The top rate available on BOQ Future Saver accounts will increase to 5.50% p.a. from 16 June.

This will be the joint highest rate for savings accounts available in Australia per Savings.com.au's market research, level with ING which announced late on Friday.

The base rate is 0.05% p.a. meaning if savers fail to meet the criteria in a given month they may miss out on hundreds of dollars in interest.

The criteria is: Be aged between 14 and 35; deposit a minimum $1,000; and make at least 5 eligible settled card transactions.

The top rate is eligible for balances up to $50,000.

Customers aged 36 or older can open a Smart Saver account, the bonus rate of which will also increase from 4.85% p.a to 5.10% p.a., with the same conditions.

@savings.com.au

♬ original sound - Savings.com.au

ING vs BOQ Savings Account - At a Glance

ING BOQ
Product Name Savings Maximiser Future Saver
% Rate P.A. (Base Rate) 5.50 (0.55) 5.50 (0.05)
Age Requirement - 14-35
Deposit Requirement Per Month $1,000 $1,000
Transaction Requirement Per Month 5 settled 5 settled
Other Grow balance -
Max Balance $100,000 $50,000
Applies From 14 June 16 June

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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
  • 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
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

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
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
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 July 14, 2024. View disclaimer.

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