BOQ or ING for a $10k~ savings account

Lsumtee23 on 15/06/2023 - 07:20

I know theres a forum already about the best high interest savings account but I cant seem to find any information about BOQ and ING specifically. I've seen they both are offering 5.5% p.a. and I am having trouble deciding between both.

Anyone able to help me weigh out pros and cons for both? Is there one that's better or are they just the same?

Currently with ubank but I've been having issues with them and seeing as they're not jumping up to 5.5% and sticking to 5% I'm happy to switch over.

Any info/discussion would be beneficial, thanks :)

Financial Bank Account Savings Account

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  • parisian on 15/06/2023 - 09:07

    MyBOQ is absolutely fine.

    Just take 3 mins of homework per month for the 5x transactions (5x $1 payment BPAY to your CC - or 5x card payment of any value) - $1k deposited into your cheque account and that's it.

    I have my savings with them and it's working as expected.

    • 2
    • ryefig on 16/06/2023 - 08:56

      Agree with you that BOQ is fine.
      Yes you have to use the app (there is no regular web banking), but if you are technically competent, and don't have any complex/complicated banking needs, then BOQ will work well.
      The deciding factor for me was that you can still earn bonus interest in the savings account without having to grow the balance.

      • 1
  • McMaferMur on 15/06/2023 - 08:38

    well.. what if half half ?

    • 1
    • Porker on 15/06/2023 - 08:59

      .. I feel like some pizza now…

      • 0
  • Boioioioi on 15/06/2023 - 08:42

    Tried BOQ and hated it, changing to ING now.

    BOQ have requirements for interest which fooled me as I did not read carefully enough. The 1k deposit has to go into your transaction account, not your savings account. Then the interest applies on the following month, not the current month.

    Their support really sucks, after asking a few questions now I just get ignored on the chat on the app? Replies went from same day, to a few days later, to a reply once I ask for a follow up, to nothing….

    If you use a future saver account, you have to use the myBOQ app, you cannot use their regular web banking, and you cannot use their regular banking app.

    myBOQ has really limited features. E.g. you cannot export transactions into CSV or any other format other than a pdf.

    Sometimes just logging into the app takes forever of it spinning the loading screen, which is really inconvenient if you need to transfer money at the checkout or something too.

    • 1
    • sumtee23 on 15/06/2023 - 08:43

      Thanks for the info!

      I've heard some bad things about BOQ's app interface but thats about it, one thing I'm pretty massive about is good support (up bank level)

      • 0
    • Mokr on 15/06/2023 - 08:44

      Can you use BPAY for ING 5 trans

      • 0
      • soan papdi on 15/06/2023 - 09:11

        BPay does not count. Has to be a tap/insert using the card or phone

        • 1
        • AngoraFish on 15/06/2023 - 10:04

          Most of my settled transactions come from international purchases such as AliExpress. It doesn't have to be a physical transaction.

          • 2
  • Unorthodox on 15/06/2023 - 10:43

    If Savings only, BoQ is fine as you don't need to grow the account so a month of high expenditure won't hurt as much as ING where you need to grow your account.

    BoQ tech is pretty chaotic at times so wouldn't rely on it as an everyday account.

    • 1
  • ashtdp on 01/09/2023 - 07:50

    Has anyone received BOQ interest today/last night? I thought they resolved all the outage issues yesterday itself and yet I see no interest credit and it already shows I am eligible for bonus rate next month also, that means the status hasn’t been updated properly.

    • 1
    • OneTonneRodeo on 01/09/2023 - 08:24

      Nope, so you're not alone

      • 1
    • Quppa on 01/09/2023 - 10:16

      Nothing yet here, either, and a friend reports the same.

      • 0
      • ashtdp on 02/09/2023 - 16:34

        Received mine by evening of 1st Sep.

        • 0
  • Seraphin7 on 15/06/2023 - 11:18

    I found the ING app/internet banking far easier to deal with when I had both a few years ago.

    • 0
    • Anthonese on 15/06/2023 - 14:18

      BOQ has undergone a massive overhaul in the past year and a half. New app platform, new accounts

      • 0
  • oldmate78 on 16/06/2023 - 16:13

    I use both. From a function POV, I like BOQ. Has marginally faster BPAY times (eg. to credit card) and allows for multiple savings accounts if you prefer to have easy visibility of "buckets".

    • 0
  • Ghost47 on 17/06/2023 - 20:19

    I would go with BOQ if you're eligible for the Future Saver account. The app is straightforward and barebones, which is a pro and con IMO when your main objective is keeping your savings with them (which you shouldn't be touching often anyway).

    A couple of minor gripes I have with BOQ is that you can't direct debit out of your Future Saver accounts, you need to transfer to your Everyday Account and then transfer from there to other banks, and when I opened the account I couldn't access it right away and had to wait til Monday to call them (but they were super helpful over the phone). But when you open an account with them you automatically get the bonus interest of the month the account is opened and the following month (which is when you'll need to meet the bonus interest requirements to get the bonus interest the month after), e.g. open in April = bonus interest in April and May, then meet requirements in May to get the bonus interest in June.

    The main pro of BOQ is that you don't need to grow your balance each month, which you need to do with ING.

    You can also have multiple Future Saver accounts and earn the bonus interest on all of them, so you can technically have more than the $100k limit compared to ING.

    • 0
  • Ocker on 15/06/2023 - 07:53

    The "pros and cons" will be dependent on your own personal preferences and views on the account requirements.

    • -1
    • sumtee23 on 15/06/2023 - 07:54

      I'm pretty easy going with it, I'm happy enough with the 1k deposit/5 purchases etc.

      I guess I just wanna hear if anyone has any reasons to not go with either bank and why that is, maybe app user interface, support issues etc.

      • 0
  • payless69 on 15/06/2023 - 09:41

    I hate Ubank because they pay interest on every day
    this is really upsetting Xi Jinping!

    • -1
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