BOQ Fast Track Starter Savings Account (for 14-24 Year Olds): 2.50% Interest on Balances up to $10,000 with Monthly Criteria

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DOGGYWOWWOW on 05/08/2021 - 19:27 boq.com.au (152 clicks)
Last edited 05/08/2021 - 19:47 by 1 other user

I've been banking with BOQ for their 3% interest and the fact that you don't need to grow your balance to receive the bonus interest but it looks like they lowered the rate to 2.50%. Still a good deal if u can't grow your balance, otherwise Westpac is probably the better deal.

Bonus 2.50% p.a. interest paid on portion of balances up to $10,000, 1.05% p.a. on balances between $10,000 and $250,000, then 0.05% p.a.

To receive bonus interest:

• Deposit a minimum of $200 into your linked Day2Day Plus Account each month from an external source
• Make 5x eligible transactions per month from your linked Day2Day Plus Account, such as Visa Debit Card or eftpos card purchases (settled, not pending transactions), ATM withdrawals or direct debits

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BOQ

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  [Deactivated] on 05/08/2021 - 19:44

  pretty good but you would still get a better return putting your money in spaceship, although that does come with some risk.

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  teereb on 05/08/2021 - 19:58

  +1

  Do regular deposits into an ETF and you'll have a far better return than this. I know slightly different idea, but if doing it for a few years, far longer preferably, be definitely a lot better off.

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  tlaing on 05/08/2021 - 19:59

  +2

  Great southern (formerly CUA) do 2.5% on balances up to $5000, any age 17 and under. (Many of these kids accounts exclude the little ones like this BOQ one, my 3yr has this account).

  It was the best deal on the market when I set it up about a year ago (plus no having to jump through hoops to get the interest).

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  MoleManMike on 05/08/2021 - 19:59

  +1

  Why get 2.5% on up to 10k until 24 years old when you can get 3% on up to $30,000, 18-29 year old?
  https://www.westpac.com.au/personal-banking/bank-accounts/sa…

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    jasperthegoat on 05/08/2021 - 20:02

    +1

    Incase someone (aged between that bracket) happens to have more than $30,000?

    • 

      MoleManMike on 05/08/2021 - 20:36

      Ah yeah good point, it's good for some extra overflow once you hit 30k

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  tlaing on 05/08/2021 - 20:14

  If only my 3yr old was 18, he'd be getting an extra 1/2% :-)

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  cook99 on 05/08/2021 - 21:14

  Does this apply?

  The The Age Discrimination Act 2004 (ADA) makes it unlawful to discriminate against people on the basis of age in the provision of goods and services, such as banking and insurance services;

  This means that it is against the law for a provider of goods or services to:

  provide them with goods, services and facilities on less favourable terms and conditions, or

  because of his or her age.

  • 

    dealsilike on 05/08/2021 - 21:53

    No, favourable discrimination is allowed.

    • 

      MoleManMike on 05/08/2021 - 22:29

      +1

      Isn't it disfavourable to people outside of the age range?

      • 

        dealsilike on 06/08/2021 - 00:09

        +1

        You can take that view, but that’s not the view that the government or courts take.

        • 

          MoleManMike on 06/08/2021 - 00:13

          @dealsilike: How is that defined though, what's the turning point for favourable for one group, to disfavourable for the other? Like if this deal was 2.5% interest for all ages except 39 year olds, is that discrimination?

  • 

    Trishool on 05/08/2021 - 22:24

    Looks to me like it should apply.

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  Click_It on 06/08/2021 - 09:39

  TL:DR your money is eroding away.

  If you want to stay ahead of the curve, your money should never sit in a bank. Do people consider inflation (real or official) before putting their money into a bank savings account? Ignorance is bliss I guess 🤷‍♂️

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  USER DC on 09/08/2021 - 23:51

  Anyone know what happens if you hold more than $10,000 ? does bank punish you by giving you less interest rate on entire balance ? or just lower interest rate on the amount the is over $10,000 in the bank?

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    DOGGYWOWWOW on 10/08/2021 - 00:54

    Lower interest rate only for balance that is over the $10000 threshold.

    • 

      USER DC on 10/08/2021 - 00:57

      That's exactly what i am asking, sorry but your comment does not help

      e.g. someone holding a $10,000 balance in saving account gets 2.5 % rate ~ $20/month

      and e.g. if someone holds $11,000 balance in savings account gets 1.05% rate on the entire $11,000 (SO gets ~$11/month) or like ~$20 +1.05% of 1100 (More than $20/month) ?

      Hence from my experience even BOQ has unknowledgeable staff who cannot clarify the customers what the terms and condition, another example No-one has yet been able to explain to me that e.g. if I receive interest in month of March, is that corresponding to the balances in the month of February or month of January ?

      Recently having real hard time with my BOQ account, support not honoring me the bonus interest rate due to the branch itself seems to unknowledgeable, making up own excuses.

      WestPac is very clear on their Terms and Conditions, never had a problem with them, in-fact once asked WestPac to redo my interest calculations, because interests I was receiving was getting smaller and smaller each month while I increased my balance each month. They redid calculation, and accidentally paid me like $220 ish, they said interest was calculated correctly, it was the case of bonus interest getting smaller but at same time Spend and save kept increasing (which is kind of true).

      But still even now for some reason, with West Pac the interest never stays same keeps changing compared to past months may be to do with the no. of days in month I guess