only a Australian driver license. Make sure you put your middle name if you have one.

      • fattymattyd on 02/03/2023 - 23:02

        Yep, put my middle name (the licence only shows the letter) and it still fails. If I just put the single letter as it is on my licence, the app says "is X your full legal middle name - looks like there's only 1 letter in your middle name - please confirm if this is your full legal middle name."

        Ugh, annoying. Might have to give ING a go instead.

    • Munners1989 on 02/03/2023 - 23:58

      Yep, having the same issue.

    • Hugh G Rection on 03/03/2023 - 08:40

      yea, same thing with me, so frustrating. also there hours are horrible. open after i work, close before i finish work. only open m-f. i can't go in unless i take a day off :(

      • Munners1989 on 03/03/2023 - 15:28

        If you've never had any loans etc, there's a possibility that you wouldn't have a credit file which they check against for your identity verification.

  • Geekomatic on 02/03/2023 - 22:22

    Does Google Pay count on the 5 taps?

  • Geekomatic on 02/03/2023 - 22:24

    So, "Simple Saver" rate is only for 4 months & then it's back to under 3%?

  • Geekomatic on 02/03/2023 - 22:28
    +2

    A bit sh*tted that Mebank (owned by BoQ) is at 3.25%.

    Sick of changing banks.

    • Culpable on 02/03/2023 - 23:40
      +4

      Yeah, it's really annoying.

      As much as I'm not a fan of "hoops" - I will say that ING (4.8% ongoing) has a good track record of passing on interest rates to consumers.

      So does Ubank (4.35% ongoing), Macquarie (4.5% honeymoon, 3.8% ongoing), and Bankwest (4% ongoing).

      ING -> Max hoops (1k per month + 5 transactions + grow balance)
      UBank -> Minimal hoops ($250 per month)
      Macquarie + Bankwest -> No hoops

      • fattymattyd on 03/03/2023 - 00:09
        +1

        Ubank $200 per month*

        I'm a fan of the little/no hoops options (mainly using ubank myself at the moment), but the interest rates that ING and BOQ (if they would accept my ID!) are offering are really tempting…

        • wonderboy on 03/03/2023 - 08:36

          Just moved from ubank to BOQ since I'm seeing its 50k per savings account. Will move back if that's not the case.

      • Geekomatic on 03/03/2023 - 00:25

        I messaged MB to see why they're @ 3.25 when their parent is at 4.25. I'm going to jump ship, most likely. MeBank take days to reply to messaging & I don't feel like wasting more time on hold. A shame it's like that. They're like Telstra & their "bundles" they sold to oldies years ago, since discounted heavily, still gouging the oldies though.

  • kosh52 on 02/03/2023 - 22:30

    Hope ING match this rate

    • freoleo on 02/03/2023 - 22:32

      They will probably hit 5% after the announcement, BOQ have been ahead of everyone for the past 6 months and now BOQ have gone early

  • machej on 02/03/2023 - 23:37
    +1

    Anyone know if the bonus counts in the first month?

    • Culpable on 02/03/2023 - 23:43

      It does :)

      From their website:

      Note: To help you get started on reaching your savings goals, you'll start earning Bonus Interest straight away after opening your Future Saver Account (for new customers only).

      • machej on 02/03/2023 - 23:43
        +1

        Cheers. :)

        • Culpable on 02/03/2023 - 23:45
          +1

          No worries. Just note this "bonus interest on your first month" offer is for new customers only (i.e. it doesn't apply if you already have a BoQ account).

          • machej on 03/03/2023 - 00:08
            +1

            @Culpable: One more question - Can you do multiple accounts like some other offers to benefit from >$50k on top rates? Seems you can open 9 accounts but not clear if they all benefit from top rates if under $50k.

  • BenTheBargainer2013 on 03/03/2023 - 00:00

    Kinda new to ING (december). Reckon they will go over 5% soon?

    • Chris T on 03/03/2023 - 09:31

      Yes

  • Drakster on 03/03/2023 - 02:01

    I'll be 36 next month. Will this rate stick going forward?

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