Bank of Queensland raises savings account rate to 3.50% pa

Leading ING and Westpac, Bank of Queensland will grow its Future Saver account for young Australians to market-leading 3.50% pa

The increase follows ING’s decision to raise its own savings rate on Savings Maximiser products to 3.10% per annum earlier this month.

Once again Bank of Queensland (BOQ) will feature the market leading savings account rate in the Savings.com.au market research.

The tariff applies to young Australians aged 14 to 35 and will take effect from August 17.

The BOQ previously delayed raising its Future Saver rate in June and July following back-to-back increases in RBA cash rates.

Given a number of competitors approaching or exceeding the 3.00% per annum offer currently available from BOQ, BOQ Group said it will continue to review interest rates to ensure it remains competitive in the market.

The rate available from Wednesday consists of a base interest rate of 0.05% and a bonus rate of 3.45%. on sales up to $50,000.

To receive the full 3.50% annual rate, savers must deposit $1,000 and complete five cleared card transactions in their linked everyday account each month.

Balances above $50,000 also get a boost, with a base and bonus interest structure of 1.50% per annum in total.

BOQ will also increase:

  • smart saver from 0.50% to 2.85% per year for balances between $1 and $250,000.
  • Simple saver 0.50% to 1.50% per annum for balances up to $5 million.

Virgin Money follows leader in raising rates for savers

Virgin Money also announced an increase of 0.50% per annum across its range of savings account products.

From Wednesday, Virgin Money customers will be able to earn 2.80% per year when they meet the monthly criteria, then up to 3.10% per year when they activate the option Lock Saver function for sales up to $250,000 combined.

This rate is now comparable to that of ING’s Savings Maximizer when the Lock Saver function is activated.

For Virgin Money customers, activating the Lock Saver feature requires 32 days notice to unlock their account or withdraw money from that account.

To qualify for the 2.80% per annum rate, Virgin Money customers must:

  • Deposit at least $2,000 in their Go account at another financial institution if you are 25 or older.
  • Deposit at least $1,000 in their Go account with another financial institution if you are between 18 and 24 years old.
  • Make at least five purchases on their Go account that have settled in that month (not pending).

To qualify for the 3.10% per annum rate, Virgin Money customers must:

  • Deposit at least $2,000 into their Go account at another financial institution.
  • Deposit at least $1,000 in their Go account with another financial institution if you are between 18 and 24 years old.
  • Make at least five purchases on their Go account that have settled in that month (not pending).
  • Activate the Lock Saver feature on the Boost Saver account.

There is no applicable monthly requirement for customers aged 14 to 18.


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Need a place to store cash and earn interest? The table below shows savings accounts with some of the highest interest rates on the market.

Rates based on a savings balance of $10,000. Sorted by total interest rates. Check the providers’ websites for terms of bonus rates and applicable fees and charges. Rates correct as of August 16, 2022. See disclaimer.


Image by Patti Black via Unsplash

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