To support our savings customers, we have some exciting updates to share. From 23 February, you'll now be able to earn up to 4.90% p.a. with our Future Saver account
Monthly criteria and terms and conditions apply.
To be eligible to receive this rate, customers will require $1,000 minimum monthly deposit with a minimum of 5 eligible transactions on their linked Everyday Account every month.
If you hate Coleslaw you are in luck: Just head to the other grocer and grab the free fruit to make up for it!
Explains why they were still deliberating the increase 😒
Profits > people
If it makes you feel any better they discriminate based on age too the p____s.
And there it is. It was only a matter of time before they responded to ING's raise. I doubt we'll see it go higher than this without another interest rate hike.
When have they ever increased rates without a rate hike?
I mean to say that we won't see it go higher than 4.9 with other banks.
And why only 50k? Doesnt it benefit the bank more than it does to us to have more money in their banks so they can use our money to invest?
You can have multiple savers accounts tied to the 1 everyday account, I think the limit is 5 so really that gives a cap of $250k
Wait what really??
Even under the same name/person?
Yeah it's literally like 5 clicks to open another account (same login/user).
You can actually have up to 9 accounts, so the total limit is $450k. I personally have 5 accounts and they all get full interest.
how do you manage fulfilling the transaction requirements each month with 5 accounts? Do you carry around 5 eft cards?
@barg99: You only need to fulfill the transaction requirements on one everyday account to get the bonus rate on up to 9 future saver accounts.
So if you have 48,000 in each of those 9 accounts then does that intrest apply to all of those accounts ?
Hi did you earn full interest on all accounts from last month? I opened a second saver a wk ago but only the new account earns 4.9% and my old saver account earned only 3%. :( not sure why
My god I have been missing out since last year then.
Why would they just borrow it from the RBA at the overnight cash rate of 3.35%?
The reason they offer 4.9% is so that people make it their main bank. They make money on each card purchase from the linked account and if/when the person ends up taking out a loan with them (hence why it is offered for 18-29 year olds - those are the ones most likely to take out a home/car loan soon!). However, they aren't charities, so they only offer it up to a certain limit as at some point the cost outweighs the benefit. Most banks do the same (eg: ING is up to $100k, Macquarie is up to $250k etc.).
Wasn't it a 0.25% increase by the RBA? Not 0.15%?
They jumped the gun in December 2022, raised their rate by 0.4% when the RBA increase was only 0.25% https://www.ozbargain.com.au/node/743751 . Now they're back-pedaling. Across the two 0.25% rate rises from December, they raised their rate by a total 0.55%. While 0.05% is basically insignificant, it's technically more than the other banks.
They're actually duping us - you forgot to factor in the time they raised the rate by only 0.1% when the cash rate increased by 0.25%. That was October. BOQ was nearly falling behind the pack.
They shorted us the month before though, seems they do it every second month
Qucik question for the maths/finace geniuses, if you have 50k, would you put into your investiment property loan account which has much higher rate, so you can get less expenses (more cash flow) or save it at a savings account?
Of course you put it in the loan account. Savings interest is income and income gets taxed.
In an offset account on the loan though, not paying it off the main loan account.
That way if you need the money it can be withdrawn without impacting tax deductibility of the investment loan interest.
Interest on a redraw amount directly on the investment loan would not be tax deductible if used for personal expense.
How do you have investment properties and yet need to ask this??
does the balance need to grow every month? or can I remove funds as well
You can move your funds freely.
Good. ING gives me the s#%ts, I tried moving my money out of Savings Maximiser to my Orange everyday (to reset my balance to $0 for this month), but it would only let me transfer to an external bank account that I’ve since closed.
I tried changing my “linked bank account” to the orange everyday and it said it would take 3-5 business days to update it, even though the current linked account has been closed.
Now I’d need to wait until next month to reset my balance to $0, then the following month to actually earn interest.
You can open multiple Savings Maximiser accounts but only 1 is eligible for the bonus interest. So open a 2nd account and transfer $1 so the balance has increased this month and select the new account to receive the bonus interest next month
No requirement to grow balance.
The Age Discrimination Act allows for “positive measures to be taken on the basis of age”. The Act says that it is “not against the law to provide a genuine benefit to people of a particular age group"
You're right, but it's still gross. I say this as someone eligible for this deal. It's equally wrong when pensioners get freebies, and wrong when they pay higher premiums for health insurance, and wrong when young people pay higher premiums for car insurance.
Material wealth and benefits are (basically) a zero-sum game and by positively discriminating toward one age, you must necessarily negatively discriminate against the other.
I don't see any accounts for 36+
Why the heck do people under 36yo get an extra .9% what's the so called reason they do this?
Yep, i got negs because i stated that it age discrimination and my comment was removed yet if one of those person came in for a job and i said its only for 14 -35 year olds i be in hell trouble.
Probably to attract those who are saving for a deposit and then looking to apply for a home loan, probably likelihood of a life long mortgage holder is high with this particular demographic, or at least they stay longer before refinancing.
Also the cap is $50K and deposit required is usually much higher, so they are financially disadvantaged to the benefit of the bank.
Because people under 36 are more likely to take out a home/car loan in the near future and they are more likely to do that with BOQ if that is their main bank.
WTF -
Check your eligibility
You will need:
To be aged over 14
To everyone whinging about age discrimination and the $50k cap limit, my guess is that this product is a loss leader. Just look at current home loan rates, some banks are charging rates less than this interest offering.
I reckon they'd pull a profit but wouldn't care too much about this product given the small pool of funds resulting from the $50K limit. I'm sure many young people wouldn't meet monthly interest criteria nor have much saved.
Can we open multiple future saver accounts? Or is it one per person? Or a joint account? It's mentioned on website you can open up to 9 but I don't see the option in app for future saver.
You can open multiple. In the app just go Accounts -> sign up for a new account - > saver account.
Ughhhh I’ve opened so many different bank accounts.
Story of my life!
The limit is really $250k because the $50k limit is per account, and you can have 5 savings accounts linked to the 1 every-day account.
Are you sure this works?
Yes, I have 3 savers and they all get the bonus rate after doing 5 transactions.
Wow nice good to know
is that 5 total or 5 per savers?
@jrjr: 5 transactions in total. I have been with BOQ for roughly 6 months and have also got the bonus interest, it isnt hard.
Tempted to try but don’t want to risk a month’s worth of interest when they realise and close this loophole.
I've been doing it since June, I doubt they don't know about it.
On their own website it says "Open up to 9 accounts"
Yep but it seems it's not supposed to work that way
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.
total balance of 3 accounts is 50k+50k+50k = 150k? That's exactly how it works
@geshc: Not necessarily because you forgot about the >$50K threshold. I've been following this product for a while and there was a comment thread some months ago that staff in a branch thought it was erroneous too. BOQ would have a purpose for the $50K interest limit, and this loophole circumvents that.
You can open up to 9 Savings accounts though. Where does it say 5 is the limit?
Thought it was 5 when I signed up, might have changed, might be wrong. Point being it's way more than a $50k limit.
Ah yeah now you can open up to 9 Future Saver accounts: https://www.boq.com.au/personal/banking/savings-and-term-dep…
Can you use Beem to get your direct debits?
Yes, you can do 5 Beem transfer to another account.
Do you mean Beem It transfers are eligible transactions for the monthly requirement? Are other banks the same? Thanks for sharing!
Beem transfers are eligible for BOQ. I used it this month and satisfied the transaction criteria. not sure about other banks
Not the same for other banks. For example this doesn't work for ING and Virgin Money.
50k lol about 1/4 of a house deposit in Sydney . Big help
Is this for standard BOQ or the MyBOQ product/app?
Just the MyBOQ App, it won't link to standard online BOQ
There is a difference between discrimination and positive discrimination according the law. Similar to seniors discounts.
You reckon people younger than you are going to fare any better? Prices continue to outpace income increases and Gen Z starting their journey now obviously have a steeper hill to climb.
No I don't, doesn't mean older people didn't get screwed.
$1000 monthly deposit have to be growing deposit or not?
no
So I can take it out straight away?
Yes
Can't even join BoQ without going into a branch for ID verification, closest branch is 200km away.
Yes I had this issue too!
how did you get around it?
I signed up online, dunno if they even have a branch in WA
It’s an online only offer, so you should open account from their myBOQ mobile app and the verification is completed online too.
Thanks cob, this worked for me
Worst bank ever! They still don’t have PayID except for their new account myBOQ that doesn’t work with anything else. Microsoft retired internet explorer and yet BOQ internet banking has been made to work with IE6!
Just open a new account?
I've had 5 instances of double debit. And recently i have 2 instances of same transaction, one gets deducted another stays there pending.
Transferring amount more than 1000 will take 2-3 days to arrive on your other bank, direct debit gets declined frequently.
Customer support is slow, no-one replies the chat and call can take upto 40mins to get answered. Has very few branches so getting help in person is difficult too.
This rate is only for myBOQ
One thing ive noticed since joining is their myBOQ app has a lot of outages. I have not experienced this many issues with any bank that ive been with in such a short period of time. Ive only been with them for less than a month and have seen atleast 4-5 outages, and a very buggy app. They need to get their S$@! together.
I use BOQ for the high rate but I really hate them they lock your account quite a lot and you have to call them to reactivate it which means waiting on hold forever(to get hung up on one occasion when they wanted to know something I couldn't tell them because I would need to log into my app to see my past purchases to remember my last purchase, why do I have 5 security questions if you aren't going to use them?) they randomly locked my sisterinlaws account with 30k in it and forced her to go into a branch to unlock it or email in plain text photos of all her ID and a selfie holding the ID. This was like 3 weeks after all the optus stuff and her account had been open and actively used for ages so it was just strange. While her account was locked she missed activating the bonus interest.
I don't understand why ventraip can have a secure webbased form to upload documents to satisfy getting a .au domain but these banks want you to email which is basically as safe as using a postcard to send your ID documents and will hold your money hostage until you do it. A few people in my household all use BOQ and have been locked out of our accounts multiple times for no reason its just a massive PITA.
I have tested the multiple accounts earning interest thing and it works but I don't trust BOQ to not lock me away from my money for some unknown random reason so haven't done it. ING's hoops seem safer to me then randomly losing a months interest for something outside of my control.
Account locked is a PITA, apparently an android bug if it's any help (honestly I've called them multiple times about this, even offered to run diagnostics etc on my device so they can fix the bug or at my own time attend one of their offices to get it resolved lol)
Some solutions I've found that worked:
- Resetting your pin always works
- If you go into the settings and press a few of the menu options there and press back, and then try logging in again I've found it works maybe 20% of the time. Particularly if you click the report an issue button (ironic but try)
- worst comes to worst, you can clear all the app data and it'll work, but only allowed 5 goes.
Thanks I have tried installing on other new phones and it still says the account is locked, and I've had iPhone's and android lock on me as well. They even lock your account when you log in on too many devices… it's a red hot mess.
I wish they would let me just use their web banking if anybody knows if that is possible let me know, I can see web banking on their website but i wonder if it is only for grandfathered plans or something.
Couldn't give us 5% those stingy b@stards