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4.00% 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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4.00% 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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david6509 on 19/09/2022 - 15:37 boq.com.au (3067 clicks)
Last edited 19/10/2022 - 16:11 by 1 other user

BOQ just replied to one of my comments on facebook.

"We understand how important a good rate is for our savings customers, which is why from 20 September, we'll be lifting the rate on myBOQ Future Saver account to 4.00% p.a. 👏 Terms and conditions apply, you can check out our website for more information from tomorrow"

Also 3.35% p.a. on Smart Saver account

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.

Financial Bank Account Savings Account

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closed Comments

        • Unorthodox on 20/09/2022 - 11:43
          +1

          No,

          His original comment suggested the deposit of $1000 would not count if it were added that month.

          You need to transfer the entirety into the savings account less enough for the 5 transactions.
          e.g each month you transfer $1005 in and you keep $5 for the transaction account for the five payments and put the $1000 into the savings

          First month you can put everything into the savings as they make the first month without requirements but you'll need to still make 5 payments this month to make yourself eligible next month.

          In contrast, some other banks require you to meet the bonus reqs retrospective meaning you can only earn bonus interest from the second month so no point in putting all your money in until you've locked in the bonus reqs for the next month and it's the start of the next month

      • capslock janitor on 29/09/2022 - 22:47

        BoQ bonus interest is applied in the first month so you don't need to wait a month to get the previous reqs.

        Is this why I deposited $1k without doing the 5 txns requisite; and it says "Bonus rate activated next month: Yes" = October = First month?

        • Unorthodox on 29/09/2022 - 23:30

          Unlike some banks, you automatically meet the criteria in the first month (September) - interest is calculated and earnt for the previous month (e.g the current month).

          Hopefully you made 5 transactions this month though so that you get the bonus interest rate for October….

          • capslock janitor on 30/09/2022 - 13:22

            @Unorthodox: Is interest calculated per day…? will we all be paid same day..?

            Hopefully you made 5 transactions this month though so that you get the bonus interest rate for October….

            Uh oh, make my way sometime today to ColesWorth for split GPayment sometime.
            Just realized base rate is 0.5% only gahdannggg.

      • capslock janitor on 26/10/2022 - 02:13

        So I don't get any interest from Everyday account balance? Only off savers…?

  • Drakesy on 19/09/2022 - 16:23
    +1

    Ubank all the way

    • linoc66 on 19/09/2022 - 23:40
      +2

      Wondering why this got neg'd, is there better than UB for 36+ ??? (excluding maxx 4 mth ones)

      • HcNguyen111 on 20/09/2022 - 08:48
        +1

        There are a few "better". ING, Virgin Money Lock Saver.
        http://opencomparison.xyz/d/leaderboard

        • linoc66 on 20/09/2022 - 11:08
          +2

          Ta for the reply, only 2 on that list, ING & Virg.
          For the overall pa $ differnce in the top 3, INGs 5+ transactions, Virg 32 days notice (term deposit), UB (where I'm already setup) is much less hassle, atm.
          This area is getting more competive, our $'s must be better value for them atm, will keep checking rates, & OzB ;-)

  • lovindeals on 19/09/2022 - 16:36

    FYI OP it's not up to 50k. Got 200k with them and i'm getting the full rate on it.

    • TimeOrMoney on 19/09/2022 - 16:42
      +1

      Reckon that's a difference between Future Saver and Smart Saver.

      Future Saver Account
      You can earn 3.50 %P.A. ^^ On deposit balances up to $50,000

      Smart Saver Account
      You can earn 3.10 %P.A.^^ On deposit balances up to $250,000

      • lovindeals on 19/09/2022 - 16:50

        I'm on the future saver.. so it's definitely not true that it's only up to 50k

        • Nathw on 19/09/2022 - 16:58
          +1

          Balance up to Base + Bonus Interest variable rate % p.a.*
          $50,000 3.50%
          $50,001 to $250,000 1.50%

          • lovindeals on 19/09/2022 - 17:05
            +6

            @Nathw: It's not reported correctly. It's 50k per account, you can have 9 sub accounts.

            So i got 4 sub accounts getting the full rate

            • Nathw on 19/09/2022 - 17:07
              +2

              @lovindeals: Wow

              • Gazpacho on 19/09/2022 - 18:46

                @Nathw: Can anyone else confirm this? Sounds too good to be true, and an oversight on BOQ's part to let someone have 9 x 50k = $450k all able to get the 4.00%

    • firestint on 19/09/2022 - 17:03

      Across 4 Future Saver accounts or 200k in one? Thought the bonus rate was limited to $50k by individual

      • lovindeals on 19/09/2022 - 17:07

        It's not per individual. Got 1 account with 4 future savers on it with 50k. All getting the full rate. You can have 450k with BoQ getting 4%

        • firestint on 19/09/2022 - 17:20
          +2

          From their FAQ -

          How many Future Saver accounts can I have?
          You can open up to nine Future Saver accounts to help keep track of different savings goals. Bonus interest is paid on the total balance of all Saver accounts that are held in the same name. The amount of bonus interest you will earn is determined by the balance in your account.

          Mind sharing how much interest you're getting each month?

          • lovindeals on 19/09/2022 - 17:27
            +3

            @firestint: Only moved most of my money into it first/second week of August. Around $110-136 going into each individual account.

            From my math, I am getting the full rate, not 1.5%.

            Also, the staff members showed me their accounts and explained how it worked. They're getting the full rate on multiple accounts too.

            • victorheaven on 19/09/2022 - 17:34
              +1

              @lovindeals: Looks like you've found the gem.

              I wonder if they will catch up to this as this is technically different from what their website says.

              • lovindeals on 19/09/2022 - 17:39

                @victorheaven: Hope not! Oh well atleast i'll get a few months worth of free interest rates

                • victorheaven on 19/09/2022 - 17:42

                  @lovindeals: Now I'm tempted to open some more accounts, 4% does seem very appealing.

                  Better than the 3.6% ING/Virgin and 3.35% (from next month)

                  • lovindeals on 19/09/2022 - 17:48

                    @victorheaven: Got 100k already maxed with ING, can't be bothered moving it lol!

                    But 4% is an amazing rate for sure.. hopefully they don't fix this "technical issue" ;)

            • firestint on 19/09/2022 - 17:36

              @lovindeals: That looks like the full rate applied per account. Great to know, I will open up more accounts now thanks!

              • lovindeals on 19/09/2022 - 17:40

                @firestint: Yeah, hopefully it's not a technical issue but I've seen from multiple staff members they're getting the full rate + a few other posts around here aswell

            • archiexyz on 19/09/2022 - 17:37

              @lovindeals: I've checked that with them before and was told it's the total balance, as per T&Cs, so it is probably a glitch. Is it worth the risk trying to get it only to find at the end of the month that it's been fixed and you've been getting 1.5%?

              • lovindeals on 19/09/2022 - 17:39

                @archiexyz: I did the same till the staff members explained and showed me their accounts and assured me the T&C's weren't correct (lol). Tried it out and i'm getting the rate hahaha

              • firestint on 19/09/2022 - 20:50

                @archiexyz: Even if it's a glitch, not much that we lose out. Can always transfer the excess to another bank like uBank

            • archiexyz on 19/09/2022 - 18:18

              @lovindeals: Did you open the account in a BOQ branch? I thought they weren't doing that.

              • lovindeals on 19/09/2022 - 18:38
                +2

                @archiexyz: No. Had all my money in the non-app BoQ.

                I wanted to transfer all my money to another bank because of the higher rate, then they told me the BoQ apps limit isn't 50k and will get the full rate on all the money I had

                • archiexyz on 19/09/2022 - 18:49

                  @lovindeals: Right. I only had 10K in the fast track starter and the app had only just come out when I moved over and the trainee banker probably had no idea

                • capslock janitor on 29/09/2022 - 22:58

                  @lovindeals: what non-App Boq?

          • Big Sexy Unit on 19/09/2022 - 17:28

            @firestint: quick maths would say $2k per 50k account per year
            so he would be on 8 grand a year or $666 a month roughly

          • capslock janitor on 28/09/2022 - 18:57

            @firestint: when is pay-date? @lovindeals
            is it same for everyone ?

        • kaij on 19/09/2022 - 22:02
          +1

          Hijacking this, did you have multiple everyday accounts to go along with each future saver? I’m tempted to try this if it’s only one everyday account linked to multiple saver accounts

          • lovindeals on 19/09/2022 - 22:36

            @kaij: Nah I just have the one account with multiple futures

      • yoshiyoshi on 19/09/2022 - 20:43
        +2

        So do you have to do the 5 transaction once and deposit 1k into one account or all 4?

        • firestint on 19/09/2022 - 22:39

          So I originally have 1 future saver that has the bonus rate unlocked for this month and next month. Just opened another account and it’s automatically unlocked for both months so I would say the steps required are once off

      • anaphylactoid on 04/10/2022 - 20:54

        Hi there if you don't mind me asking are you still getting the bonus rate on all your accounts? or have BOQ cottoned on?
        Are you having to make four $1000 deposits and 4 lots of 5 transactions?
        Cheers

    • Scottstots on 20/09/2022 - 14:38
      +1

      I had a chat with BOQ today and they confirmed that the bonus 4% interest is only applied on the first $50K and they will aggregate all your Future Saver accounts. On the website it also says that the bonus interest rate for balances greater than $50K and less than $250K is 2.5%.

      Based on my discussion with BOQ, I don't believe that the 4% is applied on each Future saver individually, however, it's possible that the system is glitching. I had to wait about 35 mins on hold to reach them, but just relaying their message to save everyone time.

      • victorheaven on 21/09/2022 - 10:30

        System is definitely glitching for this.

        I tested this on lovindeal's comment and confirmed that I'm getting 4% on total balance > $50k

        • Cropmy5 on 21/09/2022 - 19:50

          They'll probably patch this soon, so make the most of it for now I guess.

          • victorheaven on 22/09/2022 - 09:32
            +2

            @Cropmy5: Yeah. The risk is getting the low interest rate without realising once they fix it.

      • firestint on 22/09/2022 - 09:55
        +2

        Stop calling them :p

        They are now reviewing to rectify the loop holes. See this email I just received from them.

  • Joseph Ng on 19/09/2022 - 16:36
    +1

    You may not trust their app, but surely their saving rates.

  • claudefrog12345 on 19/09/2022 - 16:47
    +1

    Do you have to be under 35, or under 36?

    • denserham on 19/09/2022 - 23:51
      +3

      Under 36. When you turn 36 the next month your accounts will auto change from future savers to smart savers.

  • Pulseless on 19/09/2022 - 16:49
    +1

    What’s your next move ubank?

  • billsa on 19/09/2022 - 17:03

    any signup promotions?

  • xrailgun on 19/09/2022 - 17:33
    -2

    So should we wait until tomorrow to open an account with them?

    • Nathw on 19/09/2022 - 17:52
      +3

      Why is it getting downvoted lol.

      • xrailgun on 19/09/2022 - 17:53
        +2

        i guess someone knows the answer and thinks it's a stupid question ¯\_(ツ)_/¯

        • archiexyz on 19/09/2022 - 18:17
          +3

          Rate is variable for everyone, not fixed or introductory - it goes up/down for everyone, new and existing accounts on said date.

    • indecim on 19/09/2022 - 20:54
      +3

      This is a change in the base rate e.g. variable portion, so it does not matter whether you open it today or tomorrow, you'll ahve the same effective interest rate as of tomorrow

  • transitory inflation on 19/09/2022 - 18:28

    Hey guys. First comment on OB so please be nice.

    If I want to move my funds from ING to BOQ, which day of the month would be ideal?

    Cheers

    • askbargain on 19/09/2022 - 18:31
      +1

      depends on the day your ING account was created. you multiply that by 2, add 5, and then do what stanley says

      does it really matter? just send it during the weekdays if you worried about losing a few cents

    • indecim on 19/09/2022 - 20:53
      +2

      Majority of banks calculate interest daily and charge monthly, so it doesn't matter which day would be ideal. However, to account for transfer delays, it's best to do it inbetween weekdays, e.g. between Monday - Thursday, If you transfer on Friday there may be a chance your transaction doesn't go through until Monday, so you're missing 2 days of interest.

    • Gyr on 21/09/2022 - 08:54

      Probably first day of next month so that you don't lose out on all the current month's interest for breaking ING's grow balance rule.

  • fedex11 on 19/09/2022 - 19:46
    +3

    Can you be 35 years old (but below 36 years old) now and qualify for the rates? Tried looking at the FAQs but may have missed it.

    • FullPrice on 19/09/2022 - 20:35
      +2

      need to keep up with your memes

      https://me.me/i/hes-24-months-old-2-your-child-is-2-imgflip-…

      • FullPrice on 19/09/2022 - 21:06
        +2

        My meme was negged 😔

        If you are 35 and 365.25 days old then you are 35 so you will qualify for the promotion.

        You would not tell someone you were 36 if you had not turned 36.

        A person who has not turned 36 can be no older than 35 years of age.

    • denserham on 20/09/2022 - 00:02
      +2

      Yes you can, when you turn 36 the following month your future saver will automatically become a smart saver.

  • bird380 on 19/09/2022 - 22:55
    +1

    While CitiBank is still sleeping….

    • BeerCrisp on 20/09/2022 - 08:28
      +3

      Wording and/or formatting errors don't warrant downvotes.

      • payless69 on 20/09/2022 - 08:40
        -5

        Deception does!

        • BeerCrisp on 20/09/2022 - 08:42
          +1

          Not sure how this is deception, just read the entire title and you won't be deceived. Agree it could be at the start of the title for ease, but not worthy of a downvote.

        • Nathw on 20/09/2022 - 09:23
          -1

          Karen

  • diop on 20/09/2022 - 08:41
    +1

    Account creation is super easy via the app!

    However with only 10 days left in the money, can anyone comment about their experience in terms of speed to receive the debit card so they can make the required 5 transactions for the month of Sept for the bonus savings rate to be applied ?

    Is there a way of making the transactions WITHOUT having your debit card?

    Thanks in advance :)

    • Nathw on 20/09/2022 - 08:59

      Apple Pay?

    • HcNguyen111 on 20/09/2022 - 09:14
      +3

      There's no need to worry about making the 5 required transactions or the $1000 deposit for the first month. The bonus rate is auto-applied for the current, and the next month.

      • diop on 20/09/2022 - 09:30

        Amazing, thank you

        • Techie4066 on 20/09/2022 - 12:29
          +2

          fyi the app's bonus status that it displays has been reported to only count the cumulative deposits ($1000 criteria), not the 5 transactions, so just be wary.

  • MrThing on 20/09/2022 - 14:54
    -1

    Thx op bought 10

  • payless69 on 20/09/2022 - 15:48
    -4

    OMG communism has arrived! Quick! Gimme the Fountain of Youth!

  • payless69 on 21/09/2022 - 11:25
    +1

    Viagra users could try ANZ as an option. At least one of the 2 might go up….

  • Tinqer on 22/09/2022 - 09:18

    Any easy ideas to get those 5 eligible transactions done? Forgot to use that card at all so far this month.

    • hotsnakes on 22/09/2022 - 12:36
      +2

      Woolies or Coles buy something for a dollar and split the payment 5 times at the self checkout, e.g. 20c each. Very quick once you know where to find the "split payment" option on the touchscreen. Just remember to put a dollar in the transaction account so you can do that (if, like me, you don't use the BoQ accounts for everyday spending).

      • Tinqer on 22/09/2022 - 12:44

        Legend.

    • me1stt on 23/09/2022 - 12:30

      Use Beem to make 5 transfers.

      • tlai on 23/09/2022 - 12:44

        This doesn't work?

        • me1stt on 23/09/2022 - 12:45

          Worked for me.

        • archiexyz on 03/11/2022 - 12:14

          Beem it works for BOQ, Westpac, but not ING.

      • pluto on 28/09/2022 - 08:21

        Didn't worked for me. Did 5 transfers from BOQ debit card to another card.

        Qualified for Bonus interest shows - No

        • Tinqer on 28/09/2022 - 09:48

          I found out last week it can take up to a couple of days for the status for next month to update.

          • pluto on 28/09/2022 - 17:53

            @Tinqer: I did beem it transactions on 21st September. so its few days now.

            • capslock janitor on 29/09/2022 - 23:09

              @pluto: did u deposit $1k?

              • pluto on 01/10/2022 - 14:01

                @capslock janitor: Yes directly in savings account. Then did in transaction account as well.

                Now it shows bonus active for this month. Didn't received bonus interest for September. Should I contact them to add bonus for September?

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