Bank of Queensland - Fast Track Saver Bonus Interest Is Now Based on Minimum of 5 Transactions on Linked Saver Account

Qroozn on 13/12/2019 - 10:44
Last edited 14/12/2019 - 21:35

a change in the terms means that the good interest earning rate will now be dependent on you also having a minimum 5 transactions on the linked account.

Does anyone have any ideas of where i could automate direct debits to hit the target each month? (a single Weekly one isn't enough due to 4 week months).
I already checked my super - and it's a minimum of $50 per transaction.

https://www.boq.com.au/microsites/savings-change

Effective 1 February 2020, to meet Bonus Criteria and to be eligible to earn Bonus Interest in the following month, you will need to:

Make five (5) or more eligible transactions from your linked transaction account each month (this is new criteria); and
Make the relevant minimum deposit into your linked transaction account each month (this is the existing criteria – it is not new).

Here’s a list of transactions that will count towards your five (5) eligible transactions:

Direct debits (e.g. your gym membership or insurance)
Card purchases using your: eftpos card (access card), Visa Debit Card, BOQ Credit Card (when using the Savings or Cheque function)
ATM withdrawals – using your Visa Debit Card, eftpos card or BOQ Credit Card (Savings or Cheque)
Any online purchases using your Visa Debit Card

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Comments

  • non-core promise on 13/12/2019 - 11:08
    +4

    If there's a BoQ branch near you, you could just withdraw money 5 times and deposit it straight back in, but that's a bit of a hassle and would probably look weird to people around you.

    In my opinion, BoQ customers who are just using it to park money should keep an eye on Volt Bank. They will be offering 2.15% base rate up to $245 000. No conditions. Should support direct transfers in and out, since there's no transaction account yet.

    If they launch to the public around February/March 2020, there will probably be a mass exodus from BoQ money parkers.

    Also remember that since BoQ has an antiquated tech stack, you have to fulfil the bonus interest rate conditions in the month before to get bonus interest in the month after. So even if you don't get 5 transactions in February 2020, you should still get bonus interest when it's paid on the 2nd of March, but you'll only get the base rate starting from the 1st of March. It's even shown in their own graphic.

    So people should aim to transfer out on Friday the 29th of February if Volt Bank has launched their savings account by then (or other equivalent alternative) and the interest on Monday the 2nd of March.

    If you don't mind the 5 transactions or minimum deposit conditions for bonus interest and have a smaller amount of money, Up Bank offers 2.25% up to $50 000 with 5 transactions and 86400 offers the same but up to $100 000 and with a $1000 deposit into savings or transaction. Under 25s also have Greater Bank's 2.35%.

    • aussie222 on 15/12/2019 - 01:50

      The atm idea is quite a good one! I have an account with the free online bank Revolut. It lets me add money via debit card so I'm thinking of setting up an auto debit and then transferring to my BOQ account monthly.

      • aussie222 on 10/02/2020 - 14:38

        I tried doing this, but then realised that I could set up monthly $1 payments with Beem it to my partner, who has set up the reverse as well (both BOQ accounts). This just requires keeping $5 in the transaction account.

  • Seraphin7 on 13/12/2019 - 11:35
    +2

    Well, that will be the end of my association with BoQ. Only set the damned thing up a couple of months ago as well.

    • Qroozn on 13/12/2019 - 11:44
      +1

      yep. i usually throw the letters straight in the bin. Glad i read this one.

  • Carydadon on 14/12/2019 - 10:48

    I will probably exit too. Has been a forgettable experience so far with their internet banking setup going in branch and actually using the silly thing. I'm out Jerry!

  • finbar on 14/12/2019 - 16:12

    what about 5 $1 Beem It transactions out of the account ?

    • auscompgeek on 15/12/2019 - 01:32
      +1

      Given they're not only counting card purchases, Beem It will probably be a safe bet, since to the bank they are online card purchases. No saying for sure though.

    • ashl6 on 14/02/2020 - 12:53
      +2

      I trialled this and confirmed with BOQ today that using small amounts with Beem It works

      • rooon on 14/02/2020 - 17:00

        Never used Beem It. So if I have 2 x BOQ Day2Day accounts could I schedule 5 x $1 transactions between them each month using Beem It and that would count?

  • rooon on 14/12/2019 - 18:00

    Bloody BOQ! Got to be a way around this. Where to next?

  • wok on 14/12/2019 - 20:42
    +2

    I park money in this account also. I have never used the card. Use my credit card for almost everything and transfer to pay it before I incur interest. So the question is do I pay for my 7 eleven coffee 5 times a month with this card or transfer and bank elsewhere. And will 5 $2 transaction a month be enough.

    • rooon on 08/01/2020 - 21:16

      And will 5 $2 transaction a month be enough.

      Yes. 5 x "Card purchases using your: eftpos card (access card), Visa Debit Card, BOQ Credit Card (when using the Savings or Cheque function)"
      Do them at the start of the month as "Note: Visa Debit Card transactions must be settled transactions(i.e. not pending) to be eligible."

      You are lucky you have a 7-Eleven near your home or work. Good thinking.

  • Qroozn on 08/01/2020 - 12:26
    +1

    thanks everyone. I have setup my OPAL CARD so it does $10 Direct Debit topups. this should be triggered at least 6 times a months (covering the minimum 5 transactions). I just need to watch those weeks where i don't go to work.

    i have also set my BOQ account to transfer $20 to the linked account every week. the objective is to not have any more than $20 in the linked account at a time (to maximise interest) whilst still covering my planned direct debits.

    • Qroozn on 08/01/2020 - 12:28

      the same should work for E-toll accounts.

    • rooon on 08/01/2020 - 21:17

      Nice. I do like Credit Card points & 5% Woolworths discount on my Opal though. Have to weigh up the difference.

  • angelique008 on 09/01/2020 - 23:45

    Would sending 5 x 1c paypal transactions (choosing goods and services) work?

  • Mad Max on 13/01/2020 - 00:23

    What about 5 x $1 split payments as debit card at Coles or Woolworths self check out?
    They should register as 5 transactions and satisfy the requirements?

    • angelique008 on 13/01/2020 - 01:31

      Yes that would work

      • Qroozn on 13/01/2020 - 08:23

        but you would need to remember to do this every month - and ensure you have $5 in your account to do this. (mine normally sits with $0 in it)

  • Mad Max on 10/02/2020 - 14:29

    Just wondering if anyone had any confirmation from BoQ that 5 part payments (like $1 each) in sequence (Coles or Woolworths self check out) qualify as 5 Transactions for the new requirements for the bonus interest

    • Purple on 10/02/2020 - 15:42
      +1

      I completed 5 part payments in sequence from Woolworths via self checkout. I confirmed with BOQ this morning that the payments quality for the new requirement.

      • Mad Max on 10/02/2020 - 22:41

        Thanks mate. That makes it easy then. Cheers

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