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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.

Financial Bank Account Savings Account

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Bank of Queensland
Bank of Queensland

closed Comments

  • KingVenus on 03/03/2023 - 03:57
    +1

    When I click on the link I am only seeing 4.9% what am I missing or has the deal ended?

    • bird380 on 03/03/2023 - 07:54

      Mine is 5.15% now, probably at that time the system hasn’t been updated yet.

  • deals4amar on 03/03/2023 - 08:14

    Whats the best deal for over 35's? Does Macquarie bank have any current interest offers?

    • bamzero on 03/03/2023 - 12:21
      +1

      Still honeymoon rate 4 months at 4.5%, 3.8% after that.
      Best option I've found for no hoops banking.

    • BenTheBargainer2013 on 03/03/2023 - 12:39
      +2

      ING 4.8%

    • richrichie on 03/03/2023 - 13:58
      +1

      BOQ smart saver is 4.6%. I don't think there is age limit on that.
      Ubank is 4.35% - one less hoop than BOQ (no need to spend 5x).

  • Dyl on 03/03/2023 - 09:23

    Simply deposit $1,000 into your linked Everyday Account from an external bank account (cash and cheque deposits excluded) and make 5 or more eligible transactions.

  • BuDWiZe on 03/03/2023 - 09:26

    Wish all the banks wpuld stop this multi level criteria bs

    • richrichie on 03/03/2023 - 13:56
      +4

      We would still earn 4.6% for above 35+ on their smart saver account.
      I'd like to think of this as a small bonus for those who are younger, just like the kids or students benefits.
      If they stop this multi level criteria and everyone is only earning 4.6%, how is that any better?

  • ClintonL on 03/03/2023 - 09:37

    How long do deposits from ING to BOQ take? I did an osko payment at midnight and it hasn't come through. I've checked and the account/bsb are fine.

    • shaibankek2 on 03/03/2023 - 09:48

      Mine took 1 day

    • lorikeet on 03/03/2023 - 12:56

      ING limits osko payments to $1000 per day. If the amount is more that $1000 it will send as normal bank transfer and take one working day.

      • ClintonL on 03/03/2023 - 13:09

        Only did a tester so sent $20 luckily but still not received.

    • richrichie on 03/03/2023 - 13:52
      +1

      I normally PayID from ING to BOQ and it is always instant. Limit is only $1K per day though.
      Above 1K, it takes almost one whole business day. I sent one around midnight before, it reaches BOQ the following morning.

  • paul_5666 on 03/03/2023 - 15:40

    I tried to set up 5 bpay payments that are scheduled to go off every month on the same day for $1 each. On the 3rd one I got an error saying it was unsuccessful and to call them, quoting reference "5555". Any idea what that is?

  • Geekomatic on 03/03/2023 - 15:58

    Would you be able to start out with 38k, add 12k over 12 months, then end of year withdraw back to 38K & start the whole process again?

    It seems odd you have a 50k limit, but then they want you to open more accts?

    • freoleo on 04/03/2023 - 12:20
      +1

      the $1000 doesn't go into the savings account, its into the everyday account, you can literally just transfer it in and out from another bank each month

    • Benno007 on 05/03/2023 - 12:29

      I have 50k sitting in one account and 30k in another and seem to be getting the full interest in both accounts. I transfer 1k into everyday (transaction) account and then transfer it out

  • izkai67 on 03/03/2023 - 18:15
    -3

    one of the worst bank, no thanks.

  • ubor on 05/03/2023 - 12:21
    -2

    Too many conditions. I'll pass.

  • mannin23 on 05/03/2023 - 15:10

    Does anyone know if the whole month from whenever you open the account is condition free, or if it's just until the end of that calendar month? I opened this account a couple of weeks back and haven't yet switched over funds from previous account. Thinking of doing it first thing tomorrow but want to make sure I easily meet the conditions.

    What are the easiest/quickest strategies for making the 5 transfers? Just paying for 5 low-price things separately at Coles maybe? $1000 in seems easy since you can take back out as much as you want at any point if I'm understanding right.

    • lorikeet on 05/03/2023 - 16:14

      I just opened the account and the app shows that bonus rate is unlocked for this month and next month.

    • frawsti on 05/03/2023 - 16:33
      +1

      If you have a transaction account with another bank and Beem (formerly Beem It), I just "transfer" 5 small amounts from BOQ->other bank account. It's been working for me the last few months.

      If you wanna do the Coles/Woolies thing, you don't even need 5 separate transactions. You can just do 5 separate partial-payments on the one bill. It'll count as 5 transactions.

    • adrianehm on 05/03/2023 - 23:36
      +3

      I just setup 5×$1 auto BPAY payments to my credit card at the beginning of each month. No need to queue up at Coles/Woolies doing multiple split payments.

        • paul_5666 on 06/03/2023 - 01:31

          The conditions specifically mention bpay is an eligible transaction. Do you know something else?

          • sundevils on 06/03/2023 - 11:57

            @paul_5666: You are right. My bad I was looking at their fast track saver eligibility

    • Deica on 07/03/2023 - 16:35

      When I initially signed up in Feb, and as per the website, it indicated that the bonus rate would apply for that month and the next, but after following up with customer service as the bonus rate wasn't applied, I was informed I hadn't meet the criteria and thus didn't get the bonus - so I would recommend meeting the conditions just in case, to avoid headache.

  • nk7 on 07/03/2023 - 15:39

    Is it possible for me to deposit 1k and then withdraw that 1k?

    • nightelves on 07/03/2023 - 16:12

      Pays to read the comments.

    • Virginie on 14/03/2023 - 09:18

      Yes

  • PupperSupper on 07/03/2023 - 17:48

    Thinking of opening an account but I've read some poor reviews about the BOQ app. Can anyone please share their experience with the app (or the bank in general)?

    • Mr Joker on 07/03/2023 - 19:38

      Personally i find the app fine to use. Definitely not as horrible as their previous app they launched.

    • freoleo on 07/03/2023 - 21:59
      +1

      Its laggy and has no features, not very good really

      having said that, its always functional with me (has more downtime than big banks but they are announced)

      Its the best rate though and well worth it as a savings account imo

    • I like freestuff on 07/03/2023 - 22:28

      It isn't the best but just don't use it for your everyday account then you barely ever need to open it anyway.

    • Neyo01 on 07/03/2023 - 22:44

      Sometimes after logging in, the accounts page takes ages to load so I have to restart the app. Like others have said - features are lacking but it does the job.
      Never really look at it, just do the 5 beemit transactions and move savings over once a month.

    • PupperSupper on 09/03/2023 - 19:10

      Thanks for all your responses!

    • ashtdp on 10/03/2023 - 22:36

      They have 2 apps. The old one is apparently crap and this savings account is available only on their new app myBOQ.

      myBOQ is fine to use.

  • Geekomatic on 08/03/2023 - 16:53
    +1

    I'm trying to figure out how depositing $1,000, but then withdrawing it right back would benefit any bank. I mean, right now at MeBank, there are no fees, no deposit required, just 5 TapnPay, which I also don't understand as a stipulation. What do they get out of that? I only work part-time, but I could have one of my kids drop 1K in and then I could pay them right back & I'd qualify for the Smart Saver 4.6%. Is that correct?

    • jrjr on 09/03/2023 - 14:34

      You're correct, you'd qualify for the 4.6%.

      They do it because most people earn at least 1k a month and that money has to go somewhere, so you think why not have it set up into the account that requires it and then you end up using that as your main account vs MeBank for example which would just be secondary as there are no deposit requirements.

    • freoleo on 09/03/2023 - 21:43

      They get a customer and hope that you use more services with them in the future

  • Macgyver on 08/03/2023 - 23:16

    So you cannot log into your account on the website for this type of account?

    And there's no password, just a pin code to log in? I think I remember needing to answer some questions to log into the account, and now I can just use a pin code. It just seems odd, that there is no password nor an option for 2FA. Is there a way to set the account with these?

    • Benno007 on 09/03/2023 - 09:02

      No you can’t login on the website for Future Saver (note: I didn’t have any previous BOQ accounts). I’m using Face ID but I also have a PIN. I don’t even have an account number other than BSB/Acc #)

      Their security section in the app only has Face ID or change PIN for me (iPhone). I haven’t tested but I’m hoping if you reset Face ID on your phone, any app using Face ID should ask for a login via another method right… to setup faceid again?

  • KonaCoffee on 16/03/2023 - 10:53
    -2

    Hi Savers, just wondering if people who joined in the last week managed to get their bonus interest on multiple 50k accounts? The rep in store said the bonus interest is paid only up to 50k on the total of all accounts - thanks!

  • noisuf on 18/03/2023 - 09:11
    +1

    If you are opening this for a child say 15 yo, don't bother. Online application then requires you to go into a branch to provide more ID which we did on 4 Mar. Still don't have the account.

    • minniethemoocher on 21/03/2023 - 15:29
      +1

      Yes and if the ID you provide in branch has an initial for the middle name they won't accept them eg drivers license, medicare card, student ID, even if they are photo ID. Ridiculous. Plus my closet BoQ closes 12:30-1:30pm in the middle of the day and they are only open 9:30am-4:00pm Monday to Friday. Just impossible to deal with.

  • iBennyz on 01/04/2023 - 10:03

    Anyone's myBOQ app struggling to login today? Their system load must be on fire lol

  • ivyholmes on 03/04/2023 - 10:57

    The account is only up to $50k, when you receive the interest, can you transfered it out or not? I'm about to join with BoQ but it seems to me that I have to verify my ID in the bank instead

    • F1ProjectOne on 03/04/2023 - 13:01
      +1

      Yes you may transfer it out

  • OZcheepsk8 on 03/04/2023 - 12:39

    Ive just transferred $1k from another bank and made 5 $0.01 transactions from Woolies on Friday, (processed, not pending) but my next month bonus is still showing "Bonus activated next month: No"

    Am i doing something wrong or is there a delay it to activate?

    • F1ProjectOne on 03/04/2023 - 13:02
      +1

      Be patient, it does take a while to update. You still have 1 month to adjust anything if necessary but you should be good.

      • OZcheepsk8 on 03/04/2023 - 13:18

        any idea if its possible to move the $1k out before it updates, or to be on the safe side should I hold it in myBoQ everyday until bonus activates?

    • wonderboy on 05/04/2023 - 14:06

      What are you buying at Woolies for 1c?

      • OZcheepsk8 on 05/04/2023 - 14:33
        +1

        split up your single grocery payment. Pay $0.01 five times, then pay the balance on your preferred transaction card. Confirm it works. My bonus is now activated.

        • Feeblely on 05/04/2023 - 15:39
          +1

          Another easy way is to do 5 $1 bpay payments to a credit card. I set this as automated so don't have to do anything every month!

          • Benno007 on 06/04/2023 - 08:52

            @Feeblely: Great tip! I’m going overseas for a few months and this will help 😂

  • Skids andy on 11/04/2023 - 18:27
    -1

    Bonus activated the first 2 months. Followed my same practises and the last 2 months didn't activate. Moving Banks, not gonna waste my time chasing it up.

    • Feeblely on 11/04/2023 - 19:29

      What did you do to try activate bonus?

  • capslock janitor on 13/04/2023 - 12:46

    To be eligible to receive this rate, customers will require $1,000 minimum monthly deposit

    can deposit direct to the Savings acc or not ?

    • finbar on 13/04/2023 - 15:00

      Read the BOQ website for more info

  • ivyholmes on 13/04/2023 - 15:32

    I just opened myboq app and deposit, but the card hasn't arrived yet. How do I activate 5 transaction without a card?

    • wonderboy on 14/04/2023 - 12:43
      +1

      Your first month has the bonus from the beginning.

      • ivyholmes on 14/04/2023 - 13:34

        Eventhough I haven't received the physical card yet? I can't spend 5 transaction yet without the card

        • MrThing on 16/04/2023 - 08:46

          U dont need the card

          If u make 5x bpay payment from the txn account thats the transactions covered

          • ivyholmes on 16/04/2023 - 09:44

            @MrThing: How do I do a BPAY payment if I don't have any bills? coz every bill is under my husband's name. I honestly don't really understand BPAY.

    • freoleo on 17/04/2023 - 21:03
      +1

      Use the card on the app

      They never sent me my card, I asked for it every month for 3 months after before giving up and just accepting to use it digitally

      • ivyholmes on 17/04/2023 - 23:07

        How do we activate it when we don't know the code? I can't do it from my phone, neither gpay or Samsung pay work… The card is need to be activated first

        • freoleo on 24/04/2023 - 16:42

          Mine just worked without activation

          • ivyholmes on 24/04/2023 - 16:59

            @freoleo: It was error for a week and my card just arrived.i just spent 1centx5 =5cents in total to eligible for 5.15%

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