Home News BOQ hits 5.50% for savings accounts

BOQ hits 5.50% for savings accounts

The race for the highest savings account rate in Australia continues as Bank of Queensland announces it will follow ING to the new market leading rate.

By Harry O'Sullivan

on 13 Jun 2023

Fact Checked

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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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Deposit amount

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Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofOctober 22, 2024

	Bonus rate of 0.05%Rate varies on savings amount. 4.35^%_p.a.	Intro rate for 4 monthsthen 4.40% p.a. 5.75^%_p.a.	^$289	4	^$0	^$249,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	High Interest Savings Account (<$250k) 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
	5.00^%_p.a.	Intro rate for 4 monthsthen 5.00% p.a. 5.50^%_p.a.	^$276	4	^$0	^$249,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Account 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
Disclosure
FEATURED Savings Account 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 More details Disclosure
	4.70^%_p.a.	Intro rate for 4 monthsthen 4.70% p.a. 5.40^%_p.a.	^$271	4	^$250,000	^$99,999,999		0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Accelerator Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
FEATURED Savings Accelerator Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7% More details Disclosure
	3.75^%_p.a.	Intro rate for 4 monthsthen 3.75% p.a. 4.45^%_p.a.	^$223	4	^$50,000	^$249,999		0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Accelerator
Savings Accelerator More details

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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 October 22, 2024. View disclaimer.

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Harry O'Sullivan

Harry joined Savings in November 2022. With a degree in economics from the University of Queensland, Harry is interested in topics such as inflation and GDP, and is passionate about keeping Australians informed on the external factors that impact their personal finances.

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Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

BOQ hits 5.50% for savings accounts

ING vs BOQ Savings Account - At a Glance

High Interest Savings Account (<$250k)

High Interest Savings Account (<$250k)

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Savings Account

Savings Accelerator

Savings Accelerator

Savings Accelerator

Savings Accelerator

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BOQ hits 5.50% for savings accounts

ING vs BOQ Savings Account - At a Glance

High Interest Savings Account (<$250k)

High Interest Savings Account (<$250k)

Savings Account

Savings Account

Savings Accelerator

Savings Accelerator

Savings Accelerator

Savings Accelerator

Harry O'Sullivan

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Important information

Editorial Integrity

Advertiser Disclosure

Product Coverage and Sort Order

Comparison Rate Warning and Base Criteria

Monthly Repayment Figures

Related Brands

General Advice Disclosure