BOQ Fast Track Saver Clarification

Shekster on 29/08/2019 - 21:49

Hey there,

Just had a quick question re: the Bank Of Queensland fast track saver + day2day plus accounts that are currently offering 3.5% for u24's.

I understand that you need to deposit at least $200 pm into the D2D+ account to receive the bonus interest, however I wanted to know if I then need to move the money into the FastTrack Saver immediately after to actually accrue interest on it? Or does the interest rate also apply to the balance in the D2D account?

I couldn't find a proper clarification on the website, and I am also currently with UBank, which has a similar linked savings + transaction account combo however for that one, the transaction account earns 0% interest so I'm thinking it would be similar at BOQ.

Thanks in advance.

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Comments

  • nicread on 29/08/2019 - 22:27
    +1

    Your assumption is correct - the transaction account does not earn interest, you would need to transfer it.

    • Shekster on 29/08/2019 - 22:38
      +1

      Damn I was expecting that response, but was hoping it wouldn't be the case.

      I was planning to use the BOQ account solely as a savings account and keep Ubank for spending but I'm not too sure the extra hassle of transferring money across twice to the BOQ account (first to the D2D, then to the FT), is worth the extra fraction of a percent.

      Thanks for the reply.

      • Donaldhump on 30/08/2019 - 10:31

        set up auto transfer on a tuesday and then another one on a wednesday, how difficult is that?

  • Qroozn on 08/01/2020 - 12:31

    take note of the changes coming
    https://www.ozbargain.com.au/node/505392

    • Shekster on 08/01/2020 - 18:29

      Ah yeah got a letter about that the other day. Led me to moving all my funds out of boq and back to my usaver as I had wanted the account to simply park some savings in without worrying about making txns just to get the bonus rate.

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