BOQ's increase to its Future Saver account for Aussies aged 14 to 35 will offer a total rate of 5.30% p.a. from 12 May 2023.

This increase of 15 basis points is less than the RBA's May cash rate increase, yet sees the bank climb back to the top of the savings account ladder, beating ING by 5 basis points though ING does not have an age limit, and a higher deposit limit.

The new rate of 5.30% p.a. is available for those with a maximum balance of $50,000. 

To receive the total 5.30% p.a. rate, savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month.

Should savers fail to meet the criteria in a given month, a base rate of 0.05% p.a. applies.

Savers can open up to nine Future Saver accounts, each eligible to receive the rate of 5.30% p.a. up to a maximum balance of $50,000 holistically. 

BOQ will also increase Smart Saver accounts for Aussies aged 36 and over accounts by 0.25% p.a. to 4.85% p.a. for balances between $1 and $250,000. 

Virgin Money increases savings account rates

Virgin Money has entered the conversation to offer one of the most competitive savings account products on the market by altering its deposit conditions.

Savers with a Virgin Money Boost Saver account are required to be over the age of 18, deposit $1,000 into a Boost Saver account and make at least five purchases to earn a rate of 4.80% p.a. from 12 May 2023.

Previously, savers aged over 18 were required to deposit up to $2,000 into their Go Account from another financial institution.

Further, when Virgin Money customers enable the Lock Saver Feature, the interest rate will jump to 5.10% p.a.

By enabling the lock saver feature customers are required to provide 32 days’ advance notice to unlock their account or withdraw money from that account. 

Not all funds need to be locked away - a portion can be directed to the Lock Saver function and accrue the 30 basis point premium.

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

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of April 29, 2024. View disclaimer.

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