This was posted 1 year 11 months ago, and might be an out-dated deal.

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3.00% p.a. Interest on Balances up to $50,000 for 14-35 Year Olds (Criteria Apply) @ Bank of Queensland

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3.00% p.a. Interest on Balances up to $50,000 for 14-35 Year Olds (Criteria Apply) @ Bank of Queensland
Go to Deal
AussieBogan on 20/05/2022 - 11:07 boq.com.au (2703 clicks)
Last edited 16/08/2022 - 17:05 by 1 other user

Credit to reivaxX for the original deal, BOQ has now increased the interest rate for future saver account to 3% p.a.

Monthly criteria for bonus interest

  • $1,000 minimum monthly deposit
    Transfer a minimum of $1,000 each month (like your salary) into your linked Everyday Account.
  • Make 5 or more eligible transactions
    From your linked Everyday Account each month. Eligible transactions include direct debit payments, ATM withdrawals, BPAY payments or purchases with your Visa Debit Card.

If you're aged between 14-17 years of age, the criteria are waived so you'll earn Bonus Interest every month on your Future Saver balance.

Financial Bank Account Savings Account

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closed Comments

  • JuryWheel on 20/05/2022 - 11:11
    +2

    Anything decent for under 14 year olds?

    • payless69 on 21/05/2022 - 13:37
      +2

      Maybe a bottle from BOC gas to make you high?

    • jcguy7 on 12/07/2022 - 10:32

      Probably the GSB Youth eSaver account, 3.25% per annum with no criteria but only up to $5000. Any amount over $5000 earns 1% interest

  • digitalane on 20/05/2022 - 11:21
    +5

    Or over 35!

  • ATangk on 20/05/2022 - 11:24
    +3

    I used to have the one up to 25 years. But I hate BOQ interface…

    • gimli on 20/05/2022 - 11:58
      +7

      Hate leads to the darkside of the force..

    • Gyr on 20/05/2022 - 12:06
      +4

      They changed their interface when the 35year account began, it's much better now and has Osko and other features it was missing. Only downside is it's mobile app only.

      • ATangk on 20/05/2022 - 13:02

        Maybe time to switch back.

      • ATangk on 20/05/2022 - 13:33

        Btw do you know their osko limit? Their interface looks strangely similar to westpac

        • Gyr on 20/05/2022 - 13:53

          It's $1000

          • ATangk on 20/05/2022 - 14:27

            @Gyr: Hmm sometimes I wish it were more, the 1k restriction is the same as INGs. I moved 30k from westpac in an instant. Also, I figured it out: their interface is literally identical to virgin money. Turns out BOQ own them.

      • KangaDrew on 20/05/2022 - 23:11

        Yep, and they back Virgin Money, which was the guinea pig for BoQ before they switched over to app only,

        From someone who switched to Virgin and is now leaving them 6 months later, the only advice I can offer is steer clear. If it is anything like Virgin, the app is slow and is gets "upgraded" regularly, resulting in downtime. If you can't login, you can't access your account - period.

        And to get through to customer service via phone takes upwards of 40-60 mins.

    • Tuttorix on 09/06/2022 - 12:39

      Never used it before but I actually really like this current interface. It seems fairly similar to Westpac.

      • ATangk on 09/06/2022 - 12:59

        Current one has loading screens everywhere. But the OLD interface was beyond terrible.

  • dogboy on 20/05/2022 - 11:26
    -8

    How can they make offers like this that discriminate on age? Seems quite immoral & unethical. Thoughts?

    • z28 on 20/05/2022 - 18:06

      I used to be under 14 once. At 14 I didn't have $50K. I married before I was 35 so pretty sure I didn't have $50K. That was a long long time ago.

    • sween64 on 09/06/2022 - 09:48
      +1

      It is positive discrimination, it gives a certain age group a benefit, like providing discounted haircuts to pensionsers. It is not unlawful. Whether it is unethical that's for society to decide, I don't think so.

      Age Discrimination Act 2004:

      Division 4—General exemptions

      33 Positive discrimination

                     This Part does not make it unlawful for a person to discriminate against another person, on the ground of the other person’s age, by an act that is consistent with the purposes of this Act, if:

                 (a)  the act provides a bona fide benefit to persons of a particular age; or

      Example 1: This paragraph would cover a hairdresser giving a discount to a person holding a Seniors Card or a similar card, because giving the discount is an act that provides a bona fide benefit to older persons.

      Example 2: This paragraph would cover the provision to a particular age group of a scholarship program, competition or similar opportunity to win a prize or benefit.

  • Meovel on 20/05/2022 - 11:27
    +2

    Does beem work for 5 transactions?

    • plastererJazz on 20/05/2022 - 12:18

      Direct debits (e.g. your gym membership or insurance)
      Card purchases – using your eftpos card (access card) or Visa Debit Card
      ATM withdrawals – using your eftpos card (access card) or Visa Debit Card
      Any online purchases using your Visa Debit Card

      • Jason Genova on 20/05/2022 - 14:34

        can we do 5 1c transactions at woolies/coles?

        • Ernestpogi on 22/05/2022 - 01:06
          +1

          I do this on my virgin money card and it works. For my ING, I deposit 5 $1 on my thelott account.

    • Gyr on 20/05/2022 - 13:23
      +3

      Yes. I've received interest for April with only Beem transactions.

  • Kenn Oath on 20/05/2022 - 11:38
    +4

    Can I use Internet Banking to manage my Future Saver?

    Future Saver accounts are managed via the myBOQ app. Easily transfer money, set savings goals and check your accounts balances, all from your mobile device.

    Does it bother anyone else when banks don't have online banking available and force you to use their app?

    • kicha on 20/05/2022 - 11:39
      +4

      Yep, I prefer doing everything on my computer.

  • bargain4all on 20/05/2022 - 11:49

    Do we automatically get it if already with BOQ?

  • JAF on 20/05/2022 - 11:51

    Has anyone tried the new BOQ app? Is it much better than the old one?

    • AussieBogan on 20/05/2022 - 11:52

      I never tried the old one but I can confirm the new one is OK to use

    • kicha on 20/05/2022 - 12:25

      The new one looks ok, looks the exact same as Virgin Money if you have that

    • Randomologist on 20/05/2022 - 13:11
      +1

      It's miles better, even if only for the fingerprint sign in. The last one was horrific but this one seems like something from this century.

      • KangaDrew on 20/05/2022 - 23:13

        Good luck trying to access your account when the app goes down. I've had extensive issues with Virgin, and if you can't log in, you can't access your accounts as it's all app-based.

  • geek001 on 20/05/2022 - 11:56
    -1

    Bonus 0.8% interest for balances between $50k and $250k. Does that mean if you have a 14 year old, you can put your offset account balance to earn 3.8% interest - mortgage interest for doing nothing?

    • Kramo on 20/05/2022 - 12:02

      Nah, it's not 3% + 0.8%, it's 0.8% as an alternative interest rate once you hit $50k.

      • geek001 on 20/05/2022 - 12:06

        Oh, I see. Too good to be true I guess. Oh well.

  • AssociatedDrakesy @ BOQ on 20/05/2022 - 12:25

    Is it just me that when you click on apply now, future saver isnt an option?

    • kicha on 20/05/2022 - 12:27

      I got it via the "Everyday Account & Saver Account" option.

      • AssociatedDrakesy @ BOQ on 20/05/2022 - 13:16

        ah ok.
        Cheers

      • everydayimbargaining on 23/05/2022 - 21:07

        hey, how did you get this option?
        I clicked on Everyday Account and Saver Account and couldn't see the Future saver option

        • kicha on 23/05/2022 - 23:13

          It wasn't a separate option, it was just the account I got when I signed up through "Everyday Account & Saver Account" . YMMV

  • mehow on 20/05/2022 - 13:40
    -2

    Isn't this age discrimination?

  • Jason Genova on 20/05/2022 - 14:29
    +1

    just opened

    the app interface is almost identical to the virgin money app, except blue

    • KangaDrew on 20/05/2022 - 23:15

      That's because BoQ own Virgin Money. And Virgin's app was the guinea pig before BoQ went live with tiers. The UI is identical as it was from the same developer. So if you get any issues on your Virgin app, you'll get the same on BoQ.

  • ayaka on 20/05/2022 - 14:43
    +1

    Just opened one, but, how do you get your 'access code' to login into the mobile app?

  • Jason Genova on 20/05/2022 - 15:49

    really easy process

    just transferred 1k and moved it back out, transferred 50k into the saver

    • Jpo on 20/05/2022 - 23:17

      Don't have to make the $1000 deposit for the bonus interest in the first month

  • F1ngolf on 20/05/2022 - 16:53
    +1

    For joint account, does anyone know if the age criteria applies to both account holders or just any account holder to qualify for the bonus interest?

  • gungirlyuna on 20/05/2022 - 23:06

    This is better than some offset accounts

  • ashtdp on 21/05/2022 - 00:19

    FAQs say we can open upto 9 saver accounts. Does the $50k limit apply for combined balance or can we have multiple accounts with $50k in each and earn 3% on each of those accounts?

    • Meovel on 21/05/2022 - 00:59
      +1

      I asked they said limit is against sum of balance of all accounts however joint account's limit is separate from personal account.

    • trashcan on 01/07/2022 - 21:59

      I have two accounts and got the bonus interest on both. The combined balance was a little over $50K

      • ashtdp on 01/07/2022 - 22:27

        That’s great..

        Is that 2nd Saver account linked to same Everyday account and all of them under same App login? Or did you create seperate set of Everyday and Saver accounts with 2 different logins?

        • trashcan on 02/07/2022 - 16:22

          One every day account and 2 savings account under the same login

      • BuyNow Think Later on 02/07/2022 - 20:35
        +1

        Can you confirm you earned 1.00% combined Base + Bonus rate on the balance over $50k?

        • trashcan on 05/07/2022 - 12:17
          +1

          Yes. Got 3% on my total balance (over 50K) accross 2 savings account.

  • Meovel on 21/05/2022 - 01:00

    Has anyone successfully opened a joint account?

    • beta4me on 23/05/2022 - 17:06
      -1

      Yes. Joint everyday and 2x joint saver. So, between us, up to $150K eligible for 3% p.a. interest rate.

      • Meovel on 23/05/2022 - 17:38

        I always get error when "join an application", chat couldn't help, will try call then.

      • Harold Halfprice on 26/05/2022 - 17:06

        So, between us, up to $150K eligible for 3% p.a. interest rate.

        How does this work?

        • beta4me on 27/05/2022 - 10:55

          $50K for me. $50K for her. $50K in a joint a/c.

      • ramona on 29/07/2022 - 19:06

        Do you have to deposit 2k each month instead of 1k since its a joint account?

        • beta4me on 05/08/2022 - 13:20
          +1

          No, but it is $1K per account.

          • ramona on 05/08/2022 - 13:29

            @beta4me: I dont understand. So between you and your partner, You have 2x joint savers = 2 accounts. So 2k each month?

  • beta4me on 23/05/2022 - 12:33

    I use PocketSmith for personal finance and budgeting management. It predominantly leverages Yodlee for bank data feeds. As there is no Internet Banking access for myBOQ (it's mobile only), I'm presuming Yodlee isn't (yet?) compatible..?

  • mjoe on 01/06/2022 - 10:20
    +2

    If I have 50k in the savings account can I transfer in 1k to the everyday account, make five purchases, then move the remaining amount back out and still qualify for the 3% rate?

    • boomersgold on 31/07/2022 - 21:16

      Didn't you get an answer to this? This is what I plan to do as well. That way, I don't have to keep transferring in/out of the savings. Just keep the 50k there untouched.

  • sashatheman on 01/06/2022 - 21:52
    +2

    Tried to open an account. stupid SMS codes sent dont seem to work. Now locked out before even completing the set-up.
    It says call us 24 hours a day, yet, when I call in the evening the robot voice tells you to call back tomorrow. useless.

  • kaij on 02/06/2022 - 23:20

    Has anyone moved over to BOQ? How's the lack of internet banking / overall UI & experience?

    • Tuttorix on 09/06/2022 - 12:45

      There is internet banking?

      • kaij on 09/06/2022 - 13:31

        All the previous comments have stated through myBOQ app only? Not sure if true or not

    • tonydarcy on 10/06/2022 - 10:26
      +3

      There is no internet banking. The app's UI is good, but loading times for certain screens is a bit long and occasionally times out. Overall, I'd say it is acceptable, but not great.

  • MeesusEff on 09/06/2022 - 11:12

    What happens after you turn 36?

    • Tuttorix on 09/06/2022 - 12:45

      Drops to 0.8%.

    • Fobsessive on 09/06/2022 - 22:07
      +4

      They take you out the back and you're never seen again

  • robhung on 19/06/2022 - 19:03

    Does anyone open more than one future saver account? The FAQ says you can have up to nine accounts, but I don't understand why you would.

    ubank (ex-86400) does the same thing but explicitly says that all 10 save accounts get their bonus interest. I don't see any wording in BOQ that mentions you get 3% up to $50,000 for each future saver account.

  • oldmate78 on 23/06/2022 - 18:36

    Can someone confirm the everyday account is linked to the “future saver” and not the “super saver”?

    Accidentally opened a super saver only and want to close the wrong savings account. TIA.

  • postform on 24/06/2022 - 13:59

    FYI. BOQ is rubbish. I don't even know if its worth keeping money with them for 3%. Thats how bad their customer service is and technology is. Very insecure and I doubt if you have issues with your account that you'll be able to take it out with ease.

    For your information, they locked my account when trying to add in gpay and then calling they want me to do lots of validation to unlock my account, with money stuck it. Even though I have validated using my ID. And on top of that, this is with an operator who is passive aggressive. I've never had a bank experience this bad.

  • unknown-entity on 25/06/2022 - 14:20

    Anyone know if you can connect your myBOQ account in the UBank app (open banking)?

  • smeng on 29/06/2022 - 17:14
    -1

    "Transfer a minimum of $1,000 each month (like your salary) into your linked Everyday Account"

    can i transfer $1000 from another account into BOQ?

    "Make 5 or more eligible transactions
    From your linked Everyday Account each month. Eligible transactions include direct debit payments, ATM withdrawals, BPAY payments or purchases with your Visa Debit Card."

    Can i just withdraw 5x $20 from a BOQ ATM for this to qualify?

    • ramona on 05/08/2022 - 13:34

      Yes. You can do this!

  • Xxmilker69xX on 05/07/2022 - 16:38

    Has anyones bonus rate dropped to 0%?

  • whapkaplit on 12/07/2022 - 13:16

    How long has the application process been for people? Seemed like a pretty archaic process: I had to print out a form and take it into a branch personally. Been over a week and haven't heard anything.

  • AssociatedDrakesy @ BOQ on 14/07/2022 - 15:45

    Did anyone actually receive their bonus interest?
    Mine never came through.

    • akafinal on 17/07/2022 - 12:00

      How long has it been since you moved your money over? As far as I understand it, it will take 2 months for the interest to show up. Go to their link https://www.boq.com.au/personal/banking/savings-and-term-dep… -> How do I qualify for bonus interest? for the example they gave.

      • AssociatedDrakesy @ BOQ on 17/07/2022 - 12:32

        Ahhh that's great
        Thanks for the clarification

        • akafinal on 17/07/2022 - 12:39

          Nw. I quit BOQ after a couple of days because of the horrendous experience though. Maybe it's just that I'm unlucky but i'm keen to hear other people's experience too

          • AssociatedDrakesy @ BOQ on 17/07/2022 - 12:49

            @akafinal: MIght do the same, back to ubank i go.

  • akafinal on 15/07/2022 - 16:52

    I have recently applied for this deal after reading all the reviews here and on Product Review. After 3 days, I decided to close the account and here's my recent review on Product Review. Hope it will help somebody:

    Breakdown of what I experienced from the WORST bank of all time:

    1. I couldn't transfer money out of my account via bank account transferring as the 'Next' button is greyed out (see attached file) and the account I'm transferring to is ING Australia. Please note the amount I'm transferring is below my daily limit and the button is green if transferring using payid. I've been trying for an hour but it's still the same.
      Basically my money has been locked up. This is absolutely ABSURD from BOQ.

    2. Ridiculous hoops to get the interest rate:

    - You have to always transfer $1000 to your Everyday Transaction account first before your Future Super account so always have to remember that.
    - It takes a whole month to be eligible first before you can get the interest.

    1. Customer experience is the worst I have ever seen:

    - The call queue is just excruciatingly long (usually around 1-2 hours for me every time with the confusion between BOQ and MyBOQ teams).
    - During the call to report the error in point 1. I deliberately choose the option to talk to Tech department because this is 99% a tech issue. The guy picked up the phone told me, however, that he's not from Tech, he only does banking and he does not know why I'm having the issue???

    I read most reviews here before opening an account with them because I thought I can learn from the reviews and not make the same mistakes (e.g. the access code that people been complaining that keep forgetting and need to call in to reset it) but oh boy, I'm totally wrong.

    DO YOURSELF A FAVOUR AND GIVE THIS BANK A PASS.

    • ashtdp on 18/07/2022 - 12:42

      Well I didn’t do any transfers out after opening account about 2 months ago after seeing this post.

      After reading your comment, I went and did 3 test transfers 100$ each to 3 different bank accounts of mine including ING and all the transfers were seemless and instant by OSKO. Had no issues.

      You mentioned you opened and closed account within 3 days. I remember when I opened when I opened account I couldn’t activate Apple Pay for this card despite the message it showed I can start using Apple
      Pay while waiting for debit card but the Apple Pay couldn’t be activated until the physical card is dispatched which took some time. Probably their account services don’t get activated fully until all services activated which seems to be bit slower process with them. May be if you had let the account site for couple of weeks and tried, that could’ve worked. Not ideal but that’s a compromise if you want this high rate savings account.

      • akafinal on 24/07/2022 - 19:38

        Thanks for sharing. I was actually able to use the Apple Pay before I got the physical card and I did my 5 purchases already.
        Then decided to transfer out after realising it took one whole month to be eligible for the high interest. That's when the issue above happened.

        • ashtdp on 24/07/2022 - 23:22

          Well again they did mention the account would be eligible for bonus interest in the first month account is opened without having to do transactions and deposit.

          • akafinal on 24/07/2022 - 23:33

            @ashtdp: I'm not sure about this. I checked the website, which stated it would take 2 months for the interest to show up. You can go to their link https://www.boq.com.au/personal/banking/savings-and-term-dep… -> How do I qualify for bonus interest? for the example they gave.
            I also called them up before to confirm this. Some people above this thread was as well complaining about their interest rate never coming through.
            Unless I'm missing something here, it's the second month that you will start getting the interest (or you can deposit $2000 first month and get it out of there, wait for a month and deposit your whole money into there but may have to confirm with them first. And good luck getting a hold of them).

            • ashtdp on 24/07/2022 - 23:47

              @akafinal: I don’t know how to post screenshot but here is the note from web link posted by OP.

              You will find this a bit down in the page in the section “How to Earn Bonus Interest”

              “Note: To help you get started on reaching your savings goals, you'll start earning Bonus Interest straight away after opening your Future Saver Account. To continue to earn Bonus Interest each month, you'll need to meet the above Bonus Criteria.”

              • akafinal on 25/07/2022 - 01:01

                @ashtdp: If you go to their link in the thumbnail and then search for

                How do I qualify for bonus interest?

                You'll know how they calculate the interest rate.

              • boomersgold on 31/07/2022 - 21:44

                @ashtdp: Were you able to confirm this? That you'll get interest in the 1st month without having to meet the conditions?

                • ashtdp on 01/08/2022 - 00:45

                  @boomersgold: Yes, I can confirm this.

                  Here is my experience,

                  • Account opened on 3rd June
                  • Transferred money into savings account on 15th June
                  • Received Bonus interest on 1st of July.
  • axus350 on 02/08/2022 - 08:24

    For anyone who was unlucky enough (like myself) to lock themselves from their account, is there any other way to unlock besides calling the hotline for myBOQ App support?

    I've called on 3 separate occasions, been on hold for over 2.5H cumulative and either couldn't wait any longer or BOQ disconnected the line.

    At this point, I may as well just chuck it in the offset account with all the internet rate rises.

    • BuyNow Think Later on 06/08/2022 - 10:10

      Why your account is locked?

      • axus350 on 06/08/2022 - 12:43

        Entered password incorrect x3 times. They sent me two codes; both didn't work.

        BOQ finally returned my call after leaving messages and emails on their website….a month later. I told them to cancel all my accounts and their customer service is less than desirable. CSR was understanding.

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