Just received an email.
Effective 24 October 2023, we will be decreasing the Bonus Interest Rate on our Future Saver and Smart Saver accounts by 0.10% p.a.
So now it's 5.4% for under 35s and 5% for over 35s.
Booooooooooooo!!
Bank of Queensland Reducing Savings Account Interest Rates by 0.1%
non-core promise on 24/10/2023 - 17:15
Last edited 24/10/2023 - 17:27 by 1 other user
Last edited 24/10/2023 - 17:27 by 1 other user
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is ING the highest now? sure they will follow too?
Time will tell I guess. I believe they are the highest now.
Me Go bank still beats em by .05% even after dropping.
ING seem to like being the highest so hopefully they won't be dropping it and its's just a contaigen in the BOQ family of banks. I was secretly hoping ING was going to at least match Me Go when they overtook them but that hasn't happened yet.
Ubank chugging along nicely with minimal hoops.
yeah, sucks. especially the short notice
if anything, i thought rates would be going up
Incredibly disappointing.
Annoying:
ME Bank: 5.55%
ING: 5.5%
Unibank: 5.5% (any Australian uni graduate can open an account)
BOQ: 5.4%
Virgin Money: 5.35%Reasonable:
Ubank: 5%
AMP: 5%
ANZ Plus: 4.65%
Macquarie: 4.5%Introductory:
Rabo (4 months): 5.6%
Macquarie (4 months): 5.4%what's the difference between hiver and unibank. the both seem to be a division of teachers mutual bank
i assume the australian bank guarantee would only apply to $250k in total from either bank (both teachers mutual bank)
is there any point in opening an account for both banks?
Virgin Money is dropping it's rates by .15% end of next month. Pretty sure the triumvirate of ME/BOQ/Virgin money are hedging their bets that there is a rate rise next month, so effectively it is an increase of only .1%-.15% because of these drops….so they will turn around and say "see we increased the rates by the full .25%"….a bit of a Orwellian 1984 scenario….we drop the amount one day (that's bad) but we increased the amount the next day (that's great)…and if there isn't a rate rise….they are still laughing
Seems ageist.
Coping immensely
How kind of them. S’pose I’ll call them and ask when they’re going to reduce my home loan by .1% too.
If you haven't done that recently you should definitely give it a go. Odds on you can do a lot better than just 0.1%
Note BOQ owns a lot of other products such as Virgin Money and Me.
Home Me Savings also dropped 0.1%.
Virgin is dropping 0.15% p.a. from 27/11.
yep, I was hoping to be spared that one, but no…..the Bastards
I had a dream the future saver account hit 6%!
Reality: dropped to 5.4% while rates go up 🤬Savings accounts at 6% would mean the Reserve Bank would raise its cash rate an extra 0.5 - 1%.
That's potentially going from "just dancing above/below the recession line" to "plunging into recession".
Disclaimer: Not an economist. Don't shoot me.
I did say it was a dream, although the banks aren't giving our savings account the real rate anyway.
My interest does not seem to be adding up this month.. I know it went from 5.5% to 5.4% but there is less than what I've calculated with the change. Could they have closed the loophole. Has anyone else had the same?
Did you get bonus on all your accounts? I noticed one of my accounts I recently opened didn't get the bonus. Also November was 30 days so you will get slightly less interest than normal.
I got interest on all accounts but not as much as I have calculated, that's why I am thinking they closed the loop. Yes 30 days thanks but it doesn't seem to make up for the deficit. I think it's 4% or something on over 50,000 so thinking that's what happened.
Strange, Mine was pretty much on point. I actually realised i didnt get one of the interest becasue i had 10 bucks in it and it was under a cent within margin of error for the normal interest so i actually only got the bonus for that account. It was correct for all of them.
Its 3% for balances over 50,000. Maybe you can try work that out if they did screw you over with that.
Can't believe it takes weeks to up the rates but they can reduce them on the day literally without notice, the business day is already over and the new rates are already effective.
I'll be transferring all of my savings out to ING first thing tomorrow, assuming the app is actually working tomorrow.