BOQ Multiple Future Saver Accounts Total Balance > $50,000

samuellim18 on 30/03/2023 - 09:58
Last edited 30/03/2023 - 10:33 by 1 other user

Just wanted to check if anybody is keeping track of their interest for the multiple Future Saver accounts?

I checked mine this month and seems like they have fixed it as the estimated interest for the month is close to my calculation of the $50k combined limit and not the 5.15% applied to all accounts with balance less than $50k.

Note I did factor in new rate started on 3rd March. Could also be that I did some transfers in across the month and not sure if the day of transfer in generates interest? E.g. Opening balance $40k, I transferred in $30k on 5th March (arrive same day in the evening), is the 5th March interest calculated on the $40k balance only or the total $70k EOD balance?

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Bank of Queensland

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  MS Paint on 30/03/2023 - 10:21

  +3

  At first glance I thought you had saved $50k for a BBQ.

  • 

    Baysew on 30/03/2023 - 10:34

    +4

    Would have made a more interesting topic.

  • 

    jizmo on 31/03/2023 - 00:12

    Only George Calombaris cooks the books that hard and the ATO knows it.

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  bobbified on 30/03/2023 - 16:47

  …interest for the multiple Future Saver accounts?

  Do the conditions say that the interest rate applies per account or is it on an individual's total balance? (Because it's not hard for them to work out which accounts are linked to a single individual).

  Edit: I found the answer - "Bonus interest is paid on the total balance of all Saver accounts that are held in the same name".
  (From BOQ's FAQs, under 'How is interest calculated?')

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  trashcan on 01/04/2023 - 18:50

  Got interest at the rate of 5.15% on my total balance across multiple accounts for March.