Bank of Queensland launches 2% savings account for Gen Z, Millennials

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on April 04, 2022 Fact Checked
Bank of Queensland launches 2% savings account for Gen Z, Millennials

Bank of Queensland launched a savings account for 14-35 year olds earning 2.00% p.a. provided criteria is met.

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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          BU Savings Account

            Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of May 26, 2022. View disclaimer.


            Photo by Kristina Paukshtite on Pexels

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            author-avatar
            Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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