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.
- Bonus rate for the first 4 months from account opening
- No account keeping fees
- No minimum balance
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Harry O'Sullivan
Harrison Astbury
Jacob Cocciolone
