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5.30% p.a. Interest on Balances up to $50,000 for 14-35 Year Olds (Monthly Criteria Apply for 18+) @ Bank of Queensland


Saw this on BOQ's FaceBook Page.
Starts on 12 May 2023.

The current Rate is 5.15%, a bit disappointed that they didn't pass the full 0.25% onto it.

To support our savings customers, we’re excited to announce some changes to some of our products.
From 12 May, you’ll be able to earn up to a market-leading 5.30% p.a. on our Future Saver account and up to 4.85% p.a. on our Smart Saver account. Monthly criteria and terms and conditions apply.
For more information on any of our products, you can visit our website: https://www.boq.com.au/.../banking/savings-and-term-deposits

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  • +21

    Hmm they immediately lifted their home loan interest rates by 0.25%, in line with RBA decision, but only 0.15% increase for their savings account

    • +8

      $$$ id do the same, shareholders are loving it

      • +12

        Yeh, still in the lead for savings accounts. At least ING are only 0.05% behind them now, so will keep them competitive

      • +2

        BOQ share price is down 25% this past year

        • How's that related

    • +4

      Better than Great Southern Bank who raise their interest rates by 0.25% and do (profanity) all with the savings account.

      • +4

        They're allegedly owned by their customers… I guess we've decided to screw ourselves?

      • Instead of raising rates, they just create a new type of savings account you need to manually sign up for. I ended up with 4 different savings accounts before I gave up and switched to ubank.

    • +2

      They haven't fully passed on half a dozen rate rises.

      • +2

        Not missing a beat on home loans though

        • +4

          and even started on 9 May

        • -1

          Profit maximisation, nothing new there.

    • +1

      They passed on a bigger rate than the actual rise last time so this is bringing them back in line with other savings accounts unfortunately

  • +34

    Ubank, where you at?

    • +7

      It's searching for the F… changing it to FUbank.

  • My son is so lucky….:D

    • +3

      Good parents should teach their kids the 'greater" picture.
      Get him to make a spreadsheet for the long term.

      • +3

        I am just an OK parent, but yeah good idea.
        Make him love spreadsheets!

      • +6

        Got my daughter a BoQ account a few weeks back and immediately put together a spreadsheet for her. She's indeed excited and immediately started looking at some unique coins she had to see if they're worth more than what they have on them; she was so excited when she saw one of her coins is worth $1300 and immediately wanted to put it on ebay to sell & put into her account for interest.

        I'm really happy she's actively thinking about her future and learning to manage her money better than most.

    • +3

      Yep, and inflation is 6.8% and has to pay tax on the interest too, some deal……

      • Yeah, inflation sucks. But the taxman won’t get any until he got a proper job.

      • The inflation argument doesn't make sense when you keep in mind many kids keep money in cash or low interest accounts

  • Better than HECS?

    • +1

      Why are you so obsessed with HECS ?

      • +2

        Watching my debt go up by 7.x% is not going to be fun

        • It's not the same as normal debt - so I wouldn't worry about it too much

  • +2

    ya jokin, should've been higher

  • +1

    Hope virgin is next..

    • +2

      5.1% locked

  • +1

    In BOQ we trust! Wohooo

  • -6

    Ageism alive & well in Queensland

    • +4

      Don’t seniors get free PTV?

    • +14

      Seniors got cheap houses, young people get a slightly higher rate on their savings accounts. Win some you lose some.

      • -2

        It's not really how having principles works though is it, there's no "bank" that can be used when it comes to equality

    • -8

      If you downvote this you are just ideologically misaligned. I qualify for this but I'm significantly wealthier than most people over 35.

      Just like everything - should be means-tested.

      Not supporting discrimination means not supporting it in all forms.

  • +5

    Genuine question - are their clauses in our Laws that allow businesses to give differing benefits/fees/charges to certain aged individuals? Or is it just one of those areas where as there's no public harm done, it's seen as not being an issue?

    I know Pension card holders or Students etc can upon showing ID can access tiered pricing etc - but I wonder if a business woudl get in hot water if they had a pricing system that asked for your age, proof of this and then charged more or less depending on it. Same with any other arbitrary variable e.g hair colour, starsign, ethnicity etc as a basis for what they charge their customers.

    Just to be clear I've zero issue with the promo - I've noticed these for years and wondered if they're legally fine or in a grey area? Thanks in advance.

    • -1

      Legally fine, it gets discussed in every Ozbargain thread. Douchebag move in my opinion but totally allowed.

      • That would be my assumption as well but are we assuming this or for sure?

        I wonder legally under which grounds businesses are allowed to legally provide different pricing/benefits depending on the demographics of the customer?

        Seems a curious area - have no great issue with it but an odd one.

    • A quick google seems to suggest this would be classed as age discrimination according to the act.

      Under section on Customers it explicitly mentions banking services:
      "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"

      And yet with so many lawyers on their payroll this would seem to defy belief so perhaps there's a loophole here.
      I think perhaps it falls under "positive discrimination" provision where the enhanced service is seen as helping a more needy segment of society.

      • +1

        Nice find - yes that was my hunch all along that it would be something along those lines - in so much as because it was a benefit being given, it was acceptable.

        Now that said the silly thing is that by saying this group gets more - means that by default it's no different in reality than saying every OTHER group gets less, which would be unacceptable e.g if the bank said everyone who wasn't a Protestant received a lower interest rate. Which clearly would be a no-go.

        So agree it's a loophole but I'm surprised in a way that this is allowed as seems an area folks could exploit for all manner of no-good…..but to be fair thats all in theory and thankfully there's no shops offering lower prices for right wing supporters etc.

    • LOL, the share price just dived!!

  • Can you transfer the $1000 in and out and still get the bonus interest?

    • +1


    • +6

      Yes, same day as well. If the other account has NPPA support, you can do that within a few minutes too.

      One caveat though: The fast transfer limit is $1000 per day and as far as I can work out, there is no way to increase this, temporarily or otherwise. So if you do this, you better not have any urgent need for further transfers between your savings account and your spending account (assuming you're not using the BoQ transaction account for that) for the rest of the day.

      The 5 transactions also do not have to be purchases on the BoQ card per se. BoQ count BPay payments and ATM cash withdrawals towards those 5 transactions.

      So you could BPay some of your bills split into 2-3 chunks for gas, electricity, council rates, etc.

      Failing that, you could always transfer $100 to the BoQ transaction account, go to an ATM and withdraw $20 5 times. If you have an account with one of the big 4 and there's a nearby branch, you could deposit it and transfer it back to the BoQ account.

      Also worth noting that their systems for detecting bonus rate qualifications are awful and only update once at the end of every day. I.e. if you've fulfilled all the criteria one day and check the app, it will say "no", but will say "yes" the day after.

      • Thanks so much for your detailed comment. I have savings but unlikely to be able to grow it $1k each month but if I can use $1k in and out each month to get the bonus rate on top of my savings, that would be good.

        Also, the ATM withdrawals counting towards the 5 transactions is really good. Do you know if that's just BoQ ATMs or any ATM? Does withdrawals cost money?

        • +3

          The big 4 banks haven't had fees on most of their ATMs for awhile now.

          If I get close to the end of the month and haven't fulfilled my 5 transaction quota, what I generally do is:

          1. Transfer $100 from BoQ savings to BoQ transaction account.
          2. Go to a CommBank ATM (hopefully with nobody around).
          3. Withdraw $20 up to 5 times.
          4. Deposit it into my CommBank account.
          5. Transfer from CommBank back to BoQ instantly via NPPA.

          Also, don't quote me, but I'm fairly certain ATMs in Australia are obliged to tell you how much it will cost you (if there is a fee) before you tap the final button to withdraw.

          This is only as a last resort. My preference is to BPay small amounts to utility accounts.

          • @non-core promise: Yeah, I'm aware that most banks have free ATM withdrawals with the big 4. I wasn't sure if that was the case with every bank though.

            Thanks again. I'll look into getting an account.

        • +8

          For my 5 transactions I just do 5x$0.01 on the self serve checkouts at the supermarket.

          Keying $0.01 requires fewer button inputs at Coles compared to Woolworths and I can mute the register there too so I prefer doing it at Coles but it works just the same at Woolworths.

      • +4

        There is actually another quicker way to get 5x eligible transactions. Someone posted about this in previous thread but basically you add the BOQ debit card and another card from another bank account to BeemIt. Then use BeemIt to transfer money 5x from BOQ card to another card, these count as eligible transactions too.

        • +1

          That doesn't work for me. Whenever I try to transfer money from the BoQ card to somewhere else, Beem asks for "verification", then redirects to a blank page with an error.

          As far as I'm aware, there's no way to get past this.

          • +3

            @non-core promise: I had the same experience. However, I removed my BOQ card from Beem and added it back. It worked fine after that. Also I do 5 different amounts for my transfers. When I have done the same amount, it leads to the verification / error page you refer to.

        • +1

          I do 5 1c Paypal payments to another Paypal account.

      • +1

        There are a few workarounds for the 1k fast transfer limit.

        Transfers between BOQ and Virgin Money accounts are always instant even via normal bank transfer, think because they are part of the same system. Make sure you do this after actually sending the 1k where you need it first. You then have another 1k limit out of the Virgin account.

        You can also do instant transfers with beemit, giving another 2k per day for a total of 4k a day which makes it less restrictive.

        • After signing up, I just noticed the UI similarities. Do you know what the system is called?
          Or who owns whom?

          • +2

            @wutang01: No idea what it's called.
            BOQ owns Virgin Money.

            • +2

              @wangasm: Ahh, I just found it too under "Important Stuff":
              "Prepared by Virgin Money Australia, a division of Bank of Queensland Limited ABN 32 009 656 740 Australian Credit Licence AFSL 244616"

              Apologies for troubling you!

  • +4

    @UBank @UBank Rep

  • -2

    Rabo 4mo intro: Up to $250,000 5.15%
    No HOOPS!!!!

    • +4

      Yeah but it's an intro, can't be bothered opening an account I'll only use for 4 months.

      • I bothered with Ing. Then lost 2 months of interest. No such issue with Ubank. Also AMP pays nothing in 1st month.

        • You will lose interest if you do not complete the requirements. For AMP you have to qualify in the previous month like ING (unless you opened a new account). So in the first month, you deposit $1,000 and withdraw as soon as received. The next month you deposit your funds and receive the bonus interest.

          • -1

            @Yola: You also need to tap 5 times early. If the 5th is not settled on month end you once again get caught with your pants down. One bank found they save more by refunding me one charge and save paying me interest.
            AMP can change their CEO's faster than their customer changes undies!

  • +3

    Does the higher rate 5.3% expire the month after 35th birthday or the month after 36th birthday? Person is technically 35 year old until 36th birthday when only years are used for metric

    • +3

      Excellent question.

      Reading on BoQ's FAQ's, you're eligible for the higher interest rate up to and including your 36th birthday.

      If your birthday is 14 September, you'll earn the higher rate until 1 October, so after you've turned 36.

      Hope it helps.

      • And what is the interest rate if u 36?

      • +1


    • Have similar situations here for my mrs

  • I'm offended because I'm f****ing old. :(

  • anyone been able to get through to Boq on the phone? Had issues with monthly interest but everytime their wait times so long

    • For me, the average waiting time is around 45 mins. (Called for accessing the app, as the security code is invalid)

      • (Called for accessing the app, as the security code is invalid)

        I had the same issue when I opened my account on Friday. Not sure how common it is but it's pretty poor, you'd expect onboarding new customers to just work but this was amateur hour.

    • +3

      BOQ may be the worst bank I've dealt with. From poor customer service/long wait times on the phone to the poor app experience, the only thing is keeping me there is the rate and easy ability to access the bonus interest

      • After opening an account with them and not even being able to log in after being verified I agree.

  • Does anyone know for certain how the bank calculates the daily interest?

    What I heard was at the end of the day and on the lowest balance of the day.

    • End of day, on the closing balance.

  • I know this has been asked before but I couldn't see a definite answer. Say you open two future saver account, each with maximum of 50k, do you get the bonus interest on each or do they work on the total balance of the two accounts? So have to make it 25k on each to get bonus interest? Some say it work, some say it doesn't. Does anyone have multiple accounts that pay bonus interest on each account?

    • Just did some reading and it says bonus interest rate is applicable the total balance of all savers account under the same name.

      "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."

      • Yeah I read that, but someone else in another post concerning BOQ said they had 5 accounts or something and they got bonus interest on each. But that may have changed.

        • It has not changed. Multiple accounts maxed out still get bonus interest on all accounts.

          • @HcNguyen111: Hi mate, cool, so you get that with all your accounts? Just open one up but not sure if it work because I'm looking at opening another one.

            • @derweep: Correct. All X accounts with 50K in them are getting interest. I move the excess out each month to an un-maxed BOQ account.

              • @HcNguyen111: Nice, will try then for another account and see if it works for newly opening accounts. Thanks

                • +3

                  @derweep: The good thing since you're a new customer is you don't need to meet any bonus requirements this month, or next month - they qualify you automatically. There is also the 9 account limit, and if it worries you only 250K total is covered by the Government Guarantee.

              • @HcNguyen111: i mean i understand all accounts will get interests but do u get the full 5.30% on all of them individually? quite surprised if this is the case. not complaining, just surprised.

                • @LouisCKT: Yes. The full 5.30% each, as long as they are each under the max amount of 50K. (This has been a longstanding "bug" which I hope they never fix as I'll be closing all my extra accounts with them if/when they do.)

                  • +1

                    @HcNguyen111: Thats kinda risky? if they do fix this 'bug' you could lose out on a months interest……

              • @HcNguyen111: Do you have to do 1k deposits x number of times (based on number of accounts), or does one transfer to the access acc count towards all accounts?


                • @Mxx: Once you do the $1000 deposit and 5 transactions it applies to all savings accounts.

  • Is the best strategy to get the absolute maximum amount of interest possible to keep $49,999.99 in the account?

    Then withdraw the bonus interest the month after (i.e. bring it back down to $49,999.99) and rinse repeat?

    • +2

      I just keep an even $50 000.00 in each account and siphon the interest off the top at the start of the month into the next account with a balance <$50 000.

      • Ah, so the max amount you can earn interest on is $50,000? Thought it had to be under that amount.

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