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.
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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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| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $269 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $302 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $296 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
