Savings accounts with Bank of Queensland have reduced from 5.50% to 5.25% WITHOUT announcement or notice and effective immediately from 21 February 2025. Doing this without even an email or app notification is honestly disgusting as they benefit from customers not checking their bank account daily.
Here's an article that confirms this and also outlines which other banks are decreasing their rates and if they made an announcement or not.
This is rubbish!
I have savings accounts with several banks and most have notified the 0.25% reduction in savings rates.
Macquarie being the only exception is still assessing the situation as of today.
Anyway, whether you see the notification or not what are you going to do about it?
The banks are all taking the opportunity to reduce savings rates by 0.25%
Its just a matter of when???
Ummm this has been happening for the last 3 decades hasn't it?
I know it's not unique to Bank of Queensland. A number of other banks including NAB did not notify customers, but the majority who cut rates at least sent an email. In this day and age to not notify customers shows a complete lack of respect in my opinion. the fact that Bank of Queensland can send me annoying marketing emails but not important information about my accounts shows this strategy is intentional. I'm pointing this out so people can see it for what it is and choose which banks they use accordingly.
It was major news headlines when the RBA dropped rates for the first time since 2020. How did you not except anything different? What difference does an email make?
I was aware of the rate cuts but I don't think it's fair to assume savings rates would drop instantly. Not all banks have dropped their rates yet, just look at ING and UBank. I'm sure they will drop their rates also eventually but if I was notified by BOQ like I was by all the other banks I have accounts with, I could have moved my money accordingly to banks like the two above that haven't lowered their rates yet.
@ds311: Fair or not, it's not surprising.
Assuming you don't have a squillion dollars (because you would probably have a person to handle your money), surely moving money between banks for the limited days in between two institutions rates changes wouldn't be worth the paperwork. Imagine moving to ing/ubank only to discover later they cut rates by even more
.
Nab did on the 21st. I only have accounts with no fund on them.
this has been happening for the last 3 decades hasn't it?
Yes. That's what's been happening for the 50+ years I've been using banks.
Totally loling at how easily people are disgusted, offended, outraged and all the other reasons they get their knickers in a twist these days. They must have thrown all the toys out of the pram when they were babies.
Snow flakes lol
Typical, these banks will take weeks to consider passing the rate cut for mortgages, but need no such consideration for cutting their savings rate
imagine the profit of holding on passing the rate cut each day…. they just (profanity) greedy bast***
Was just about to write the same thing.
ubank gonna droppem 1 March
(profanity)
sucks but at least they were decent enough to email us -_-
"I will personally be pulling my money out immediately and will be hesitant to ever use this bank again."
Seriously? Just get over it and move on, it's not the end of the world
probably end of OP's world
This attitude is the reason why banks get away with charging more for loans and giving less out for savings. Just look at the ACCC investigation into the widening net interest margin for banks in recent years.
https://www.accc.gov.au/inquiries-and-consultations/retail-d…
Never said it was the end of the world, but this is a real issue that needs to be paid attention to if we want things to change. Primarily people need to switch banks more to encourage competition.
Where does that investigation look into the widening net interest margin?
It appears to focus on the "bonus" interest conditions that banks set and difficulty of churning accounts to get the best rates. There's nothing about mortgage interest rates in there.
@freefall101: You're correct, this inquiry was only into saving rates not mortgage rates. My point is the widening net interest margin was the catalyst for launching this inquiry, since saving rates are one side of that.
Saving rates paid are historically low compared to mortgage rates and this inquiry investigates the saving rates side and why they are so low. One of the findings of the inquiry was that banks can get away with lower savings rates because people don't switch accounts very often.
@ds311: Net interest margins have been falling for over 20 years. https://www.rba.gov.au/chart-pack/images/banking-indicators/…
This attitude is the reason why banks get away with…
Exactly that. And not only banks. Government, insurance, big corporations, etc.
And judging by the - you got, versus the + for
Seriously? Just get over it and move on, it's not the end of the world
They can happily keep doing as they please unchallenged and without any consequence!
Trouble is that in this instance you don't really have many better options.
banks get away with charging more for loans
I wouldnt worries about that, what you should concern about is the 'fraction reserve' practicing … which let's them lend out the money that they DO NOT have…
Can't really vote with your wallet when they all do it
can always put it under your mattress.
And then send yourself an email when you take some out to buy something nice.
"can always put it under your mattress"
Like this bloke?
https://www.abc.net.au/news/2025-02-25/nsw-arrests-over-guns…
.
@Jaduqimon: I think it was recovered in spite of being cash
Banks are subject to the ePayments Code, they must return your money if your account is hacked, and the burden of proof is on them to prove that it wasn't hacked or that you gave out your password.
Home and contents insurance doesn't usually cover cash either, good luck if your house burns down.
Or if you have well-meaning family: https://www.theguardian.com/world/2009/jun/10/million-dollar…
all in bitcoin
diamond hands
I can imagine people going months without noticing the decrease and losing money on their savings
Its like $20 a month difference for every $100k, it's not end of the world money lol and 5.25% is still a good rate. Compare to what happened with Macquarie where they dropped the transaction one from 4.75% to 2.xx% (had notice but still sucked)
Its like $20 a month difference for every $100k, it's not end of the world money lol
I have to agree with your point that it's really a small difference in the end.
What I find interesting is that when it's savings rates dropping by comparable amounts then it's 'really nothing to worry about' but when mortgage rates increase by any amount it's as though the end of the world is coming.
I guess because the amount of savings people has generally is a lot smaller than the mortgage so the difference is vast.
Also, while I DO agree with OP that I'd be annoyed if my bank did the same, my point was that it doesn't warrant the theatrics in this post, which has since been edited
I was personally shocked to see that my savings in Bank of Queensland had reduced from 5.5% to 5.25% WITHOUT announcement or notice and effective immediately
https://www.youtube.com/watch?v=LSb5VtFvDdA
Following the Reserve Bank of Australia's (RBA) decision to decrease the official cash rate by 0.25% per annum (p.a.), CBA will decrease home loan variable interest rates by 0.25% p.a.
But OP, I'm shocked when CBA pass the cuts immediately to my home loan, they usually don't do that, your loss is my gain LOL
Just got an Email this evening from Ubank changing the interest rate from 5.50% PA to 5.25% for balances below 100k.
Are there any other options for HISA ? Is it worth moving to other options or they all gonna drop soon now ?
No real point moving. All the top rates will drop .25%.
not ING
they are all dropping this month, my Newcastle Permanent account dropped .25%, as did my dad's Westpac account, it is going to happen across the board
That sucks, I didn't get an email yet. Same rate drop for over $100k?
(profanity)
If wish the bank will give high saving rate to people without mortgage, and at the same time charge low mortgage rate to landlord.
Yeah not possible bro. It up or down for all
I'm still with rabobank - until they inevitably follow.
Fcukers
wow disaster
I was personally shocked to see that my savings in Bank of Queensland had reduced
Did you miss the million posts on the interest rate cuts?
I will personally be pulling my money out immediately and will be hesitant to ever use this bank again.
Ok Karen…. Move your money and live a happy life.
Thanks I will :)
losing money on their savings
The noted banks are ADI's and are covered by the FCS, so unless you have over $250k deposited with any one bank, and the bank fails, you are not losing your savings…
As for banks lowering their rates, the RBA just lowered their cash rate target, and banks have historically followed suit. So this is nothing new (well for most of us that is…).
As for banks lowering their rates, the RBA just lowered their cash rate target, and banks have historically followed suit. So this is nothing new (well for most of us that is…).
If they are freaking out over .25% cut now, wait till they starting heading to where everyone wants them to be!
Ahhh COVID times, that cash was getting basically 0% after taxes.
5.25% is pretty much the best you will get so nobody is going to be losing money for "months"
SOFT LANDING !
Wow pretty crappy to do it without notice, NAB at least sent me an email saying about the rate changes. They were quick on it too, pretty sure they sent it legit the day or next day it was announced.
Nearly time to shift to stocks 😅
Yeah, sorry, I just read that as "old man shakes fist at clouds"
BOQ saver is under 35 only so I'm not that old lol but I get your point. I'm not complaining that the rate dropped, mostly just that BOQ didn't have the decency to send their customers a simple email to keep them updated on something that will have an impact on their future earnings. I get a million marketing emails from them but they're silent when it's something that actually matters.
You are right OP. As far as I remember they sent out an email for the past increases and decreases of savings account interest. Was taken back to see this happen this time without an email. I did however transferred my money elsewhere after this.
The solution is simple: hang the bankers. The problem is however, as Osho so eloquently put it, the people are retarded.
Welcome to 'Straya, please check your IQ at the door and mind the gap.
I don't disagree. When the big 4 banks control the vast majority of the market share between them it's hard to have real competition.
ING just dropped the Savings Maximiser rate by just .10% to 5.40% with effect from Friday 28th February (checked notfication in the android app)
I didn't see the rate but saw the notification. Dont' see it posted on their website either
Banks still to make an announcement about dropping rates are Macquarie bank (currently at 5%) and BankWest (4 month special @5.35% unchanged)
For those that hold the old Hiver Target Saver rate is still @5.25% (being forgotten/frozen in time is not a bad thing after all)
So. That's no good.
What's your preferred alternative?
ING just dropped their rates from 5.5 to 5.4% so that's a decent option until the next rate cut. Me personally I'm YOLOing into shitcoins.
Thanks
Inaccurate already. Macquarie dropped to 4.75%
current from tomorrow 28th February (same day as loan rate changes)
Balance Variable ongoing rate
Up to $250,000 4.75% p.a.
$250,000.01 – $1,000,000 4.75% p.a.
$1,000,000.01 and above 2.50% p.a.
For more information on how interest is calculated, visit our help centre article.
The above variable ongoing interest rates are current as at 28 February 2025.
All variable rates are subject to change. See our previous interest rates.
looks like great southern bank dropped their interest rate too without saying anything. i understand them dropping the rates, at least (profanity) email us and say so.
They claim to be owned by their members but act like they own the bank (CUA) themselves. The wors part is they have not passed the last interest rate (and part of it before that) on the last RBA increase (Nov 2023) for the Advantage/Future Saver suite of products that now went from the bad 4.85% to the horrible 4.60%. That account was only usefull for SMSFs that overall get sub-par rates from all other banks (Macuarie CMA Accelerator at 4.65% is now slighltly better unless it also drops). There was some glimmer of hope for GSB but now their board is only running the "bank" for themselves and their youthfull (teenagers?) employees & members. CUA/GSB is a very confused financial institution at the moment with a very confused identity mission statement.
not sure why but couple years ago the banks use to send you a letter or an email advising of the rate changes and when
now days they don't even do it and up to you to read it from a media source
Some banks make a footnote post in the "Australian" newspaper that nobody buys or reads anymore. This is where regulators should make it mandatory to properly advice savers with an advance notice (same day notice is also a bad practice), but that is not on the political agenda at the moment - only a rate drop before the next elections to please the 1/3 of the Australian population that is loan holders (and screw the rest as well as the Australian Dollar).
"independent" reserve bank …. def no dodgy stuff there haha
You can add Great Southern Bank to the list. They've dropped their <17yo Youth account to 5.25% (down from 5.5%) without notifying us.
Is there perhaps something better that I could be doing with our daughter's savings account funds? She's currently got about $3900 consisting of money given to us for her when she was born, and then I put away $40 per fortnight into the account for her.
a month to cut interest rates for home loans.
Days to cut saving account interest. Nothing to see here.
I just got the ubank email.
ubank email me regarding rate change
Sigh….
And ANZ has yet to pass on the rate drop this month for loans.
Just really tired of all this, living in Australia never used to be this hard.
very helpful thanks @Ave Maria
could you please point me to any resource about ING Maximiser 3 accounts flip? thank you.
Here is how is done, with an account that utilises the max $100K (or less) & Max 1 as the currently nominated account for Month 1.
Effectively bypassing the increase requirement, allowing you to take money out whenever you need to and still qualify for the bonus next month.
Move money between the 3 accounts on the 1st of each Month & change nomination for next Month to the account with $1 (increase from zero)
Repeat on 1st of each month (after noon is best to allow ING systems to update properly)
| Account | Month 1 | Month 2 | Month 3 | Bonus Nomination |
|---|---|---|---|---|
| Max 1 | $100K | $0 | $1 | Month 4 in Month 3 |
| Max 2 | $1 | $100K | $0 | Month 2 in Month 1 |
| Max 3 | $0 | $1 | $100K | Month 3 in Month 2 |
Note: you could use just 1 cent instead of $1 and same method as both are increases from zero.
Thanks a lot, can this be done in Rabobank as well?
@Techefy: With rabobank you deposit on the first business day of a month and withdraw $200 less than your deposit on the last business day of a month.
@surfingedge: or as moving money in and out can be tirering after a while, have savings under $250K (say $220K) and just schedule a deposit for $200 extra each month & forget about it until it reaches $250K (that is what I am doing). It will take well over 2 years for that to happen. Then move all money out for a month and start over again a month later. Neither option is ideal, it depends how much time & effort you want to put into it. Miss one transfer or make a mistake and you gets peanuts back in return.
@Techefy: No and unless you can enjoy their intro rate on the HISA, I would avoid them if you have other options - they just dropped the rates again (2nd time since RBA drop) with zero days advice (as they always do) - new rates here
how do you transfer the 100k from max1 to max2 in month2?
@mmd: I can easily transfer from/to all of my 3 saving maximisers or Orange Everyday by doing a transfer & pay between my accounts.
I did not link anything to an external account. My 3 saving maximisers are only linked to the Orange Everyday.
However if you have linked all or some of your accounts to an external account, that may present a problem.
@Ave Maria: You are a legend @Ave Maria, I'm trying out the 3 account trick starting from this month.
@Ave Maria: I saw a couple of posts regarding ING terminating accounts involved in doing such tricks. What would you reckon on that? @Ave Maria
@Techefy: I have been doing it for the past 2 years. ING may terminate accounts for other reasosn (dodgy transfers to/from blacklisted accounts, crypto accounts, dormant/unused accounts etc.) but not for moving your money between your own ING accounts that is perfectly legit and within their Terms & Conditions. If ING removed the balance increase requirement, like MEB did recently, or increase the max allowed for the bonus from $100K to $250K it would be a much better outcome.
@Ave Maria: @Ave Maria thanks, The terminations might be actually related to work around related to min 5 transactions where people do 5x$1 or less payments to utility bills or self checkouts. Do you actually use their card for daily payments or how do you go around with that?
Hyep very annoying….