Effective 3 March, several of the brand's savings accounts will see significant increases to their returns, which is noteworthy given it increased only a couple weeks ago, which makes this an out-of-RBA-cycle move.

Leading the charge is its Future Saver product, which increased by 25 basis points to now yield 5.15% p.a in interest for balances up to $50,000.

This is the highest return Australian adults can get on a savings account according to Savings.com.au market research, with ING's Savings Maximiser (4.80% p.a) and Great Southern Bank's Goal Saver (4.75% p.a) coming in close.

@savings.com.au BOQ have a announced a market leading savings account product that could earn you 5.15% p.a in interest. To keep up to date with all the latest movers, head to savings.com.au #fintok #fintokaustralia #ausfinance #finance #savingsaccounts #boq #money #banking #bankingtips ♬ original sound - Savings.com.au

For under-18s however it's a slightly different story.

To be eligible for the BOQ product, customers must be between the age of 14 and 35, deposit $1,000 per month into the linked transaction account as well as make five settled card purchases.

This is distinct from ING's product in that with ING savers must grow the balance every month.

BOQ also moved up the rates on its Smart Saver account for those 36 and over by 35 basis points to 4.60% p.a.

The Smart Saver is available for deposits between $1 and $250,000.

The final rate increase was to the Simple Saver 4 month Introductory Special, specifically for new customers.

Interest rates on these initial four months has increased by 25 basis points to 4.50% p.a for deposits up to $5 million.

Bank of Queensland General Manager Everyday Banking and Deposits Sophie Tilden said that the rate increases formed part of the banks commitment to helping households through this difficult period.

“We understand the ongoing challenges this environment has presented to how households are managing their budgets, so to ease pressures we have continued to reward our customers by helping them build up their savings,” Ms Tilden said.


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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 May 24, 2024. View disclaimer.

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