This was posted 1 year 8 months 29 days ago, and might be an out-dated deal.

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3.50% p.a. Interest on Balances up to $50,000 for 14-35 Year Olds (Monthly Criteria Apply for 18+) @ Bank of Queensland

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3.50% p.a. Interest on Balances up to $50,000 for 14-35 Year Olds (Monthly Criteria Apply for 18+) @ Bank of Queensland
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AssociatedLjcoccio @ Savings.com.au on 16/08/2022 - 16:45 boq.com.au (2053 clicks)
Last edited 19/09/2022 - 16:07 by 1 other user

Credit to AussieBogan for the deal back in May, BOQ has now increased the interest rate for its ‘Future Saver’ account to 3.50% 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.

See more: https://www.savings.com.au/news/boq-savings-increase-august

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        • gamerkonks on 02/09/2022 - 18:09

          Mine's actually being hit and miss now and I'm having some issues with zygisk, but I'm finding having the app install on a work profile, using the app "Island" by Oasis Feng, works well.

          • xiahwolf on 02/09/2022 - 18:41

            @gamerkonks: If you have time, would you be able to type up some quick instructions on how to set up Island? I've downloaded it but don't quite know how to set it up 😅

            Edit: I've cloned the app from mainland to island but even opening the app from island results in a lock.

  • tonsta on 17/08/2022 - 13:04
    +3

    LOL… interest rates for Unicorns, 14-35 Year Olds with $50,000

  • nussbuster on 17/08/2022 - 14:41

    Service for me has been reasonably good, only needed them once and they sorted it fine.

    Good deal.

  • cnrmlj on 17/08/2022 - 16:39

    How long does it take to transfer ANZ -> BOQ? ANZ -> CBA is immediate but my transfer to my new BOQ account hasn't gone through. Maybe the ANZ Owl has held it up.

    • mei mei on 17/08/2022 - 17:04

      Same day or half day during business day.

      • cnrmlj on 18/08/2022 - 16:19

        Money ($11k) just came through. So took just under 24 hours.

    • aimanzain on 18/08/2022 - 13:18

      I've had similar issues transferring to/from BOQ. Anything more than like $1k would take 2-3 business days despite them doing instant Osko payments for lower amounts.

      Some friends and I have had a multitude of issues and obstacles using BOQ that has meant I'd rather keep my money elsewhere like ING or ubank..

  • The Aeon on 17/08/2022 - 17:32

    Bit confused, haven't had a non-offset bank account in a while. If I have my salary go into the account and just use it as a normal every day account, I.e. pay bills, groceries, set up direct debits etc, I'll still get the 3.5% interest rate? It's not one of those ones that need to grow X amount month on month, or a maximum amount of transactions/ withdrawals? I read the page and nothing seemed to suggest I can't use it like a normal account.

    • mei mei on 17/08/2022 - 19:01
      +1

      Yes, you can still get the 3.5% from future Saver Account or Smart Saver Account.

  • callum54 on 17/08/2022 - 20:02

    Does the monthly $1000 transfer requirement need to be deposited directly into the linked Every Day account or directly into the Growth Saver account?

    • mei mei on 17/08/2022 - 21:02
      +2

      $1,000 directly into your linked Everyday Account. Not directly into smart saver account.

  • Geekomatic on 18/08/2022 - 14:58

    Wow, to all of the negative reviews!

    You know your service is really bad when an OZB're says the money isn't worth it! Yikes.

  • izkai67 on 20/08/2022 - 09:24

    the worst bank, no thanks.

    • cnrmlj on 20/08/2022 - 15:44

      I may live to regret this comment but not sure how they can stuff up a simple savings account. It took a day to get the money into the account. It seems to be accruing interest OK. Will see how it goes over the next few months / year or so.

  • domo653q on 21/08/2022 - 11:51

    Would I earn interest for this Month, if I signed up just this month ? or would I not earn interest for another month ?

    • tlai on 21/08/2022 - 13:08

      Yes. My one is activated this month and next month already.

    • timhn on 21/08/2022 - 13:15

      On the signup page:

      Bonus interest will automatically be deposited into your account the following month once you've met the Bonus Criteria*

      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.

  • boomersgold on 21/08/2022 - 15:13

    Is there any way to keep track of the criteria we've met/yet to meet for each month? Wouldn't want to wait until the end of the month only to miss out on the interest because of 1 missed transaction.

    • tlai on 21/08/2022 - 15:16
      +1

      It tells you in the app if you've met the criteria or not.

    • timhn on 21/08/2022 - 16:40

      Setup schedule to do all the requirements in 1st week of the month.

      • mei mei on 22/08/2022 - 18:32

        Yes. Me too.

    • sashatheman on 25/08/2022 - 12:09

      in App it says Bonus rate activated next month, which will say yes or no.

  • david6509 on 22/08/2022 - 22:33

    Just made the account and it says I have activated the bonus rate for this month and next month without doing anything? Is this a bug or do I have to make the 5 transactions to actually get it?

    Nvm just read the comments above 😅

    • sashatheman on 25/08/2022 - 12:26

      apparently BOQ automatically gives you bonus interest without having to meet the requirements.

  • sashatheman on 25/08/2022 - 12:06

    Does the rate automatically increase to 3.5% for those who signed up when it was 3.0%?
    Anyone using the App where would I see the interest rate I am earning on?

    EDIT:
    Answered both my questions myself
    Yes it automatically went to 3.50%
    To check you go to the Future Saver account, press the three dots on top right, Account details, and it will show you the interest earning amount. It should be base rate 0.05% and bonus rate of 3.45%

  • sashatheman on 25/08/2022 - 12:23

    Piece of advise. In the app, go to Profile > tax details, and make sure Australia is selected as country and your Tax file number is added. Otherwise the app will think you are a foreign person and withhold tax every time you earn interest.
    Happened to me, i added the TFN and got the withholding reversed.

  • Xxmilker69xX on 29/08/2022 - 10:57

    Do the $1000 deposit and the 5 transactions need to be done in the previous month to unlock it for next month? example, if I deposit $1000 and do the 5 transactions in August, it will unlock it for September?

    • whey4000 on 29/08/2022 - 12:24

      Correct

  • mei mei on 04/09/2022 - 18:12

    BOQ Smart saver account 3.1% cap for 250,000

  • david6509 on 14/09/2022 - 10:22
    +2

    come on boq we need 4%

  • firestint on 14/09/2022 - 10:26
    +1

    Did all the requirements and still seeing no bonus rate activated for the next month, anyone else having the same issue? Support is also hopeless, no response from their live chat and have been waiting on the line for about 30 mins

    • tlai on 14/09/2022 - 11:58
      +1

      I am waiting for my one to change as well.

      • firestint on 14/09/2022 - 14:14

        I am not fully bought in but after waiting for almost 45 mins, support said that given my 5th transaction only went though today despite paying for that on Monday, I should wait for another 24 hours and check if my bonus rate would be activated.

        • tlai on 16/09/2022 - 10:09

          Still no change? My one hasn't changed and it's been a few days since my last transaction.

          • firestint on 16/09/2022 - 23:32

            @tlai: Mine has updated to bonus unlocked, but I did do a couple more BPAY transactions just to be safe so not sure which transaction triggered the unlock.

            Give them a call if you're willing to wait, they can go through your transactions one by one to verify if you're eligible.

            • tlai on 17/09/2022 - 08:33

              @firestint: I might have figured it out. It's not counting Bream from another bank as a deposit and the deposit only counts if it's in the everyday account.

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