This was posted 2 years 13 days ago, and might be an out-dated deal.

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4.10% 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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Effective Thursday 20 October, Bank of Queensland (BOQ) will increase its Future Saver account rate to 4.10% p.a.

The new rate of 4.10% p.a. is available for Aussies aged 14-35 with a maximum balance of $50,000.

Interest earned on balances between $50,001 to $250,000 will remain at a rate of 2.50% p.a.

Monthly criteria for bonus interest:
• $1,000 minimum monthly deposit
• Transfer a minimum of $1,000 each month (like your salary) into your linked Everyday Account.
• Make 5 or more eligible transactions from your linked Everyday Account each month. Eligible transactions include direct debit payments, ATM withdrawals, BPAY payments or purchases with your Visa Debit Card.

BOQ will also increase Smart Saver accounts for customers aged 36 and over by 0.25% to 3.60% p.a. for balances between $1 and $250,000.

Simple Saver accounts will also increase by 0.25% to 2.25% p.a. for balances up to $5 million.

Read more: https://www.savings.com.au/news/boq-savings-account-october2…

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closed Comments

  • +18

    Hmmm, only a 0.1% increase instead of the 0.25%

    • -3

      Imagine still thinking that banks borrow and lend at the overnight cash rate.

      • +12

        Somehow ubank and ING are coping just fine passing the full rate increase (and more) along to savers. If BOQ wants to keep their Future Saver on the pedestal then they better work a bit harder.

        • Already ditched em a long time ago, never left ING, the king RN (and long call wait times too). ING probably cut salary payout by cutting no, of employees or something like that (at least not hiring new employees when customer base increased massively)

  • +12

    Somewhat worth a Negative as it's less than the cash rate increase and delayed as well.

    Also not the first time they've skimped out on the increase.

    • +13

      Also their app is crap

      • +5

        At least it’s 1000x better than the old BOQ…

        • +8

          At least back then you had the option of the website which was good enough.

          Now it's shit app or nothing

  • +2

    why not 14-53 yo

    • +5

      why not 14-55 yo and $500

      • +4

        Why not 14-65 yo and $1?

  • +3

    Would be great to have savings…

    • +12

      I'd have a lot more if it wasn't for OzBargain.

    • We have food stamps in Oz??

  • +15

    Wish we could neg BOQ directly…….

  • +2

    I'll take my Ubank account for now.
    Switched to BOQ and dumped them because i couldnt be bothered with hoops.

    • +7

      it's actually really easy to meet the criteria, i was with ubank previously and switched (they have a better app but worse rate)

      you can just get your pay deposited to the everyday account which should easily hit the $1000 / month

      and for the 5 transactions per month, i just go to woolies and do split payment 5x$1.00 transactions (tap your card 5 times) and pay the rest with credit card

      and that's it for the month

      • +1

        Yeah, the major hoop for me is the $50k max.
        But thats fair enough.

        • +4

          You can create multiple Future Saver accounts easily in the app and put max $50K into each. This trick works for me - I enjoy full saving interest rate for all accounts.

          For the 5x transaction, I've been using Beem to charge the BOQ card 5x $1 amount to transfer to another debit card.

          • +1

            @Bargain Fighter: can you do this with 1 Beem account or you need 2?

            • +2

              @bfg100k: You can add up to 5 debit cards that support EFTPOS in the app. e.g. you can transfer 5x $1 from BOQ card to ANZ card.

              If you're playing lottery, you can top up 5x $1.

          • +1

            @Bargain Fighter: For multiple Future Saver accounts, do you need multiple everyday transaction accounts? Or just one? If one everyday, then to activate the bonus rate for all future saver accounts, you only need to do 5x transactions + $1000 deposit into everyday, would that be right?

        • +3

          Limit not a hoop. Hoops are targets to jump through to activate interest.

        • I stick with ING for 4.05% > 50k.. for the transaction hoops I setup The Lott to autobuy some lotto each month. I know some people have had some ING drama but I'm happy with this for the odd win each month with a chance at a big win (I'm realistic, will most certainly never happen) and don't worry about ING getting upset at doing $1 lowball transactions.

        • yes as others have said, you can have up to 9 50k saver accounts, so 450k total.

          just meet the criteria from the Everyday account and it will activate the bonus for all linked Future Saver accounts.

          the BoQ app isn't the best though but the tradeoff is worth it, I credit card most things anyway

          • +1

            @discountdong: I checked with BOQ rep and was told only 1 Future Saver account will have the bonus rate applied to. Is the rep correct or he doesn't know his stuff?

            • @aboteh: no idea..either its an error or they worded it wrong. others have also said they're getting the rate on each account. I've got 2 future saver account and both say i have the bonus rate activated for next month

              • @discountdong: I thought they acknowledged that obtaining the highest rate on multiple saver accounts (>$50k) was a system error for some customers, a few weeks ago? Their T&Cs are clear (confirmed also by talking to staff) that it's up to a combined limit of $50k, so if you are really receiving the high rate on >$50k, then something is still broken in their system. Wouldn't surprise me.

    • I was going to go to ubank but didn't because of a lack of security for app and when asked if fraudulent transactions were covered they advised over phone that there's no cover for fraudulent transaction.

  • +7

    BOQ ageist confirmed

  • What's the best no hoops offer now?

    • +3

      ANZ Plus

    • +5

      ubank offers 3.6% from November requiring only a $200 deposit per month if you consider that no hoops

    • +3

      Macquarie Bank - 4% per annum for 4 months. No spending/deposit requirements.

      • +3

        The hoop for this one is that it is only for 4 months, and that they do not increase the rate when the RBA increases rates as it is fixed.

    • I consider boq no hoops for me, I get paid salary into account and make 5 bpay payments in any amount I want and it's done.

  • Usually with these deals, do you have to meet the criteria in the current month for the bonus rate to be applicable in the following month? Because I'm, pretty sure I've ticked off the criteria in October, but in the app it's still saying bonus rate is not activated for the next month…

    • +1

      5 transactions + $1000 deposit. The bonus for the next month is activated the day after you met the requirements.

    • Make you transfer the $1K to the Everyday account first, not the Savings account

      And then 5x $0.01 transactions at the self serve does the trick

      • +1

        One of my "payments" was done using Bpay, maybe I'll just have another card transaction and the system will pick up on that better.

      • Does it not meet the criteria if you send it straight to the saver account?

      • +1

        Buy 1 grape at a time?

      • How do you do 5 transactions on the same item?

        • Split the transaction at Colesworths checkout in store

  • Is this legal (age discrimination)?

    • +9

      Offer is funded by boomer tears.

      And yes, offering a genuine benefit to a specified age group is legal.

      • +5

        they know everybody in that age bracket is broke, but just in case its capped at 50k

        • It's not because multiple savers attached to one transaction acc receive the same rate.

  • Anyone tried using beemit to transfer to themselves and meet the 5 transactions?

  • better than Westpac rates?

    • +1

      Of course.

      • -1

        Really?? Seems almost identical to the under 30 rates for Westpac

  • +1

    got 50 with boq and the rest sitting with virgin money at 3.6%

    very annoyed boq only passed on .10%. cheap c***s

    • ING has 4.05%

    • you can open up to 9 accounts with them which means up to $450k

      • Not sure why you are being downvoted. I have multiple saving accounts with BOQ too.

    • +1

      Increased to 3.9% for Lock Saver

  • +1

    Does anyone know is you can you deposit the $1000 into the everyday acct and then withdraw it a couple days later to meet the criteria? Looking for an acct for the kids. Thanks

    • +4

      Yes can be withdrawn immediately

    • +3

      They waive the criteria for under 18's.

  • +1

    Does anyone know if I can open multiple saving accounts to put max 50k in each account and still earn 4.1% per account? I'm new to this so I don't really sure about this. Thanks

    • +1

      it's 50k max for all accounts under the same name, if you wanna n * 50k cap need joint accounts.

      • Thanks Meovel.

      • +2

        no, it is 50k per account and up to 9 accounts which means 4.1% interests for a combined of $450k saving

        • So you mean I can open 9 saving accounts and put 50k in each but still have 4.1% interest? But it said "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." on BOQ website. Do I understand the quote in the wrong way?

          • +1

            @Otoro: I have 2 accounts and received the full bonus interest

            • @RichardF89: Can you let me know how can you do it? Do you need to open multiple saver accounts and give it different name?

              • +2

                @Otoro: Just open another savings account tied to your transaction account. I’ve done it, it works, no tricks needed. I got the full interest on both accounts.

                • @DawnShadow: You mean open 2 or more saver accounts under the same transaction account right?

    • +3

      Someone says upthread they have multiple accounts https://www.ozbargain.com.au/comment/12825280/redir and here on reddit https://www.reddit.com/r/AusFinance/comments/wqjusk/boq_savi…

      I've only just done this this month so cannot confirm

      • Thanks mate. :)

    • +5

      There was a lengthy conversation on this. Don't call or ask BOQ but it's meant to be 50k max per individual but they obviously have stuffed up and you can get the bonus rate across multiple accounts.

      • This is really helpful. Thanks for the link mate.

  • What happened to the other 0.15percentage point? Shame on BOQ

  • -7

    Institutional ageism.

    • +6

      Username checks out.

    • +2

      Systemic ageism. Rage against the machine. Down with the system.

  • +2

    Why do BOQ hate people over 35?

    • +1

      Why is BOQ bigoted against people who have $50000+ cash on hand?

  • +2

    How come age is a protected attribute in Australia and you aparantly can't be descriminated against, due to age, and yet organisation provide additional benefits for adults in different age groups? I don't agree with it. Not for seniors, young adults, workplaces paying less to under 21s etc. Why should certain age groups get more financial benefit?

    • +1

      In Australia, all animals are equal but some are more equal than others.

      But the serious answer is that in society, even though they say discrimination is a bad thing, apparently some types of discrimination is acceptable while others are not.

    • -1

      Why should certain age groups get more financial benefit?

      Are we talking boomer control of the property market or what

  • -3

    This is discrimination against the elderly! Forget the games and go to Latrobe Financial and get 4.1% without the hoops!

    • +3

      Having to wait 6 months to withdraw money after giving notice is a pretty big hoop ngl.

    • +3

      What about the pension? Or discounts you often get with a seniors card?

    • Lol 4.1% non-guaranteed? Have you heard of AMP or Judo term deposits?

    • +1

      Since when is 36 years old elderly?

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