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4.35% 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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4.35% 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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Associatedjcoccio @ Savings.com.au on 15/11/2022 - 17:55 boq.com.au (1130 clicks)
Last edited 07/12/2022 - 13:44 by 1 other user

Effective Wednesday 16 November, Bank of Queensland (BOQ) will increase its Future Saver account rate to 4.35% p.a.

The new rate of 4.35% p.a. is available for Aussies aged 14-35 with a maximum balance of $50,000 vs ING's 4.30% p.a. with no age requirements and a maximum balance of $100,000.

Interest earned on balances between $50,001 to $250,000 will remain at a rate of 2.50% 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.

BOQ will also increase Smart Saver accounts for customers aged 36 and over by 0.25% to 3.85% p.a. for balances between $1 and $250,000.

Simple Saver accounts will also increase by 0.25% to 2.50% p.a. for balances up to $5 million.

Read more: https://www.savings.com.au/news/boq-savings-account-november…

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closed Comments

  • Trying2SaveABuck on 15/11/2022 - 17:56

    this is 0.01 off my home loan

    • WhyAmICommenting on 15/11/2022 - 18:55
      +1

      This is more than double my home loan - got lucky with fixed interest. Only 10 months left sadly.

      • Trying2SaveABuck on 15/11/2022 - 19:11

        i was 'fixed' at less then after this….however it ended a few months ago…

  • Techie4066 on 15/11/2022 - 18:07
    -4

    Hmm, still 0.05% (I know, small amount) under where it should be after not passing on the full rate rise last time. Still market leading and better than nothing.

    • Techie4066 on 16/11/2022 - 19:23

      Well, how interesting that people don't want the best rate possible. Last month's cash rate increase was 15 basis points, the savings interest rate went up 0.1%. I didn't lie, and it's weird people side with the bank ¯⁠\⁠⁠(⁠ツ⁠)⁠⁠/⁠¯

  • me1stt on 15/11/2022 - 18:14
    +1

    Full rate this time. Noice.

  • tm32 on 15/11/2022 - 18:25
    +1

    The aged 14-35 restriction is curious. Is this a common practice outside the usual <18 kids accounts?

    • BargainGeezer on 15/11/2022 - 20:54
      +11

      I'd say they're intending to attract customers who are likely to stay with the bank a long time and eventually get a mortgage.

  • samuellim18 on 15/11/2022 - 18:32

    Can I deposit 1k and withdraw immediately?

    • cubeofspades on 15/11/2022 - 18:35
      +1

      Yes, I do this monthly with a scheduled payment into my BoQ account and another to send the money back out to my other account.

  • lovindeals on 15/11/2022 - 18:43
    +9

    Finally. Got this combined with ING… Excellent rates.

    Hope the RBA keeps increasing the interest rates. My bank account is loving it!!!

    • Munners1989 on 15/11/2022 - 19:21
      -1

      Did you get this for the extra 0.05% interest?

      • lovindeals on 15/11/2022 - 19:29
        +1

        I have 100k in ING already. All the remained of my money is in BoQ.Every little bit of interest counts though.

        • Munners1989 on 15/11/2022 - 19:33

          For sure! Will be interesting to see if interest rates continue rise. Do you know if there is a max number of bank accounts you can have before you start drawing unwanted attention? I.e if Ubank offered a higher rate next month could you simply transfer all of your ING?

          • lovindeals on 15/11/2022 - 20:53

            @Munners1989: Honestly not sure… there's a few people on here that have multiple bank accounts and nothing has happened to them

          • TimeWaster on 15/11/2022 - 22:21
            +4

            @Munners1989: I’ve got a bank account with pretty much every financial institution that’s had a deal on OzBargain and no one has every said anything. Banks are certainly annoyed when I have to spend through about 20 statements when applying for a loan.

            • Munners1989 on 15/11/2022 - 22:25

              @TimeWaster: Haha this is great! It's nice banks being on the other end of the stick for once.

        • capslock janitor on 17/11/2022 - 00:29

          u finna move 50k in BoQ ?

  • clandestino on 15/11/2022 - 19:20

    If I open an account for a child and deposit $50k, I'm assuming that this means I will pay income tax at my marginal tax rate.

    • jaymzrsa on 15/11/2022 - 19:24

      https://www.ato.gov.au/Individuals/Investments-and-assets/In…

      All depends on whose money it really is and who uses it. Doesn't look like a straight answer, all depended on circumstance.

      • clandestino on 15/11/2022 - 19:39
        +1

        Yep, it isn't very clear. It implies that if it's me who really owns the money and will use it, then I will pay tax on it.

        However if it is my child's, then if a child's TFN has been provided, no tax will be with-held and no tax is payable.

        Whereas if no child's TFN has been provided, then bank will with-hold tax at 47% and a tax return will need to be made, to claim a refund.

    • Techie4066 on 15/11/2022 - 19:40
      +2

      That's unless you get them a TFN in which case it's tax-free up to $400 something.

  • manity on 15/11/2022 - 19:31

    Are they really allowed to discriminate on age for a bank account?

    • jjcf on 15/11/2022 - 19:37
      +4

      Offering someone else a benefit isn't discrimination.

      • cook99 on 15/11/2022 - 19:52

        How so?
        Offering someone employment (a benefit) based on age is absolutely discrimination. How is a product (a benefit) different?

        • Nathw on 15/11/2022 - 20:01
          +19

          Is age pension also discrimination?

            • BargainGeezer on 15/11/2022 - 20:58
              +3

              @cook99: Are 18 year olds who pay higher car insurance premiums being discriminated against?

              • cook99 on 15/11/2022 - 21:12

                @BargainGeezer: Absolutely not, they pay higher premiums based on the risk profile which happens to coincide with their age bracket, no different than a safe driver discount. Interesting point though 🙂

                • Techie4066 on 16/11/2022 - 00:50

                  @cook99: It's still discrimination because all of society could instead share the cost of the risk younger drivers pose. Just like we already share the cost of anyone else in our demographic making claims, via our insurance.

                  • cook99 on 16/11/2022 - 01:56

                    @Techie4066: We could share. I for one don't want to though. Riskier drivers should pay more in my opinion. I've never had an accident or made a claim but paid my young driver penalty all the same, it's part of life. Of course it's discrimination, just like this bank deal is a form of discrimination, however it is just legal discrimination as pointed out so well by others on this thread.

            • dukeGR4 on 16/11/2022 - 17:15

              @cook99: not how discrimination law works here but ok.

              • cook99 on 16/11/2022 - 19:15

                @dukeGR4: Not talking about law. Talking about actual the definition of discrimination. I've accepted this practice is absolutely legal based on the ADA and moved on.
                Legal interpretation and application is just one aspect of this.
                But ok.

          • node modules on 15/11/2022 - 23:09

            @Nathw: yes cos they'll spend it all on pokies

        • jjcf on 15/11/2022 - 21:42

          How so?

          It’s literally written in the Age Discrimination Act, that’s how so.

          • cook99 on 15/11/2022 - 21:57
            +2

            @jjcf: Which part? Genuinely curious, a quick review of the act indicates the opposite but I'm certainly no expert, just a curious observer happy to be educated.

            The ADA makes it unlawful to discriminate against people on the basis of age in the provision of goods and services, such as banking and insurance services; services provided by government departments; transport or telecommunication services; professional services, such as those provided by lawyers, doctors or tradespeople; and services provided by restaurants, shops or entertainment venues.

            This means that it is against the law for a provider of goods or services to:

            refuse to provide a person with goods, services and facilities
            provide them with goods, services and facilities on less favourable terms and conditions, or
            provide the goods, services and facilities in an unfair manner
            because of his or her age.

            And rather than Neg my genuine question, why not provide a response and help educate everyone as this conversation comes up in every age based bank deal. We can kill it once and for all?

            • jjcf on 15/11/2022 - 22:28
              +7

              @cook99: Because I’ve answered it a half dozen times before. And you are clearly capable of googling.

              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.

              • cook99 on 15/11/2022 - 22:32
                +3

                @jjcf: Thank you very much, I certainly googled but didn't find that part. Appreciate you taking the time to share. I'll now endeavour to share this in future ageism discussions, consider me converted 🙂

      • Balmaino on 15/11/2022 - 20:38
        +7

        Man i wish i could enjoy the $10 seniors meals at my local pub. Rump steak every night.

        • cook99 on 15/11/2022 - 21:13
          -1

          You and I both, I already eat at 5pm so I'm ripe for that juicy $10 steak

          • shoppe on 15/11/2022 - 22:14
            -2

            @cook99: Just buy the $4.50 meatball meal at IKEA, instead.

            • shoppe on 16/11/2022 - 08:46
              +1

              @shoppe: The meal even includes a free jelly cup.

    • Techie4066 on 15/11/2022 - 19:39
      +7

      And retirees are entitled to retiree-only products? 😱

    • rlf on 15/11/2022 - 23:28

      Umm heard of insurance?

  • harcle on 15/11/2022 - 19:40
    +2

    Can confirm that interest can be earned on multiple accounts, currently have 5 with 50K each roughly and they receive the full rate of interest.

    Note that BOQ only insures up to 250K iirc so the rest goes to Ubank.

    • Techie4066 on 15/11/2022 - 19:42
      +7

      🚨 Moneybags 🚨

    • AussieBogan on 15/11/2022 - 20:19
      +10

      daddy

    • potatosalad on 15/11/2022 - 20:50
      +2

      How do you open multiple Future Savers? I only see options for Saver Account and BOQ Simple Saver.

      • Techie4066 on 16/11/2022 - 00:47
        +2

        Dammit they must've closed the loophole that way. It used to be there. Wish I'd just opened them.

      • adrianehm on 16/11/2022 - 07:18
        +2

        Open a Saver Account. It will then be shown as "Future Saver" or "Smart Saver" based on your age on file.

        • potatosalad on 16/11/2022 - 11:01
          +3

          Can confirm this works. I opened a "Saver Account" and after it was created I now have another "Future Saver" account in my list.

        • Techie4066 on 16/11/2022 - 14:27

          Oh thank goodness

    • Meovel on 15/11/2022 - 20:56

      Are joint accounts a separate entity under FCS insurance?

  • BB-AU on 15/11/2022 - 20:26
    -1

    Macquarie is a better proposition overall. 4.25% all the way up to 250k, none of the transaction requirements and then reverts back to 3.25% after the bonus, currently much higher than the BQO revert rate.

    Macquarie have also passed on the last few rates rises in full.

    • cook99 on 15/11/2022 - 20:33

      Signed up for 4.00% Macquarie, easy process and happy so far.
      Curios if anyone else shows lower rate in app under account details though? Mine says 3.2%
      Not sure if I'm getting full bonus rate or just a bug…

      • BB-AU on 15/11/2022 - 20:37
        +1

        yep very easy setup, not quite at the online banking level of CBA but their platform is far far superior too BOQ.

        FYI, mine shows my original bonus rate, might be just a bug with yours but worth checking with them….

    • Nathw on 15/11/2022 - 21:38
      +3

      For the first four months only,

  • TrafalgarSean on 15/11/2022 - 20:28

    So for someone over that age, the ING sounds like the way to go. Are there any hoops to jump through for that one?

    • BB-AU on 15/11/2022 - 20:39

      I would argue macquarie is superior depending on how much 0.05% is worth to you minus the increased drama and requirements for operating the ING account.

      • TrafalgarSean on 15/11/2022 - 20:40
        -3

        How much more difficult? And what are the monthly requirements?

    • samfisher5986 on 16/11/2022 - 12:33
      +1

      ING only works if you plan to never withdraw it, once you do you will need to transfer your entire balance to another savings account.

  • Yea nah on 15/11/2022 - 20:49

    5x $1 transaction using Beem didn't work for me this month. Anyone else?

    • kaij on 15/11/2022 - 21:40

      Took a few more days than normal which made me think they changed it, but mine went through eventually and reflected in the saver account.

    • SkyFinance on 05/12/2022 - 19:13

      Has it worked yet? Curious to know before I do the 5x Beem.

      • Yea nah on 06/12/2022 - 08:58
        +1

        Got it to work this time

  • Checksout899 on 15/11/2022 - 21:11
    +5

    Partner and I have been using the new BOQ app. Make sure you keep an eye on transactions. First double payment from my account occurred when I payed my Registration in August, two identical payment amounts, with the same timestamp but different payment codes. I called BOQ who said it was probably just coming up pending and would sort itself out in the coming days. Following day, QLD Transport emailed me saying I had payed twice, took around 3 weeks to see the ~$750. Today I was withdrawing $2000. I checked my account when I got home and noticed the withdrawal has doubled in my account and it is now out $4000. Once again have called BOQ who are "handling" it and said it should resolve in 21 days…. Not sure if these are just random but both have been first occurrences for me after switching from ING to BOQ 4 months ago.

    I did note a post on ausfinance reddit where a user reported the same issues of double and triple identical transactions.
    Should also say I am considering switching back to ING or another as this is beyond ridiculous.

    • adrianehm on 16/11/2022 - 07:16
      +2

      I've also had double payments happen to me. Same amount, same timestamp, same description. Just different codes. Luckily it was a transfer to a friend and I just asked her to transfer me back the 2nd payment.

      Seems like a pretty big bug in their system though if this is occurring to others as well..

      • DrPotato on 16/11/2022 - 08:39
        +3

        Had a double payment occur via the debit card on my BoQ transaction account which put the account in negative and even though I immediately corrected it, I was charged negative interest on transaction accounts for several months. Still haven't been refunded that amount despite having contacted them multiple times.

        No clue how debit card payments can lead to a negative account but them dragging their feet with this has tempted me to contact AFCA now.

        • capslock janitor on 17/11/2022 - 00:38

          eir feet with this has tempted me to contact AFCA now.

          i encourage u to

    • sagrgar on 18/11/2022 - 13:42

      Happened to me as well. Out of 4 transactions yesterday, occurred double payment on only 1 transaction, which was over 100 and had to enter my pin code.

    • mariahwerk on 21/11/2022 - 17:39

      I'd suggest you don't. See post re: ING: https://www.ozbargain.com.au/node/733060

  • Loki556 on 15/11/2022 - 21:11
    -3

    I’m curious, why are banks allowed to have different rates based on age? Isn’t that very much a definition of discrimination?

    • cakez on 15/11/2022 - 21:27
      +1

      It's not that deep. Banks can give higher rates to young people because they tend to have lower savings, it's just a marketing tool to hook younger people into their ecosystem. The government gives discounts/ concessions to pensioners, is that age discrimination as well?

    • hamwhisperer on 21/11/2022 - 08:27

      Absolutely. This trash shouldn't be legal and shouldn't be allowed on the site

  • hamwhisperer on 15/11/2022 - 23:25
    -8

    Age limit? Seriously? Get the ….

  • tatnal on 16/11/2022 - 07:35
    +1

    Are there any accounts for the kids that have high interest without monthly spend requirements? Happy to deposit money.

  • payless69 on 16/11/2022 - 08:26
    -1

    wish I could turn discriminating offers off!

    • capslock janitor on 17/11/2022 - 00:56

      maybe u can mute "Year Olds" then

      • payless69 on 17/11/2022 - 08:07

        Just like so many parents, we used to hold moneys for our kids in our names and later use the money so they can study.
        Now social governments want kids to spend it all and buy drugs etc…

  • jamestas on 16/11/2022 - 10:12

    My 14 year old was keen, until he saw the $1000 pm requirement. Bit of a stretch for him!

    • daanish on 16/11/2022 - 10:35
      +2

      It can be the same $1000 cycled through every month. ie 1st of the month send $1000 from Bank A to BOQ account. 28th of the month, send it back to Bank A. Repeat ad infinitum.

      • jamestas on 16/11/2022 - 10:45

        oh… I see. Thanks!

      • adrianehm on 16/11/2022 - 13:50
        +1

        Yup I do this too. On 1st of every month, I transfer from BoQ to Bank A, then back again immediately. Then do 5x$1 BPays to my credit card. It seems to satisfy the conditions.

      • capslock janitor on 17/11/2022 - 00:42

        bc of Feb, right?

    • CrazyBargainCatcher on 16/11/2022 - 10:54
      +5

      No requirements needed for 14-17
      "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."

  • 4foxache on 16/11/2022 - 14:53
    +2

    You can barely buy a bag of lollies for 50k these days

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