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5.15% 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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5.15% 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 02/03/2023 - 18:04 boq.com.au (5564 clicks)
Last edited 10/05/2023 - 12:39 by 1 other user

Just saw this posted on BOQ's facebook page. After not cracking 5% with last months update this is some good news!

"To support our savings customers, we’re excited to announce some updates to our range of myBOQ products.
From 3 March, customers will be able to earn up to a market-leading 5.15% p.a. with our Future Saver account. You’ll also be able to earn up to 4.60% p.a. Smart Saver and 4.50% with our Simple Saver accounts. 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.

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  • ozbargain2019 on 02/03/2023 - 18:06
    +46

    Here come the “This is age discrimination!!!” sooks

    • Almost Banned on 02/03/2023 - 18:19
      +47

      I dunno about 'sooks', but it is quite obviously age discrimination.
      Of course, so is age pension entitlement.

      • ozbargain2019 on 02/03/2023 - 18:40
        +8

        Age Discrimination Act allows for “positive measures to be taken on the basis of age” - and like you pointed out, pension entitlements/senior discounts are similar age based benefits.

        • Easygoingjoe on 02/03/2023 - 19:00
          +5

          "Equality means each individual or group of people is given the same resources or opportunities. Equity recognizes that each person has different circumstances and allocates the exact resources and opportunities needed to reach an equal outcome."

          But fudge it - let's stand-up against this discrimination !!

          • Tyrx on 02/03/2023 - 19:07
            +1

            @Easygoingjoe: It's not really equality because it is so broad - you could have trust fund kiddies who are wealthier than pensioners using this deal. The real reason why this exists is because younger people take out mortgages, which is where banks make their money. There's no incentive to attract deposits when savings accounts are basically loss leaders to attract people to take out more profitable lending products.

            • Easygoingjoe on 02/03/2023 - 19:20
              +4

              @Tyrx:

              you could have trust fund kiddies who are wealthier than pensioners using this deal

              That's the exception rather than the norm mate. But agree on what the bank looks to be aiming to do catering to this age group. Mortgages (market share), and spending habits (read: data, which is the avenue to promote more products).

            • chyawala on 02/03/2023 - 20:07
              +1

              @Tyrx: Is there a link to any evidence supporting the claim that savings accounts are loss leaders?

              • Tyrx on 02/03/2023 - 20:20
                +3

                @chyawala: They don't invest funds on the open market or make money directly from retail deposits. APRA enforces liquidity requirements on banks which requires them to fund particular percentage of lending from retail deposits. That's why the big 4 have such low rates for savings accounts - they don't need to attract retail deposits because people deposit money with them regardless.

                https://www.apra.gov.au/apra-explains-liquidity-banking

                • Culpable on 02/03/2023 - 20:27
                  +1

                  @Tyrx: That makes sense. And thank you for providing the link to APRA, that was genuinely useful.

                  Although I'm not sure I would classify that as a "loss leader".

                  Rather, they are offering an attractive interest rate on deposits as a means to attract liquidity, to meet their liquidity requirements.

                  That's why the big 4 have such low rates for savings accounts - they don't need to attract retail deposits because people deposit money with them regardless.

                  Agreed. That's why people should move their $ away from the big 4 banks. They are getting away with low-interest rates on their savings accounts because - in general - Australians tend to not be willing to move their money elsewhere.

                  Money talks. We should be willing to move our money to other banks that are willing to better compensate depositors. Reward good behaviour.

      • Wardaddy on 08/03/2023 - 20:16
        +1

        Ah, but discrimination against self funded retirees. i.e. The best value citizens the state could wish for.

    • Whatisthatvelvet on 02/03/2023 - 18:58
      +2

      Yeah for sure. All them boomers with over $3M in super

      • Stoibs on 02/03/2023 - 19:05
        +3

        Being just over this cut-off at 37 means I'm a boomer? Where do I claim my 3 million :/

        • Whatisthatvelvet on 02/03/2023 - 19:14
          +1

          Wait. That means I can claim my 3 million clams too

        • gromit on 02/03/2023 - 19:43
          +1

          hey I am 15 years older than the cut off and I aint even close to being a boomer, wheres my money? Even in the boomers though those over 3m are a tiny percentage.

      • Igaf on 02/03/2023 - 21:13
        +2

        ~5,500,000 people over 60 in Oz and about 70,000 of them in the $3M+ category.
        "All them Boomers" is ~1.3%

        Had to laugh at billionaire John Gandel whinging that the $3M ceiling is "unfair on Aussies who worked hard for their money." Apparently doesn't know why the 15% concession was originally given and will struggle when he retires on his $US3.3B.

        • Mondorock on 06/03/2023 - 16:45

          "when he retires" - he's 88, you mean he hasn't retired yet??

          • Igaf on 06/03/2023 - 16:48

            @Mondorock: Google and see.

          • mj7312 on 14/03/2023 - 13:03
            +1

            @Mondorock: Extremely wealthy people don't retire because what they do isn't work in the normal sense. It's an enjoyable exercise of power.

    • tanastra on 03/03/2023 - 13:48
      +1

      Govt pension age is discrimination too

    • JafferMoney on 07/03/2023 - 14:31

      Health insurance is age discrimination, rob from the young to give to the old.

      • Igaf on 08/03/2023 - 12:20
        +1

        All tax is discriminatory and its benefits unequally shared. Getting the balance right is key, but extremely difficult.

        Health insurance as it currently stands exists to prop up private health systems. Blame Howard for that, and plenty of other rubbish economic decisions which cost the common wealth plenty and left structural deficits, the consequences of which we're now "enjoying".

        Here's a few of the Howard-Costello LNP blunders. Add in $100B of unnecessary tax concessions to gas producers. https://independentaustralia.net/politics/politics-display/w…

    • payless69 on 16/03/2023 - 10:08

      endless bananas

  • Vancomycin 1000mg on 02/03/2023 - 18:08
    +1

    I love the ANZ Plus App and have about 30k saved up there for my first home.

    How is the App for BOQ?

    • MrThing on 02/03/2023 - 18:15
      +42

      imo the app is shit, slow and clunky, but u cant ignore the rate - I just put up with it

      • Hahuh on 04/03/2023 - 01:08

        Hahaha. Same app as the virgin one. My friend showed me the bow one and I just said it's the same shit in blue.

        The virgin ad showing the app was funny. The guy logs in and because it takes ages to load; they cut the loading 🤣

        Still have BOQ for the sweet rates though.

    • izkai67 on 02/03/2023 - 18:29
      +5

      if your account is locked or any problem, good luck trying to talk to someone !

      • pennypincher98 on 02/03/2023 - 20:20
        +2

        There are branches in which you can talk to actual people and the branches have their own phone numbers. Shits all over ING who I was with before.

        Feel like it can be said for any bank if you rely on their generic 1300/1800 number or email support will be quite lacking.

        • Cherry12 on 02/03/2023 - 21:22
          +1

          It really is the worst bank I've ever used.

          I opened an account, deposited and a few months later I wanted to withdraw and can't, system is locked. I've been countless times on the phone and at the branches (all far from home) and it's been useless. On the phone say I have to go to a branch, at the branch say it's an IT problem.

          Now emailing with the Bank Manager to get it fixed and it's still taking long time.

          I will fix it and close all accounts. Never again.

        • izkai67 on 03/03/2023 - 18:11

          I called branches, they couldn't help, it a separate system if you open online. I got nowhere to ask, I was literally waiting for 1 hour each day for 5 days, still no human answered, music forever. I gave up , send complaint online, asked them to close my accounts, I just left it there, deleted the app and forever forgotten, who knows what happen to my account.

      • Cherry12 on 02/03/2023 - 21:24

        Even if you talk to someone like I have, good luck getting anything fixed. They really are the worst.

    • freoleo on 02/03/2023 - 18:35

      App is garbage but the interest rates are good lol

    • gilbarc on 02/03/2023 - 19:02
      +10

      By far the worst bank app I've ever used.

      I only have to interact with it once a month though, worth putting up with for the rate.

    • DingoBlue on 02/03/2023 - 19:24
      +1

      Do you remember the very first online system your bank had circa 2000? That’s literally what BoQ still use.

      • fuzor on 02/03/2023 - 19:53
        +2

        CBA was probably still better back then than BOQ is now.

      • Benno007 on 03/03/2023 - 08:35
        +2

        Boq future saver is a new myBoq app, not available in their online banking, just in MyBoq. It’s not too bad, but sometimes the bank accounts don’t load when you go to transfer money which makes you think your funds are locked in there lol… but it usually fixes itself in a few mins

    • Hunter9960 on 02/03/2023 - 19:52

      Have you found any hidden issues with the anz app? I am considering using it

      • Vancomycin 1000mg on 02/03/2023 - 20:20

        It is really nice for young people. I like the idea of setting goals and seeing it grow.

    • Cherry12 on 02/03/2023 - 21:15

      Both App and Internet banking are the worse. Terrible customer service. Bad service across all areas. I'm about to close all my accounts with them.

      • Igaf on 02/03/2023 - 21:20
        +3

        Thanks for the heads up.

      • gilbarc on 02/03/2023 - 21:41
        +1

        If you're opening a new account, only the app is the worst.

        …Because the internet banking literally doesn't exist.

    • falkor25 on 03/03/2023 - 01:56

      I believe the boq and myboq are 2 different apps. I’ve only ever used the myboq (newer) and it’s not terrible. I’ve used worse.

  • Fergy1987 on 02/03/2023 - 18:14
    +3

    Just turned 36. Dammit

    • spock on 02/03/2023 - 19:10
      +1

      Ive been building a time machine just so i can invest with BOQ .

    • Igaf on 03/03/2023 - 15:43

      According to what calendar though?

    • sashatheman on 07/03/2023 - 14:21

      Start dating them young girls to get a good rate.

  • Techie4066 on 02/03/2023 - 18:15
    +11

    Good. This is much more like it. And they finally broke 5%.
    But they seriously need to invest in fixing their damn app and IT systems. It's the most unreliable in the industry.

    • greatlamp on 02/03/2023 - 19:23

      They just took the virgin money app. You cannot access your funds through a web browser as they only maintain the app.

      So yeah, the rest of their IT is going to be a lot worse than the app

  • plmko on 02/03/2023 - 18:16
    -1

    Damn 5% on $500k for <35 yr olds. Tell me the property market is collapsing without telling me.

    • Seinfeld everywhere on 02/03/2023 - 18:17
      +7

      50k not 500k

      • plmko on 02/03/2023 - 18:19
        +6

        Yeah Im going blind.

        • Easygoingjoe on 02/03/2023 - 19:05
          +33

          Think you might be too old for this offer…

      • Harold Halfprice on 03/03/2023 - 00:46
        +1

        although you can open multiple saving accounts. i think up to 9

  • ltwo on 02/03/2023 - 18:17

    Nice one BoQ.

  • Hiphopopotamus on 02/03/2023 - 18:19
    +3

    One can hope that the BOQ owned Virgin Money increases their rates too.

    • puglikesabargain on 02/03/2023 - 18:46
      +3

      Yes Virgin Money is so slllllllllllllllllow!!!!

    • chyawala on 02/03/2023 - 20:10

      Schedule a partial withdrawal to move funds from a locked Boost saver. You'll still earn the full locked bonus, and be free to jump ship after the 32 days notice.

  • Geekomatic on 02/03/2023 - 18:20
    +1

    *$1,000 minimum monthly deposit

    Transfer from an external bank account a minimum of $1,000 each month (like your salary or wages) into your linked Everyday Account. Cash and cheque deposits are not counted.*

    My daughter needs to move banks. Is BOQ decent to deal with? Could the $1000 be a transfer from your other bank into this one?

    • Spoodster on 02/03/2023 - 18:24

      Yep!
      One of my employers still pays to my older account so I just move 1k every month to the everyday one.
      I've never had to deal with the branches in person but the online chat staff seem pretty helpful.

      • Geekomatic on 02/03/2023 - 18:53

        Thanks for that. She taps 5 times in a month, I'm sure, & occasionally uses an ATM, so this would be great for her.

      • virhlpool on 13/03/2023 - 12:14

        The $1000 amount doesn't need to come from an employer though.. right? One can simply transfer it from another bank account and move it back.

        • finbar on 13/03/2023 - 17:54

          Yeah can just be from another bank

    • ivyholmes on 02/03/2023 - 18:25

      So only possible by wages/salary?

      • Spoodster on 02/03/2023 - 18:26
        +1

        Can be any sort of payment as long as it's electronic (i.e. not cash/cheque)

        • ivyholmes on 02/03/2023 - 18:27

          So I just do monthly transfer and also met 5 criterias

          • freoleo on 02/03/2023 - 18:35

            @ivyholmes: Yes

            • yht on 02/03/2023 - 18:47
              +1

              @freoleo: Can the 5 criterias, send 5 x $1 each to the same external bank account ?

              • MrThing on 02/03/2023 - 18:51

                @yht: From your linked Everyday Account each month. Eligible transactions include direct debit payments, ATM withdrawals, BPAY payments or purchases with your Visa Debit Card

                from this no, just transferring money to another bank account doesn't classify as "eligible"

                each month I just transfer 5x $5 BPay payments to the same credit card and that qualifies

                • abjsdhasehasee on 05/03/2023 - 14:12

                  @MrThing: I'm very confused how this works, so I have my money I want interest on in the FUTURE savers account but I need to put 1k a month into my EVERYDAY saver account? How's that work and why. Can I take out the money straight away and put it into my future savers account or does it need to grow 1k every month.

                  Thanks

                  • MrThing on 05/03/2023 - 14:52

                    @abjsdhasehasee: it needs to come from an outside boq source.

                    I just transfer my pay to my everyday saver, then straight into my future saver. box ticked

                    • abjsdhasehasee on 05/03/2023 - 18:12

                      @MrThing: I see, so pay goes into where it goes right now, then I put it all (atleast 1k) into the everyday saver, then put straight into future saver.

                      easy, thanks

              • gilbarc on 02/03/2023 - 19:05
                +2

                @yht: If you do the five transfers via Beem it counts

              • greatlamp on 02/03/2023 - 19:26
                +1

                @yht: You can do 5x bpay to the same account, pay off your credit card for instance

                • MrThing on 05/03/2023 - 20:29

                  @greatlamp: yep doesnt even have to be much, $1 is all it takes to count as eligible

              • ivyholmes on 02/03/2023 - 19:47
                +2

                @yht: Split payment at Coles or Woolies is my go to, you can split as small as 1cent hahah, so you could meet the promotion spent for 1cent X 5

                • OZcheepsk8 on 03/04/2023 - 12:41

                  @ivyholmes: Did this still work for you this month? My bonus rate is not activating. I split one bill by 0.01 in one transaction 5 times. Suspecting i need seperate transactions

        • Geekomatic on 02/03/2023 - 22:26

          I'm mainly paid in cash. Is a cash deposit via AU Post considered electronic?

          • I like freestuff on 03/03/2023 - 08:42

            @Geekomatic: Wouldn’t count on it. Just transfer the money from whatever account you are currently using to BOQ.

    • Deals For Days on 02/03/2023 - 18:32

      They're not too bad. Yeah just transfer in. Bonus criteria is given on the house for the first month.

  • kron on 02/03/2023 - 18:24

    They waited all this time to avoid paying the extra interest this month!

    • victorheaven on 02/03/2023 - 18:39
      +10

      Interest is calculated daily..

      • Culpable on 02/03/2023 - 19:29
        +19

        I don't think kron was referring to how interest is calculated

        Rather, kron was pointing out the delay between the RBA increasing the cash rate by 0.25% (the 7th of Feb), and BoQ increasing the interest on their savings accounts (the 3rd of March).

        Even though interest will be calculated daily from the 3rd of March onwards, it is not retrospective from the 7th of Feb.

        I should note that while I agree with kron in general, I can't really fault BoQ since at least they have a high savings rate.

        The big 4 banks (CBA/NAB/Westpac/ANZ) have no excuses.

        They are both the most well-resourced banks as well as having the lowest interest rates on their savings accounts.

        To anyone reading this - not only should you swap banks from the big 4, but please spread awareness of how low interest their savings accounts are, and how long they take to pass on these increases to depositors (i.e. savings accounts).

        The reason they don't change is because their customers don't do anything about it. Our inaction is seen as tacit approval of their practices.

        Vote with your wallet - move away from the big 4 banks.

        • kron on 02/03/2023 - 20:05
          +2

          Thanks…that's what I meant. Maybe I should have phrased it better.

          • Culpable on 02/03/2023 - 20:18
            +2

            @kron: All good mate. I gotchu ;)

            I should also point out that it seems like BoQ is actually front-running the expected increase in the cash rate next week. Since on the 17th of Feb, they already increased their interest rate in response to the RBA's increase in the cash rate on the 7th of Feb (source https://www.facebook.com/story.php/?story_fbid=pfbid0385qetx…).

            AFAIK BoQ is one of the only banks that do this.

            But it seems that since they are fairly certain of a 0.25% increase in the cash rate next Tuesday (the 7th of March), they are preemptively increasing their interest rates.

            Honestly, this makes BoQ a double-winner - not only do they have one of (if not the) highest interest rates on the market. But they pass on increases in the cash rate to depositors before they've even benefitted from it.

            Zero hate from me. I wish more banks did this.

            • kron on 02/03/2023 - 21:04

              @Culpable: Ah…I didn't know that. I thought this was from the last rate hike….. hence my comment. Been quite happy with BOQ so far, except for a few hiccups with their mobile app.

        • finbar on 02/03/2023 - 20:18

          You might wanna do your homework. myBoQ Smart Saver increased 0.25% a week ago. They just announced another 0.35%. Making 0.60% rise after last RBA announcement.

        • Geekomatic on 02/03/2023 - 22:27

          PS: Suncorp is owned by ANZ. FYI.

          • Culpable on 02/03/2023 - 23:23
            +3

            @Geekomatic: Yep.

            And Bankwest is owned by Commbank.

            And Ubank is owned by NAB.

            And St George is owned by Westpac.

            That notwithstanding, the subsidiary banks (Ubank/Suncorp/etc.) are still separate companies, with different objectives, incentives, target markets, liquidity, and cost structures.

            The net result is that even though Suncorp is owned by ANZ, Suncorp is offering a much better interest rate than ANZ.

            To be clear, I'm not saying there is zero connection between the big 4 banks and their subsidiary banks.

            But to the end that I'm aiming towards, this connection doesn't matter.

            Because I'm not coming from some kind of anti-profit standpoint where I want the big 4 banks to earn less money.

            But rather, I want people to get a better rate on their deposits.

            And be aware of the fact that if they choose to keep their money with the big 4 banks—who have lower savings rates and take longer to pass on rate increases—they are in effect, tacitly voting on the behaviour that they deem acceptable.

            I think people don't realise the impact that they can have on the behaviour of these banks.

            Sure, they may not care about your 50k. But they will care about the 50k of everyone you know, and everyone they know, and everyone they know.

            So the next time Commbank have a choice between dedicating $10m to a new propaganda branding campaign or to giving their customers a higher interest rate, perhaps they'll be more inclined to the latter.

          • gilbarc on 03/03/2023 - 17:04

            @Geekomatic: Not yet

    • MrThing on 02/03/2023 - 18:50
      +1

      rtfm

  • xaces on 02/03/2023 - 18:24

    Anyone know with BOQ, if you withdraw from your saver does it penalise the amount of interest earned for that month?

    • obses2ion on 02/03/2023 - 18:31
      +1

      I've had this account for a few months and I haven't been penalised for withdrawals from my Saver Account. You just need to ensure you meet the minimum monthly deposit into your Everyday Account.

    • jrjr on 02/03/2023 - 18:32
      +1

      interest is calculated daily and there’s no requirement to grow your balance.

      so you can withdraw without any issues

    • MrThing on 02/03/2023 - 18:49

      no, just meet the criteria and u can add and remove as you please

  • silenthillrocks on 02/03/2023 - 18:37

    That's a good rate. Higher than some home loans e.g hsbc

    • bryans on 02/03/2023 - 18:41
      +3

      Yeh but after tax would not make it worth redrawing your home loan

  • freoleo on 02/03/2023 - 18:37

    What has happened here, have they gone ahead of the rise for once? usually its like 20th of each month that they rise?

    • TEER3X on 02/03/2023 - 19:04

      Balance the books a little bit, still make money from the spread I think.

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