The 'Future Saver' account provides 2.00% p.a. interest on balances up to $50,000, provided savers deposit $1,000 into their Everyday account and make five eligible card transactions per month.

This consists of a 0.05% base interest rate and a 1.95% bonus rate - for balances between $50,001 and $250,000 the interest rate is reduced to 0.80% p.a. in total.

Customers aged 14-17 are not required to meet the bonus criteria, so they can earn the maximum rate regardless of whether they deposited $1,000 or made the five transactions each month.   

With BOQ's Future Saver account, customers can spread their savings across nine individual accounts for different savings goals, which is similar to 86 400's new feature.

The linked Everyday account also has a round-ups feature where all transactions can be rounded up to the nearest dollar and the spare change deposited automatically into the Future Saver account.

Savings accounts compared

BoQ's bonus interest criteria is similar to ING's popular 'Savings Maximiser' account, which earns 1.35% p.a. in total but isn't age-limited.

However BoQ's account charges a 3.00% currency conversion fee on foreign transactions, yet this is waived on ING's account if criteria is met.

BoQ also charges $5 on international ATM withdrawals, while ING's account waives this fee and also refunds any host-ATM fees provided criteria is met.

AMP also has a 1.35% p.a. total interest savings account, which requires customers to deposit $250 per month, and has a maximum deposit limit of $250,000.

Other age-limited savings accounts include Westpac's Life account for under-30s, which was recently slashed from 2.50% p.a. to 2.00% p.a.


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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.

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
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    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 $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$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
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    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 $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        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 20, 2024. View disclaimer.

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