Announced on on the BOQ Facebook page.
A little disappointed that for the second cash rate increase in a row, they still haven't passed on the full rate. Still missing 0.05%, and ING is essentially better for those with a higher balance.
To support our savings customers, we’ll also be lifting the interest rates on our Future Saver account to 5.50% p.a. and Smart Saver account to 5.10% p.a. Terms and conditions apply.
Lol, love all these shit neg posts!
Invalid neg
To bad I just turned 36 today
Lol I actually did
Happy birthday Blinky
Happy birthday mwblink86
you hate to see it
DOB 12/06/1986 confirmed.
Now tell us your driver's licence number, mother's maiden name and make and model of your first car!
so controversial with the comment votes
No one cares
where are the woke people?
Why cant I access my super! THATS AGE DISCRIMINATION!
Why cant I get Pensioner discounts? THATS AGE DISCRIMINATION!
Second month in a row where they didn't pass the full rate to savers but did to their home loan customers…
🤡
Shouldn't they be judged on the total interest rate as opposed to the change in interest rate? Does any bank have a higher interest rate currently?
I'd say the neg is more that it's due to their ongoing anti-consumer tactics.
Good rate but would have been higher if they didn't forgo the full rate (or at least had the same approach with their HL) which then allows other banks to do the same.
The fact that the treasurer and ACCC have said multiple times that banks should pass on the full savings rate yet they still choose to not do so.
Economy wise, for this intended age group there's the argument for them needing to spend less to curb and demand side inflation and higher savings rates can help incentivise them to do so plus also ensure their savings go further for those in more vulnerable situations.
Economy wise, for this intended age group there's the argument for them needing to spend less to curb and demand side inflation
They passed on a higher rate than what was announced the month before last months though (technically it was 2 months before as there was no increase for a month iirc)
This one is definitely disappointing though, might be worth looking into ING now
Haha this should put a stop to the Millenials whining about not being able to afford a unit in Fitzroy or house in Balwyn
Post isn't entirely correct as BOQ is still better than ING for higher balances. You can still create multiple accounts and get interest in each of them (up to 9)
That’s just T&C. When you actually open multiple account, first 50k for each account will get 5.50%.
Interesting. Considering how slow BOQ is with their tech, not that surprised to be honest.
"When you actually open multiple account, first 50k for each account will get 5.50%"
This doesn't make sense to me.
Or, do you have to open an everyday acct for each savings account and deposit 1k per month + 5 transactions for each of them? Otherwise, all this would do is make more work for the bank, right? What am I missing?
@Geekomatic: Only one everyday acct reqd for all 9 saving accts. All you need to do is 5 transaction and 1K deposit. No matter how many saving accts you have.
Sounds like a loophole
Can confirm this works. A younger family member has been doing this for months. They were actually told by the BOQ staff to do it! So BOQ are aware of the loophole, and have done nothing about it for over 6 months.
While I understand this is technically working for balances >50k, I don't think this should be relied upon, given that their T&Cs state that it's only for the first 50k.
This could result in an unfortunate scenario for someone with a large balance at BoQ who only gets the bonus interest on their first 50k at the end of the month, resulting in a lot of lost potential interest.
They wouldn't have much of a leg to stand on given that BoQ is covered by their T&Cs.
They f**ked up the calcs for whether people hit the bonus criteria and just let everyone have the full interest.
When they finally get around to fixing this, they'll probably do the same….let people have the full interest but announce that next month onwards we get nadda.
Why would they announce anything? as per their T&Cs it's up to 50k….
@umoddbro: Generally, you don't want to piss off your customer base.
The purpose of giving the highest interest on the market, specifically to younger people is to build a loyal pool of customers or at least customers that would consider them for a home loan or CC.
They're building good will and would lose heaps by not giving notice.
In T&Cs and FAQs.
You can open up to nine Future Saver accounts to help keep track of different savings goals. 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.
The fact that they've mismanaged simple criteria like account limits is a huge red flag for me, esp on top of their other compliance problems https://www.afr.com/companies/financial-services/boq-faces-r….
large balance at BoQ who only gets the bonus interest on their first 50k at the end of the month, resulting in a lot of lost potential interest.
risk weére willin to take
Pity it’s for under 35
did u apply for health insurance before turnin 31?
I plan to open this account for my kids. Could I put my money in my kids account creating 3 accounts ?
See your accountant, but I’m pretty sure the earnings will get trashed because of laws against exactly this - depending on how much etc
Or.you can get free advice from the ATO
https://www.ato.gov.au/Individuals/Investments-and-assets/In…
TLDR: get them a TFN, lodge that with the bank.
If under 16 do their tax return.on their behalf. If over 16, get them to do their tax return. Free online, fairly simple to do in 10mins.
If they don't have other income, they shouldn't pay any tax.
Thank you
If you do not provide a TFN for your kids, the bank will withhold the tax at a rate of 47% for interest earned over $120.
General advice only. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs.
I thought providing child's Date of Birth is sufficient?
What monthly criteria?
Deposit $2k each month, and tap 5 times
The $2k can transfer out straight after
Its 1k
Thanks. I’m already getting confused with all the other banks monthly criteria as it is. I just stick with one back
@Feeblely: Good luck getting lots of cash out if you need it or risking an account block due to their security sensitivity. Gotta ring em up for anything over $20k. Restricted hours and lengthy wait.
@BargainsGrabber: plus you don't have to tap with BOQ or Virgin…can be online transactions BPAY included, so I just do 5 x few cents payments to my credit cards on the 1st day of the month to get it out of the way
@aka nioh: maybe that is the BPAY recipient that is setting that min amount, as I can do 1c to my bankwest or westpac cc
Is there a flag indicating people have ticked all the boxes? I opened an account yesterday and there is no money within the account. But the app says the bonus interest is activated. Quite confused.
The first month is activated as a welcome bonus, you have to complete the rest before the next month starts
@BargainsGrabber: Thx BargainsGrabber, are the criteria for the bonus interest in the current month or the next month just like ING?
@nned2say: Nw mate! The criteria for the bonus interest has to be completed in the current month to be activated in the next month
Bonus interest will automatically be deposited into your account the following month once you've met the Bonus Criteria
@nned2say: Actually when you sign up and open a new account you get the bonus for the month you open the account and the following month. You need to tick the boxes in month two to get the bonus for month three.
E.g. Sign up in May = bonus interest for May and June, then in June make the five card taps and $1000 deposit to get the bonus for July.
for under 35 not sure, but the SS account, deposit $1000 to the transaction account and do 5 transactions per month. Can be through the app and I just do a few cents to pay my cc x 5 times…better than ING, as you don't have to use the physical card
I did 5 transactions at WW early this month and transfered 2k from my CBA account to BoQ everyday saver but still dont have bonus rate for next month. Do you have any idea why?
Check you deposited into your everyday account and not directly to your savings account.
@wangasm: Last time I deposited to savings account so I deposited into my every account again last week. Maybe it take few days to process and clear the transaction because of weekend and public holiday?
@daoddv: check again today. if you did it to the transaction account it should now show that it is good to go for next month. Double check you actually did 5 transactions at ww and not 4 or something?
@daoddv: Use OSKO/ PayID if you want instant transfer. Double check the receiving account details before you send because that system doesn't tell you anything about the recipient..
Excellent. 450k on 5.5%. Extremely happy with this situation
I thought they closed the loophole that multiple accounts all got the bonus interest?
I'm still getting the full interest
how did you do that?
@daoddv: You can open 9 savings accounts with 50k in each. It's a glitch in their system that instead of paying only one account up to 50k the full interest it pays it on all of them.
@umoddbro: and if they rectify the glitch, they'll see all the customers move to ING or other banks.
@umoddbro: It's not a glitch, it's intended.
You can open up to nine Future Saver accounts to help keep track of different savings goals. 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.
@bluebo: Less than half the story there. The T&Cs are explicit, and the FAQs pretty clear. Just guessing but they may be overlooking the rules because they're desperate for funds, as per media reports (among other things they have to sequester an extra $50M in risk capital due to mgt failures).
FDS ADI only 250k protection thho
Will be all over this when I turn 14.
Why age discrimination allowed openly?
Same reason as the seniors discounts champ
I understand this as a general consensus. That retired people no longer work. That seniors discount won't be around forever. Once an actual super comes in to replace the pension.
Was gonna ask the same question, thought maybe it might be woke related though lol
Maybe the banks just don't wanna give too much money out.
Yes it's for sure woke related!!!!!
Because providing a genuine benefit to a particular group isn’t age discrimination but people on ozbargain are either too lazy to google or just whinging boomers whose life revolves around thinking they are somehow victims.
If this is age discrimination then Family Tax Benefit and similar state vouchers for parents would be obviously be (/s) procreation discrimination.
There's a big difference between age discrimination and targeted marketing SydBoy.
How does this compare to the kids account at Great Southern Bank (formerly CUA)?
Answering my own question:
Youth eSaver Account
Start saving for a bright future
$0 monthly account fees
5.25%p.a. interest rate on balances up to $5,000**
Add and withdraw your savings without affecting your interest rate
Comes with an Everyday Youth Account if you're aged 10 to 17^
Interest rate up to $5,000 5.25% p.a.
Interest rate over $5,000 1.00%
Do you also have to continuously rub your tummy and pat your head?
Can you have many of these accounts or is ubank better
depends on your risk tolerance. i wouldnt risk it, YMMV
Can anyone comment on their app? has it improved since last year?
not noticeably
App is still garbo, but it's fine as long as you only use it for savings and not everyday banking.
DandenongBad on 12/06/2023 - 13:32 Comment score below threshold.
