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

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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.

Rates
Features
Conditions
Other
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
More details
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
More details
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 $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
02000$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
More details
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 28, 2024. View disclaimer.

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