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2.00% p.a. Interest on Balances up to $50,000 for 14-35 Year Olds (Criteria Apply) @ Bank of Queensland Future Savers Account

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2.00% p.a. Interest on Balances up to $50,000 for 14-35 Year Olds (Criteria Apply) @ Bank of Queensland Future Savers Account
Go to Deal
reivaxX on 04/04/2022 - 15:49 boq.com.au (1201 clicks)
Last edited 20/05/2022 - 15:27 by 2 other users

Doing some bank shopping and found BOQ released a new account (and a new app finally) called the Future Savers account.

Key features:

  • No monthly fees
  • Open up to 9 accounts to manage your savings
  • New BOQ app (PS. I've asked BOQ support and old accounts can't be combined into the new app - yes I know it's stupid…)
  • 2% p.a. interest on balances up to $50k
  • Start earning bonus interest straight away after opening your account. Continue earning bonus interest each month by meeting the bonus criteria

What's the catch?

  • Only for 14-35 year olds
  • Must deposit $1000 per month into the Everyday account
  • Must make minimum 5 eligible transactions per month
  • If you're aged between 14-17 years of age, we'll waive the Bonus Criteria.

Read more about the account and apply at BOQ's webpage

Financial Bank Account Savings Account

Related Stores

BOQ
BOQ

closed Comments

  • Mintee on 04/04/2022 - 16:04
    +4

    And which 14 yo is going to make 1k a week :P then 'eligible transactions per month'?

    • CrazyBargainCatcher on 04/04/2022 - 16:06
      +4

      If you're aged between 14-17 years of age, we'll waive the Bonus Criteria so you'll earn Bonus Interest every month on your Future Saver balance as shown in the table below.

    • spock on 04/04/2022 - 16:10
      +2

      If your on job keeper .lol

    • KangaDrew on 04/04/2022 - 18:14
      +2

      No doubt Richy Rich parents will open up accounts in their kids name and dump cash in it for the interest rate.

      • lordra on 04/04/2022 - 22:41
        +1

        I would!
        But the issue is I don't have kids, nor the cash.
        😜

  • rack on 04/04/2022 - 16:04
    +1

    Haha there's no saving the future after 35.

    • Tleyx on 04/04/2022 - 17:15

      You should be in debt then, with good debt

  • Futura on 04/04/2022 - 16:07
    -1

    Negging because poor internet banking platform & archaic call centre processes. The 'new' BOQ app is this - https://frollo.com.au/enterprise/money-management-platform/

    • TheMoistMan on 04/04/2022 - 16:14
      +1

      Girlfriend has a BOQ and can confirm their user usability is piss poor. Especially if you cannot get to branch since you're from another state.

      • Smallman on 04/04/2022 - 16:30

        Just for saving, you don't really need branch services.

      • blighst on 04/04/2022 - 17:47

        MyBOQ is a completely different app and experience - from my small interaction with it, smokes the old app

    • blighst on 04/04/2022 - 17:48
      +1

      Is there anything inherently wrong with BOQ using Frollo? Does infinitely more than their current app

    • Gyr on 14/04/2022 - 09:45
      +1

      In my experience BOQ call centre answers significantly faster than others, and the new app solves all my complaints with the old system (no instant payment, have to call to give details like TFN). Only problem with the new system is there's no traditional website, but that's the same as all the other millennial neobanks.

  • Drakesy on 04/04/2022 - 16:15

    fwarkkk
    thats gewd
    even if it is only 50k

    Oh wait, $1k per month and 5 transactions…

    • abc on 04/04/2022 - 16:25

      Move the 1K in and out per month?

      • Tleyx on 04/04/2022 - 17:16
        -3

        They don't have osko

        • KangaDrew on 04/04/2022 - 18:16
          +3

          Besides the fact that they do have Osko and Pay ID, what does Osko have to do with it? Scheduled payments would suffice, even if they aren't same day.

          • Tleyx on 04/04/2022 - 18:55

            @KangaDrew: I don't have it on my home loan with them they are a terrible bank

            One hour wait times on.phone

      • lordra on 04/04/2022 - 22:42

        Ing put a lid on this by introducing another new rule - at the end of the month, your balance should be greater than last month's.
        I get around this by setting up a direct debit transfer into the account for $20.

  • Lerik on 04/04/2022 - 16:20

    I reckon the Westpac high-interest saving is better, only need to make sure the balance is higher at the end of the month than at the beginning as well as complete 5 transactions per month.

    • jackary on 04/04/2022 - 17:09
      +2

      But that’s only for the first 30k!

    • lordra on 04/04/2022 - 22:43

      What interest rate is westpac?

    • moguri on 05/04/2022 - 21:48

      nah, the westpac bonus interest is always paid mid-following-month

  • Russ on 04/04/2022 - 16:21
    +1

    I think I found their definition of "eligible transactions". From page 5 of their "Deposit accounts general" document,

    for each calendar month whenever a minimum of $1,000 is deposited into your linked Everyday Account in the previous calendar month from an External Account and five or more direct debit transactions, BPAY payments, ATM withdrawals using your Card or purchases from a merchant using your Card are made from your linked Everyday Account in the previous calendar month (Transactions that are pending do not count as a transaction for the previous calendar month and will be counted in the following calendar month)

    To get to that document, click "Terms & Conditions"->"Personal Banking Terms and Conditions"->"myBOQ Deposit Accounts General Terms and Conditions".

  • Wilkshake on 04/04/2022 - 16:30
    +1

    Great Southern have 2.4% on under $5k for under 17yo
    https://www.greatsouthernbank.com.au/bank-and-save/savings-a…

    • serpserpserp on 04/04/2022 - 16:34
      +6

      Yeah what about adults though

  • drakdaystar on 04/04/2022 - 16:38
    +1

    Anyone know if Beem will satisfy the 5 transactions?

    • blighst on 04/04/2022 - 17:49
      +1

      It does on the old Fast Track accounts so wouldn't surprise me if it still does.

  • bellybama on 04/04/2022 - 17:03
    -4

    This feels icky, and like a trap.

    • [Deactivated] on 04/04/2022 - 19:40
      +5

      it's a bank, not a gumtree seller.

  • mrklaus on 04/04/2022 - 17:10
    -5

    Such low interest rate / return, not to mention the cumbersome criteria to keep the rate, it's beyond me why someone would go for this instead of buying some relatively stable ETF, let's say A200. (DYOR)

    Sure, this won't go negative ever but also this is targeting young people, so in the long term the share market is completely in your favour.

    • jjcf on 04/04/2022 - 18:52
      +4

      If it’s ‘beyond’ you why equities aren’t a substitute for cash, maybe you shouldn’t be handing out financial advice king.

      • mrklaus on 04/04/2022 - 21:10

        It's not a substitute, as you probably know as well.
        Given this is a savings account it's an investment, but now if you're okay getting a return that is less than inflation, sure, be my guest and follow your financial advice queen.

  • TasJacks on 04/04/2022 - 17:15

    Is osko/same day transfer available?

    • Tleyx on 04/04/2022 - 17:17
      -3

      No

        • Tleyx on 04/04/2022 - 19:02

          They don't have it on home loans so I assumed that it was all products.

          They are pretty (profanity) bank

          • blighst on 04/04/2022 - 19:06

            @Tleyx: This is their new product, aiming to not be so much (profanity) anymore

            • Tleyx on 04/04/2022 - 19:07
              -3

              @blighst: Hopefully

              I.am.just pissed because I signed a home loan and they didn't tell me.home.loans don't have osko

    • blighst on 04/04/2022 - 17:49

      Yes

  • Meovel on 04/04/2022 - 17:17
    +1

    $50k max for each account or across all?

  • baldur on 04/04/2022 - 17:17
    -6

    Great deal if you wanna lose money in the long term as the inflation rates are higher than this.

    • blighst on 04/04/2022 - 17:50
      +5

      I mean if you need risk free cash you need risk free cash. Earning 2% on it is better than earning 0%

  • Gomo on 04/04/2022 - 18:25
    +2

    In this day and age you're better off investing into companies then worrying about a 2% return on funds 🤭

  • WillKillfor5Cents on 04/04/2022 - 18:38

    So boomers excluded? Based.

    • abadacus on 04/04/2022 - 19:50

      What is based?

  • Mr x on 04/04/2022 - 19:33

    This or put in offset bank account

    • abadacus on 04/04/2022 - 19:51

      Is your mortgage charging more or less than 2%

      • Russ on 07/04/2022 - 13:01
        +1

        Not the correct comparison. Interest on a savings account is taxed at your marginal tax rate, likely 32.5%. So the actual benefit to you is 1.35% (=2% * (1-0.325)).

        With an offset account, the interest benefit isn't taxed. So it's better to put money into the offset account if your home loan interest rate is higher than 1.35%.

    • ol mate on 04/04/2022 - 20:25
      -1

      pfft. What 14-35yo has a mortgage to offset?

  • jar-unit on 04/04/2022 - 19:42
    +2

    Man 2%! This is a negative real interest rate with inflation at 10%+. You would at the very least look into putting your money in index funds

  • RotundPolarBear on 04/04/2022 - 20:25
    +9

    People keep saying putting money into ETFs are better, but a savings account is obviously a completely different use case to investing. It's where people would put their spare funds that aren't actively invested.

    It's highly risky to have 100% of your funds invested with no rainy day cash put aside. So you might as well put the spare cash in a high interest account.

    Anyway I'm too old to take advantage of this deal. Shame.

    • KangaDrew on 04/04/2022 - 23:20

      Never let the facts get in the way of ill-advised financial advice pretending to be something it's not.

  • zebargaro on 04/04/2022 - 21:24
    +1

    I thought I can get away by just opening a savings account without an everyday account, so I selected to open a "Simple Saver" account. Turns out this is a different savings account and doesn't have the same interest rate.

    So make sure to open an "Everyday Account & Saver Account" when you apply.

  • billsa on 04/04/2022 - 22:50

    Westpac has the same 2.00% p.a with easier terms: though only up to $30,000 & 18-29 years old https://www.westpac.com.au/personal-banking/bank-accounts/sa…

    How your interest adds up
    Earn interest on your savings: 0.15% p.a.
    Get a bonus each month you grow your savings: 0.10% p.a. NO MINIMUM SO U CAN ADD JUST 1¢
    Get a bonus for 5+ debit card uses a month: 1.75% p.a. I JUST USE MY CARD ON PAYPAL TO SEND 1¢ TO MY OTHER PAYPAL ACCOUNT (paypal takes 1¢ commission so you get charged 2¢)
    Total interest including bonuses: 2.00% p.a.

    All interest rates are variable and subject to change. Spend&Save applies to eligible card purchases only and to balances held in Life accounts up to $30,000. The 1.75% bonus does not apply to amounts above that balance.

  • rektrading on 05/04/2022 - 00:39

    2.00% p.a. Interest on Balances up to $50,000

    The CPI is +3%. 😭

  • ForkSnorter on 05/04/2022 - 08:49
    +1

    Say you deposit $38k and meet all the criteria, and deposit $1k per month. Then you'll make only about $800-$900 in interest per year, and you'll be taxed about $300 of that, so you'll only end up with $500-$600. I'm not sure that's a very productive use of that money considering the level of inflation we're dealing with right now.

    • ayaka on 22/05/2022 - 18:04

      I think the boq offer is good if you're keeping an emergency stash (10-20k) in cash.

  • jwsc on 06/04/2022 - 12:48
    +1

    with the 5 transactions, we used to do it on beemit, but ever since they got brought out by eftpos, it doesn't work anymore.
    Anyone found an alternative?
    Cos, doing 20 (ING and Westpac for me and my partner) 1c transactions at Woolies every month always gets me lots of stares, upping it to 30 is not ideal…

    • BuyNow Think Later on 06/04/2022 - 19:20

      Are you saying Beemit doesn't meet the minimum 5 eligible monthly transactions required by BOQ as well as ING and Westpac?

      • jwsc on 07/04/2022 - 07:20

        Beemit transactions are now considered epftos transactions not card transactions, apparently they're different.

        I don't know if westpac counts but it is efptos to them as well. You're more than welcome to risk your bonus interest, but I didn't…obviously haven't tried boq

        • drakdaystar on 07/04/2022 - 09:55
          +1

          Westpac works, I do it every month

          • jwsc on 27/04/2022 - 16:56

            @drakdaystar: I just did the beemit ones and called Westpac to double check. They said it doesn't count. Guess i'm going shopping tomorrow. Friday's probably cutting it a bit close…

    • reivaxX on 10/04/2022 - 22:09
      +2

      I tested it earlier and I can confirm my beem it transactions count as valid transactions for boq bonus interest. I know this because the transactions are no longer in pending status and under the future savers account, it says "yes" for bonus rate activated next month

      • egglings on 02/05/2022 - 12:27

        cheers - confirming did that the same and worked for me

    • ayaka on 22/05/2022 - 18:05

      What kind of transactions at woolies are you doing that are 1c each?

  • WallybR on 14/04/2022 - 11:09

    Why would someone want a high interest saving? Highest question. Wouldn't you be better investing into higher return and only slightly higher risk areas? Stable coins crypto, blue chip stocks, especially at these age brackets where you can afford to take more risk. Or is this maybe for someone on the cusp of getting a home loan

  • sub102 on 20/05/2022 - 13:54
    +1

    Rate just got increased to 3%

    • reivaxX on 20/05/2022 - 14:51
      +1

      Thanks post updated

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