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5.10% 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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Our savings rates:

Balances up to Base Rate % p.a. Bonus Rate % p.a. Highest Rate % p.a.
$0 to $50,000 0.05% 5.05% 5.10%
$50,000 to $250,000 0.05% 2.55% 2.60%
$250,000 + 0.05% 0.00% 0.05%

myBOQ app features

Make managing your money easier than ever.

Set up a budget and get real-time alerts. Switch on Round Ups1 to automatically add to your savings, and get fast, secure access with face or fingerprint recognition.

Important Information

Interest rates are variable rates and are subject to change.

  1. Round-ups are transfers that you can elect to activate on your Everyday Account(s). When you enable this feature on your Everyday Account, funds are transferred from the selected Everyday Account to your nominated savings account each time you make a Card transaction. The amount of the transfer will be up to the nearest $1 of the amount that the transaction takes place. Round-up transactions will not take place if by making the transaction your Account would be overdrawn. Each round up transfer will be done when a transaction is processed as pending on your Account. As some transactions may occur offline the round-up transfer will only take place when the transaction information is received. Transactions that are pending could also potentially not be debited by the Merchant, however in that case the round-up will not be reversed. You can disable the round-up feature through the myBOQ app at any time.

*A Bonus Interest variable rate will only be paid if Monthly Bonus Criteria are met in the previous month which includes $1,000 deposit + 5 eligible transactions using the linked Everyday Account. Visit the website for full details about meeting the Monthly Bonus Criteria. The variable Base Rate applies to balances over $250,000.

previous-https://www.ozbargain.com.au/comment/13730185/redir

Related Stores

Bank of Queensland
Bank of Queensland

Comments

  • +1

    ageist

    • +5

      <25 yo males discriminated against when buying car insurance, perfectly legal

      • +2

        Premiums have to reflect demonstrated risk. The actuarial data that I've seen supports the differences in premium rates. What's the basis for differential pricing for bank deposits?

        • -1

          If the police did that and the irrelevant innate characteristic being used were race it would be called profiling. And we wouldn't hear the end of it. You would probably have much larger coefficients and greater statistical significance too.

  • +4
    • +1

      Thanks Capslock, great resource

  • -1

    Interesting it seems the whole Bank Of Queensland is ageist. Looked at the next highest interest account and it is 4.75%. I am surprised they are so blatant.

    • +2

      They statistically determine that younger people will earn and save less money so they offer a higher rate, this is common with many banks, 4.75% is actually pretty good but there is too many "hoops" to get it, St. George offer the same 4.75% for a $50 monthly deposit, the lowest "hoops" at this rate among the more well known and trusted banks.

  • -2

    I was actually looking at this one earlier today. Is it legal for them to discriminate like this based on age?

    • +1

      all the banks do this, its nothing new

    • -1

      They're incentivising, not discriminating.

  • +1

    Their app sucks and they locked my account for not using it for a year :(

    • Was it still earning interest during that year though? Is that really "not using it"?

      • +1

        I had $1 in it haha I made my acc during covid and after I transferred my $1 I found the process of using their website so arcane I just gave up and threw my lot in with Westpac at 4.75%

  • +10

    These guys lower the hisa interest rate without communicating/notifying it btw

  • Any deals on 14 to 35 year olds?

    • How many do you need?

  • +4

    Also, be aware that any transfers out that are over $5K, BOQ don't use OSKO (usually instant) so your money might take up to the "old-fashioned" 3 working days to get to its destination. I raised a complaint with them asking why that is, and where it's disclosed to customers. Heard nothing.
    If you're moving big amounts around chasing the highest interest rate, it could cost you a coupla days interest.

    • -1

      Doesn’t that limit apply to all banks?

      • I know someone who received an inheritance and changed their transfer limit with Commonwealth Bank from $20, 000 to $100 000. That transfer was done instantly to another bank.

        • That must either be a long time ago or they had sent money to the other bank account several times before and communicated with CBA that they were intending to make a large transfer. CBA normally puts a freeze on large transfers and then you ring them up and they pretend they're in an episode of Law and Order or The Bill.

      • No problems moving $100k from Macquarie to several other banks 'instantly'. They will put the transfer on hold for 24 hours if you haven't sent money to the same account recently, but that's a fraud prevention thing.

  • This one is nice because bpays to your cc counts as transactions so you can fully automate it

  • +3

    Horrible bank. Beware … " you can't access app-only accounts via Online Banking " also they won't assist you at a branch with these myBoQ app accounts.
    Not that big of a deal if they had a reliable app and didn’t perform disruptive "maintenance" so often. My experience was similar to others above. Slower transfers to other banks / compared to other banks, bad customer service when you have to ring them. They also closed 2 accounts that were active… notified me by snail mail saying those will be closed in 28days and they'll send a cheque for any funds remaining when closing. Reason for closing my accounts… cause its in their Terms and Conditions. (Not kidding)

  • Are they still paying the full rate if you open multiple Saver accounts and go over $50k combined?

    • good question

    • +1

      Yes. Can open 9 saver accounts. The bonus rate is paid on accounts that does not exceed the 50K limit.

  • Any offer code? Moving from uBank.

    • i've never seen signup code from boq debit

  • +1

    Down to 4.85% now.

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