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3% P.a. Interest on Balances up to $250,000 for 25+ Years Old @ Bank of Queensland

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3% P.a. Interest on Balances up to $250,000 for 25+ Years Old @ Bank of Queensland
Go to Deal
SomeGuyOnOzB on 07/04/2019 - 11:16 boq.com.au (3066 clicks)
Last edited 15/04/2019 - 16:53 by 1 other user

Big kudos to the people at Whirlpool, maintaining the savings spreadsheet

New challenger for Top Interest Rate Savings Account in Australia

Fast Track Saver Account
- 25 years old and over; citizen or permanent resident of Australia; personal account (ie not business etc)
- bonus rate only if balance is under $250,000
- deposit $1,000 to your linked Day2Day Plus Account and the following month earns bonus interest
- 0.5% p.a. standard; bonus is 2.5% p.a. variable

Also
- needs a linked Day2Day Plus account (looks like a fee free transaction account with no account keeping fees)
- Withdrawals? looks like you can withdraw to your Day2Day Plus account with no penalties. You can transfer to other banks, from the Day2Day Plus account.
- [For transfers to other banks, in excess of $5,000 a day, a token device may be required. letters numbers Says you can get a physical one in branch and Yola says you can get a software one instead

So maybe open the account and deposit the first $1,000 a few business days before the end of the month. Then move the rest that you want to move, after the new month has started.

If 14-24 years old, there is a 4% on up to $10,000 deal here

Financial Bank Account Savings Account

Related Stores

BOQ
BOQ

closed Comments

  • mangoice on 07/04/2019 - 11:19
    +36

    I had Home loan with these people ……Terrible Bank. Just to attract customer told me a good interest rate ..On the date of load disposal increased home loan rate by 0.5% and made it one of worse. Changed to HSBC…..Will never go back to them. Cheaters at least for me.

    • dangerdanger on 07/04/2019 - 11:20
      +14

      They all do that, mate. Banks are all tossers

      • w3b3d1g1 on 07/04/2019 - 12:54
        +2

        Switch to customer owned banks

        • JetBombat on 07/04/2019 - 13:01

          Which ones gives good % ?

          • dsar on 07/04/2019 - 19:59
            +1

            @JetBombat: For savings, I find Credit Union Australia to be solid.

      • BarryBargain88 on 07/04/2019 - 17:12
        +7

        Hsbc has been unreal. I signed up 3.65% with offset. Then bank manager rang a few months later and told me to sign a form and dropped the rate to 3.6%. Then a few months later gave me a $200 voucher for being a valuable customer.

        The app is shit but I’ve never had a bank go out of their way to save me money. And I’m yet to see a better rate with and offset and no fees

        • andyfc on 07/04/2019 - 19:19

          Damn that is a solid deal. Super jealous. Unfortunately it doesn't look like that sort of rate is available with offset accs any more. Might have to use as a bargaining chip against CBA though…

          • BarryBargain88 on 07/04/2019 - 19:20

            @andyfc: I can get you the deal if you want

            • kevinMario on 07/04/2019 - 19:22
              -3

              @BarryBargain88: 3.65% on a savings account? count me in!

              • non-core promise on 07/04/2019 - 19:36

                @kevinMario: Read the comment again.

                Hsbc has been unreal. I signed up 3.65% with offset. Then bank manager rang a few months later and told me to sign a form and dropped the rate to 3.6%. Then a few months later gave me a $200 voucher for being a valuable customer.

                He's talking about his loan.

            • andyfc on 09/04/2019 - 13:06

              @BarryBargain88: Hi mate could you pm me details? Interested.

        • EnALup on 07/04/2019 - 19:25

          Wow. How much was joining fee? I have exit fee for existing loan and have to think of charges. Dont want to be in a boat when hsbc increases after few months as well.

          • BarryBargain88 on 07/04/2019 - 19:35
            +1

            @EnALup: No joining fees at all. And they even paid for my place to be valued. There’s no annual package fee. Nothing.

            • stalker878 on 07/04/2019 - 23:01

              @BarryBargain88: @barrybargain88 can you PM me the details of this HSBC deal?

            • EnALup on 08/04/2019 - 08:14

              @BarryBargain88: I could see fee online. Do you mind sharing deal you got?

              • BarryBargain88 on 09/04/2019 - 15:09
                +1

                @EnALup: I went through one of the HSBC bank managers who came into my work one day

                • EnALup on 09/04/2019 - 16:24

                  @BarryBargain88: If he is in Sydney, would love to speak to him or will ask my broker if they deal with HSBC.

        • dimitryp on 08/04/2019 - 13:29
          +1

          i'm also on the same deal. v good, but man the app is so shit :(. Sure it does all the things you need, but the UI was designed by someone who's completely out of touch

        • Oofy Doofy on 09/04/2019 - 11:10
          -1

          Hong Kong Shanghai Banking Corporation = HSBC

          FWIW

      • SelfMade on 07/04/2019 - 20:49

        Lolantha Jimantha!

    • Scantu on 07/04/2019 - 11:22

      Pretty simple for interest rates though… you just take the money out if they don't pay it to you properly, which I can't imagine they would do.

      Have had a normal experience with them, best interest rate around.

      Their app is total hot garbage so they definitely aren't my daily driver. Just savings.

    • [Deactivated] on 07/04/2019 - 11:34
      +7

      Also internet banking is literally at a 2005 standard

      • antler on 07/04/2019 - 13:06

        There's a reason why fraudsters pretend to be this bank more than others.

        • [Deactivated] on 07/04/2019 - 13:42

          More fraudsters mimic CBA from what I see…

    • geoffl on 07/04/2019 - 13:02

      I would agree they are a difficult bank to deal with. I had a similar account like this a few years ago and closed it when the offer finished (ie when the interest rate went down). I had to pay to transfer a large amount of money and at that time I left the transaction account open and forgot about it. It had incurred charges which put it into negative and to close it the teller made me pay them money (something like $2.50).

      • SnakeCasablanca on 07/04/2019 - 13:33
        -2

        You had to pay scheduled fees that you agreed to in the terms and conditions? Monsters!

    • EnALup on 07/04/2019 - 15:39

      Howz experience with HSBC? Wanna change as well

      • radissimo on 07/04/2019 - 17:12
        +1

        very good (normal account, home loan), if they have branch close to you, internet banking is OK

        • EnALup on 07/04/2019 - 19:25

          Thanks. Their current rate is .5% better to ehat I am paying. No branch close though.

    • truemana on 07/04/2019 - 15:40

      Had a loan with BOQ and they tried to charge us the full 3 years interest when we tried to pay it out 12 months in, on top of normal early exit fees. They didn’t even read their own contract. I don’t trust them anymore.

  • Bargaingeek on 07/04/2019 - 11:20
    -2

    hsbc has a better deal 3.1%. BOQ is a very bad bank also you lost interest on an entire month as the offer only applies the next month

    • SomeGuyOnOzB on 07/04/2019 - 11:22
      +4

      There are other banks popular with OzBargain that do the same thing. First month won't get the bonus rate. But from then on, it does, so long as you meet the criteria.

      Which HSBC account is that?

      • Bargaingeek on 07/04/2019 - 11:24
        -3

        hsbc serious saver

        • SomeGuyOnOzB on 07/04/2019 - 11:26
          +22

          With HSBC, after 4 months, it will revert back to 1.2% p.a.

          This account will hopefully keep a good rate, going forwards.

        • jameswayne on 07/04/2019 - 12:53
          +1

          For hsbc you cant withdrawal anything in order to maintain the rate, am i correct?

        • Scantu on 07/04/2019 - 13:22
          +6

          Yeah introductory rate… I bloody hate that it messes up the "sort by interest rate" table which is probably intentional. I don't give a shit about the dangling carrot what are you actually going to give me in the long Run

      • Bullion78 on 07/04/2019 - 13:47

        Also, after your 4 months vat 3.10%. They won't allow you to close and reopen another account from what i was told over the phone. Not sure if anyone has tested this to find out or not?

        • OzyBe on 07/04/2019 - 15:06

          I was told the same. Once you have had this account with the bonus interest, you cannot get open a new account and get it again - ever.

          They will surely change the name of the account one day.

    • Scantu on 07/04/2019 - 11:23
      +5

      Only deposit 1k for the first month, keep money elsewhere?

      • bobbiie on 07/04/2019 - 11:29

        Looking at the site, it would be $1,000 per month. "Earn Bonus Interest by depositing $1,000 a month (like your salary) to your linked Day2Day Plus Account".

        • Scantu on 07/04/2019 - 13:16
          +1

          We're talking about loosing the first month's interest and how to avoid it, not overall

    • Donaldhump on 07/04/2019 - 12:56
      +2

      so move money in on last day of the month

      • OzyBe on 07/04/2019 - 14:59

        Exactly!

        Or if you want to play it safe, do it on the second last working day of the month, in case the transfer is slow (which still happens in this day and age despite promises of wide spread quick transfers).

  • Kikiriki on 07/04/2019 - 11:28
    +5

    From my understanding this is an ongoing interest rate not an introductory offer. The condition is that a min of $1,000 is deposited in the Day2Day account every month.

    • Yola on 07/04/2019 - 11:34
      +1

      This is correct. I have had one for a few months. It was 2.8% before 20 March.

  • fchis on 07/04/2019 - 11:38

    Finally the banks are competing for savers money!

    • WaywardOne on 07/04/2019 - 11:52
      +1

      Isn't there talk of an interest rate cut?
      So perhaps BOQ is hoping to get a few signups in the months before they drop their interest rates?

      • nfr on 07/04/2019 - 12:40
        +1

        Banks drop interest rate together anyway

      • fchis on 07/04/2019 - 12:50
        +5

        Rates cut won't happen unless RBA wants below 70 cents to the dollar. Banks won't pass rates cuts anyways. It's only a smoke till the next global recession.

        • ufoninja on 07/04/2019 - 14:20
          +1

          So your sure there is a global recession very soon? What stocks are you shorting?

        • nfr on 07/04/2019 - 14:53
          +3

          No offense, but I disagree. I'm a saver too, I wish central banks would stop this "cut rate to save economy" fallacy, but unfortunately it's what they do.

          • TilacVIP on 08/04/2019 - 07:47
            +1

            @nfr: To a degree it works, but after x amount of cutting it loses its effect. Sometimes only fuels the spending fire, where people need to be saving more.

            If RBA did cut one more time, it will get a lot of people (without giving it much thought) interested in getting back in the real estate market, again FOMO & thinking low interest rates are here to stay, so I although I think the RBA will not have anymore cuts, they won't be raising them either for another 10 - 12 months.

  • allmails98765 on 07/04/2019 - 11:47
    +1

    to meet the bonus criteria, you need to transfer 1k from account outside of boq. if you subsequently transfer out that 1k same month, will u still meet the bonus criteria? i mean if its your salary, you still have to at least eat right?

    • Robc on 07/04/2019 - 11:59
      -3

      I don't think you need a saving account if you earn 250 dollars a week….

      • askbargain on 07/04/2019 - 12:11
        +2

        Or maybe he has 250k lying around and wants to maximise interest (safe investments)?

      • AustriaBargain on 07/04/2019 - 13:00
        +1

        Even if you put your student allowance in there that’d be $1000 a month right?

    • Yola on 07/04/2019 - 13:17

      Yes you still qualify just deposit it in the day to day account.

  • freemoneyhunter on 07/04/2019 - 12:05
    +19

    3% needs to be the new normal, I hope Ubank goes to 3% so I don't have to move.

    • Xizor on 07/04/2019 - 12:22

      This.

    • SgtGrumbles on 07/04/2019 - 12:24
      -5

      For Ubank's 2.87% p.a, we're talking about $2.16/month with a balance of $20,000. Username checks out, I guess

        • [Deactivated] on 07/04/2019 - 12:53
          +25

          LOOK HOW MUCH MONEY I HAVE EVERYONE!!!!!!!!!!!!!!!!!!1

          • cloudy on 07/04/2019 - 14:11
            +5

            @[Deactivated]: i thought the average Ozbargainer had 250k! I’m trying to catch up!

      • Diji1 on 07/04/2019 - 12:57

        For Ubank's 2.87% p.a

        You should account for inflation.

        I don't know what that is at present but it typically removes a large portion of the profits from savings account interest.

        • freemoneyhunter on 07/04/2019 - 14:33
          +3

          Don't forget income tax you have to also pay on it. Generally after taxes and inflation even the highest bonus interest accounts produce negative returns when adjusting for inflation and the government CPI understates the real inflation.

      • Postal Dude on 07/04/2019 - 16:08

        $2.16? How did you come up with that figure, it would be around $47 a month

        • jasonb on 07/04/2019 - 18:02
          +6

          They're talking about the difference between the two, (3% vs 2.87%). Not the full amount.

      • No ONE on 07/04/2019 - 17:17
        -1

        Here is the math for you (0.0287/365days) x 30days x $20,000=$47.18

        • jasonb on 07/04/2019 - 18:02
          +2

          They're talking about the difference between the two, (3% vs 2.87%). Not the full amount.

    • Mr Bargain Hunter on 07/04/2019 - 13:37
      -5

      The thing is, UBank is entirely online based so expect terrible communication. Want to go to a branch for any reason whatsoever? Too bad. Want to deposit cash into your UBank account? Too bad. Have an issue with your account? Wait in queue for 1 hour on phone.

      • Aniseed Steed on 07/04/2019 - 13:53
        +7

        I've contacted UBank several times on Twitter and Messenger and they respond quite quickly.

      • Stugots on 07/04/2019 - 15:59
        +2

        I'm with ING who are entirely online based and I have nothing but positive things to say about them.

        You get around the online only part by having a free everyday account with another Bank (e.g. NAB). So whenever I want to make deposits into my ING savings I just rock up at any NAB atm, deposit, then OSKO straight to ING.

        Works well.

        ING have excellent customer service too.

        • exc3113nce on 02/06/2019 - 16:47

          Sorry old thread - but ING does bank@post which means you can just deposit straight from a post office if you have one close.

    • Twirtle2 on 07/04/2019 - 15:42

      I want them to go live with payid already

  • moneyhungry on 07/04/2019 - 12:21

    Up to 250k? Why do the do this?

    • Steptoe on 07/04/2019 - 12:35

      They hate you rich people 🤑

    • OzyBe on 07/04/2019 - 15:02

      I noticed that ING has reduced theirs from 250k to 100k.

      Not sure if this is just for new customers, or applies to existing customers also.

      • TilacVIP on 08/04/2019 - 08:31

        On top of that, ING have also abolished the "Loyalty" bonus.

  • Steptoe on 07/04/2019 - 12:40
    +6

    Talk about age discrimination!

    4% if you are 18-24 for up to $10,000

    https://www.infochoice.com.au/banking/savings-account/bank-o…

    • goingDHfast on 07/04/2019 - 15:30

      Customer Lifetime Value…

    • No ONE on 07/04/2019 - 17:20
      +2

      up to $10,000

      There is the limit for you.

  • YellowKnight on 07/04/2019 - 12:41

    On a side note, what's the best home loan at the moment? The last I read about on OzBargain was the Bank of Sydney one which was about 2-3 years ago.

    • RI4V4N on 07/04/2019 - 14:41

      There's quite a few at 3.5%, but they also all want 30% LVR now.

      • lachhelix on 07/04/2019 - 20:29

        Oh! Any idea what the average going rate for a p+I with LVR of 10% is?

    • tassieeagle on 07/04/2019 - 16:04

      Also interested in a new loan with offset if anyone has a good tip

      • Gelato on 07/04/2019 - 17:15

        Watch hsbc as they aim to take up more market share in home loans. I heard UBank has good rate too

    • Cheemeister on 09/04/2019 - 21:11

      HSBC and UBank are advertising no-frills 3.59% variable rate loans. The lack of offset accounts may be off-putting though.

  • sistermay on 07/04/2019 - 12:42
    +1

    I switched from CBA to Suncorp Growth Saver, with bonus rate is 2.60% per annum but you only need an increase of $200 per month in balance, it also gives you 1 withdrawal from this account without penalty of losing the bonus interest unlike CBA so i set up a saving account with this and auto transfer $200 each month to the growth saver and use the ATM withdrawing from the saving account for day to day expenses. With the overall service Suncorp offers I personally don't mind having a little lower rate.

    • SomeGuyOnOzB on 07/04/2019 - 13:18
      +10

      Wouldn't UBank be better than the Suncorp Growth Saver
      2.87% p.a. vs Suncorp's 2.6%, unlimited free withdrawals, also only requires $200 deposited a month (you don't even have to increase the balance)?

    • cheesecactus on 07/04/2019 - 16:51
      +2

      Yeah ubank is better than suncorp in every way.

    • Gavman on 07/04/2019 - 19:24

      Me bank is better at 2.85% no need to deposit anything a month. Just have to make 1 paypass transaction a week to get the bonus rate

      • SomeGuyOnOzB on 07/04/2019 - 19:59

        No more than 7 days, transaction to the next and transactions must be made, even when on holidays or sick

  • [Deactivated] on 07/04/2019 - 12:43
    -1

    Will be enrolling, thanks! Are the two crazy QLD senators involved in this?

    • cashless on 07/04/2019 - 12:59
      +8

      Only 2 of them are crazy?

  • non-core promise on 07/04/2019 - 13:02
    +16

    Just a heads up:

    • They will give you your account details over the phone and will refuse to email it to you. They claim it's "insecure".
    • Internet banking interface is mediocre. You can't even view the current interest rate of your account, so you have no idea whether you've fulfilled the conditions for bonus interest until it has been credited.
    • Mobile banking is a straight out shit show. They have a separate app for tablets and mobile. Password managers don't recognise the fields and your session is not temporarily saved (like CommBank), so you have to copy paste manually every time you leave the app.
    • You can't even change the PIN for your debit card online or at an ATM. You have to go to one of their physical branches.
    • No NPPA, PayID or Google/Samsung/Apple Pay yet. If you want to deposit and withdraw $1000 in and out the same day, do it earlier in the day to leave some buffer room before the 4pm cutoff.

    There's not a lot that's great about them apart from "at call" funds (no "no withdrawal" condition) and pure interest. Make sure you know what you're getting into.

    • Hardicus on 07/04/2019 - 13:52
      +2

      Thanks, sounds like a heap of crap to deal with for the slightly better rate than ubank.

    • icecold27 on 07/04/2019 - 16:15

      This.. The app is plain useless

    • [Deactivated] on 07/04/2019 - 16:26
      +1

      Email is insecure, plain text is also subject to metadata retention. So yeah.. That's something else to keep in mind.

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