Future Saver Was Converted Automatically to Smart Saver Acc but The Interest Paid Is Lower than Advertised

Lbargainhunt2020 on 06/03/2026 - 10:32
Last edited 06/03/2026 - 10:46 by 1 other user

I have been tracking the Interest being paid(base interest + bonus interest) for my BOQ Smart saver account(which was a Future saver before I turned 36)

I noticed that the monthly interest is significantly lower(noticed a difference of more than $100 at times) than what I get in ING for having similar Account balances. I have met the Bonus interest criteria every month( verify in the app every month)

Has anyone else faced this situation?

I reached out to them last month(01-Feb-2026) by raising an official complaint however they are adamant that nothing is wrong on their side.

In my last conversation(which became a heated argument with me showing them how their interest is supposedly calculated as per their website) they asked me to wait for 6-8 weeks for further analysis and potential resolution(if they find an issue)

Financial Bank Account Savings Account

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  • Ave Maria on 06/03/2026 - 13:25
    +2

    If you are not based in QLD, keep in mind that any transfers out between 00:00 and 01:00am would be debited on the previous date (Brisbane time) even if the transaction date & audit timestamp shows the current date. Other than that, I have been banking with both ME Bank & BOQ and interest calculations are always correct. Also last month the interest rate changed from 4.60% to 4.85% on the 17th February. Have you taken that into account or did you apply 4.85% for the whole month (an easy mistake to make) -:)

    Also interest is calculated based on closing balance each day, not on an average balance basis.

    Just use a spreadsheet or calculator to calculate interest on a daily basis using the formula BALANCE x DAYS HELD x APPLICABLE RATE / 365 and add the figures up, if you do that you will find out that what you got paid is correct. If you know the balance at the end of themonth you can work backwards what your daily balance was as BOQ/Me BANK do not think it is important to let us know onine or in the app. You can request an interim statement if it helps.

    As others suggested you can move $250K to the new Judo Bank Saver, only requirement is to deposit $300 from an external account (scheduled transfer takes care of that). There is no growth or no withdrawal conditions so money can be taken out any time. Interest rate is 5.10% up to $250K and then for amounts above that up to $2 Million it pays 4.60%.

    Transfers out to a nominated account (can easily be changed) are limited to $20K with a temp increase possible if you call Judo Bank.

    • bargainhunt2020 on 06/03/2026 - 13:41

      I have scheduled multiple Bill Payments so their system itself would make those itself without me having to intervene.

      Also agreed to your point about 4.6% interest rate change. If I were to consider 4.6% for the whole of Feb'26 even then the amount I should be getting is ~$395 as opposed to what I got i.e. $308

      There is definitely something weird going on with their calculations.

      I have started to move the money elsewhere as not happy with their complaints handling process and timelines.

      Guess its just wait and watch as to whether they formally acknowledge and backpay the difference

      • Ave Maria on 06/03/2026 - 13:48

        Here is another parameter to consider. To make scheduled payments money has to be moved from the interest paying Saver to the non interest paying Everyday account (possibly the day before the payment is due). Have you taken that into consideraton? I am sure you will figure it out -:). The difference is big enough so not make any sense but perhaps money has been moved to the non interet account for longer than intented - just a theory anyway and NO I do not work for the bank -:)

        • bargainhunt2020 on 06/03/2026 - 13:54

          This is my recurring monthly setup
          1 x $5 transfer from Smart Saver Acc to Everyday account on 1st of the month
          5 x $1 Bill Payments to my Credit card on 2nd of the month

          $5 movements shouldn't impact the Interest calculations upto a level that there is a more than $100 difference in interest being paid.

          PS : I have worked in a bank(not BOQ) in the past :)

  • surfingedge on 06/03/2026 - 10:58
    +1

    My interest has always been correct including in the month I turned 36. Can you share some numbers of what you think is an incorrect calculation?

    • bargainhunt2020 on 06/03/2026 - 11:05

      For eg.
      I met the bonus interest criteria in the month of Jan '26
      In Feb '26 I had an average daily balance of ~$112,000(
      As per the Interest rate and calculations detailed here : https://www.boq.com.au/personal/bank-and-save/smart-saver
      I should have been paid ~$416 (considering 28 days in Feb)
      Formula to calculate interest per day : (Smart Saver Account daily closing balance x interest rate (per annum))/Number of days in the year (365 days)

      In actual I just got $304 + $4 credited on 1st March '26

      • surfingedge on 06/03/2026 - 11:23
        +1

        OK, you are correct provided that you are using the right numbers for your daily balance calculation. Since the app doesn't have a running balance it can be tricky to work backwards just from the app.

        If you haven't already, request an interim statement (or use a regular statement) which does show the daily balance and use that to double-check?

        • bargainhunt2020 on 06/03/2026 - 12:00

          Yeah I have rechecked a few times.
          Its easy for me to keep a track of the balance since I don't do any withdrawals from this particular Account.
          This has been going on for quite a few months but I never really paid attention up until the last month.

          • surfingedge on 06/03/2026 - 13:58
            +1

            @bargainhunt2020: Does it show the correct interest rate when you press the … in a circle (top right corner) > View Account Details?

            I guess you have to put the numbers in a spreadsheet and show them they are wrong and then go to AFCA if they still don't agree.

            • bargainhunt2020 on 06/03/2026 - 14:10

              @surfingedge: I checked just now, it shows the Interest rates for the Future Saver Account whereas the actual account has been converted to a Smart Saver account few months back.
              I have reported this issue along with the Interest calculation in the formal complaint to them already.

              Yeah AFCA seems to be the only way to go. I might have to wait for their 6-8 week resolution timeline before escalating to AFCA.

  • bargainhunt2020 on 01/04/2026 - 09:30
    +1

    31st March 2026 Update

    Got a call from BOQ team acknowledging that although my account was converted from a Future Saver to a Smart Saver Account automatically, their systems didn't update the interest rates and conditions and hence I was getting their highest rate on the first $50k and only the base rate on the remainder of the amount in the Savings account.
    They would be fixing this mess up and paying me Interest Arrears "soon".

    Thanks all for your responses

  • Simon Beech on 06/03/2026 - 11:40

    leave for judo, im about to do that

  • Wiadro on 06/03/2026 - 10:50
    -4

    sorry we can only assist if you have an issue with OzBargain Bank, which is a feature under the Ozbargain Premium "Platinum" Level Membership

    But to help out, once you turn 35, it would change to an adult rate because it's 14 to 35, so if youre 35 and one day, it should go to the future saver as youre over 35.

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