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2.75% Fast Track Saver When Linked with Day2day Everyday Account @ Bank of Queensland

1030

I've been looking for a better online saver interest rate and noticed this offer from Bank of Queensland!

2.75% on going saving interest rate - no bonus or limited period ie 4 month offer or anything. As long as you deposit minimum 1,000 into a linked Day2Day Everyday transaction account.

What do folks think of this deal? anything better out in the market?

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  • +17 votes

    There is also Fast Track Starter account which offer 3.75% P.A if you're under 25 years and for your first $10k.

    Not bad for students.

  • +18 votes

    Have they adjusted their interest rate after the RBA cut last week?
    I am waiting for the dust to settle before moving my savings around.

    • +3 votes

      Agreed, best wait till the new rates have been passed on. If its not going to be much difference across the board after new rates have been introduced no point moving money around so soon.

    • +2 votes

      It used to be 3% pa. I think this is after the RBA cut.

      • +11 votes

        RBA has cut 25 basis points 2 months in a row. So 2.75 could be in reaction to 1st rate cut… Might drop again

        • +3 votes

          Yep only reacted to first rate cut so far, will likely drop another .25 soon (but then again so will most banks so boq will probably be best still). Horrible website and app tho…

      •  

        This was a full 25 basis point cut passed on from the reserve rate's first cut, there has since been another 25 basis point cut.

        They theoretically should also cut their rate to 2.5, check if their home loans have been cut again.

        There's a good chance they're delaying the cut so that they get an influx of customers.

    •  

      It's after cut

    •  

      No, they haven't, for the latest RBA move. An adjustment is imminent.

    • +1 vote

      @Australianjim

      According to the members at Whirlpool, who've maintained the spreadsheet, there's been no announcements yet, on what BoQ will or will not do

  • -2 votes

    apm also 2.75%

  • +13 votes

    The bonus does not apply to the first month that the account is opened. So, it would be wise to wait until the following month before moving your money if you haven't got an account already, even if the rate is the highest.

  • +1 vote

    Central bankers are wise people, they want you to borrow and spend, not save!

  •  

    How is their customer service and internet banking?

    • +5 votes

      Internet banking is crap (well does most things, but is very basic), customer service has been good when I've had to deal with them.

      That said, there's apparently big improvements in the works to 'digital experience' (ref: AGM slides and executive speeches). George Frazis from Westpac just been appointed CEO and already flagged tech innovation as a area of focus.

      I'm hopeful, but it may take time.

    •  

      Android app is trash - poor functionality, not intuitive and looks 10+ years old!

    • +1 vote

      My experience when I signed up (a few months back), as shared in previous thread. Others have shared their experiences there too.
      Would not recommend as a day-to-day account, due to antiquated systems, but to keep some savings given their higher interest rate, it is fine.

  •  

    Their online and app experiences are genuinely appalling for 2019, haven't been able to get an answer from their customer service about when this is changing for years and so have just switched banks. It's a shame because their' customer service and interests are good.

    • +5 votes

      Strange old world isn't it, when the interest rate and customer service take a back seat to the "experience". 🙁

  •  

    A good deal, but personally I'd go with UBank. It has a better mobile app and the interest difference is only 9.825 basis points at a 34.5% marginal tax rate.

    Calculation BoQ 2.75% - Ubank 2.6% = 0.15% * (1-0.325-.02) = 0.09825%

  • +5 votes

    Endeavour Mutual Bank also offers 2.75% p.a IF you are aged between 18-35 and make a monthly deposit minimum of $400.

  •  

    Great rate for the under 25’s regardless if the rate does reduce! Disappointing about the lack of Osko or PayID but I’m going to give it a try anyways!

  • +3 votes

    Tempting seeing as ING dropped again to 2.3%

  • +4 votes

    Anyone opening this account, please note that you will not be getting the bonus rate until next month. Therefore, do not move significant savings into the saver account yet. By all means, sign up this month, and deposit $1000 before end of month, to qualify for next month.

    • +1 vote

      Yes! When I signed up in person the banker told me it would be 2.75% (was 3% when I signed up) immediately, no mention of the following month - cost me a LOT in interest.

      •  

        When I opened on 4 months ago they kept telling me that the interest would not apply till next month.

    • +1 vote

      Under "interest rates": "For month 1 of account opening, the Base Rate applies, with eligibility assessed at the end of this month, and if met, Bonus Rate will apply from month 2."

  •  

    Gentle reminder to not open new bank accounts just to get these rates, as they are constantly changing, and 0.15% is not going to make a difference to your savings in the long run given tax and the short life of the rate, consider investing if you want to see growth.

  • +1 vote

    Bank Of Queensland and Bendigo Bank have poor balance sheets compared to the big 4 so there is more risk of your deposit being bailed in.

    •  

      True. Never put all eggs in one basket.

    • +1 vote

      I thought that it would be covered up to $250,000 under the federal Financial Claims Scheme (FCS)?

      • +4 votes

        More info here: Depositor Protection in Australia. Summarising:

        • Default payout by the government per failed ADI is 20 billion; therefore, it is not uncapped, but should be sufficient in most cases.
        • Additional funds could be made available subject to parliamentary approval.

        But even assuming one can get back everything, it still takes time to sort everything out, in the unlikely event this were to happen. Therefore, as a depositor, it still makes sense to diversify across different banks.

    •  

      Do you have any info on ING balance sheet?

  •  

    can't do Bank@Post with this lot since July 1

    will it still count if i do $1000 in and immediately transfer it back out, like i do with ING?

    • +1 vote

      Nothing in the T&C prohibits the money to be transferred out immediately. However, the $1000 must be from an external account.

  •  

    ING is strong @ 2.30% so probably not worth the switch..

  •  

    is it best to open the account online towards the end of the month. how long does it take to open up online if you are an existing customer? when you deposit minimum 1,000 into the Day2Day Everyday transaction does it need to remain there for 1 day and cant it come from the linked account or does it need to come from another bank into the account to qualify for the bonus interest?

    • +1 vote

      You can always open the account now, transfer in $1000 to the tx account, and out again. That way you don't have to worry if there is any delay in opening the account at the end of the month. The $1000 has to come from an external account.

    • +1 vote

      You do not need to wait 1 day.

  • +5 votes

    Looks like they passed on the full cut, rates are now down to 2.5%