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


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.

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  • +2

    Anything decent for under 14 year olds?

    • +2

      Maybe a bottle from BOC gas to make you high?

  • +5

    Or over 35!

  • +3

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

    • +7

      Hate leads to the darkside of the force..

    • +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.

      • Maybe time to switch back.

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

        • It's $1000

          • @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.

      • 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.

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

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

  • +2

    Does beem work for 5 transactions?

    • 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

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

        • +1

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

    • +3

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

  • +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?

    • +4

      Yep, I prefer doing everything on my computer.

  • Do we automatically get it if already with BOQ?

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

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

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

    • +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.

      • 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.

  • -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?

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

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

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

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

      • ah ok.

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

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

  • -2

    Isn't this age discrimination?

  • +1

    just opened

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

    • 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.

  • +1

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

  • really easy process

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

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

  • +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?

  • This is better than some offset accounts

  • 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?

    • +1

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

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

      • 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?

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

      • +1

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

  • Has anyone successfully opened a joint account?

    • -1

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

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

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

        How does this work?

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

  • 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..?

  • +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?

  • +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.

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

    • There is internet banking?

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

    • +2

      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.

  • What happens after you turn 36?

    • Drops to 0.8%.

    • +4

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

  • 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.

  • 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.

  • 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.

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

  • -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?

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