BOQ slashes market-leading interest rate on its youth savings account

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on February 15, 2022 Fact Checked
BOQ slashes market-leading interest rate on its youth savings account

BOQ has cut its youth savings account interest rate from 2.50% p.a. to 2.00% p.a.

Bank of Queensland's (BOQ) Fast Track Starter Account, its youth savings account for people aged 14 to 24 years old, has seen a 50 basis point cut from 2.50% p.a. to 2.00% p.a.

Savers can now access this 2.00% p.a. interest rate on balances up to $10,000 given the same criteria is met.

BOQ's savings account interest rate was previously tied with Westpac's Westpac Life account, which saw interest rates slashed in September 2021 from 3.00% p.a. to 2.5% p.a.

In Savings.com.au's market research, these were some of the highest interest rates on savings accounts currently on offer.

Any good news for savers?


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Save Account

  • Take money out at any time without affecting your bonus rate.
  • Open up to 10 Save accounts and get bonus interest on all of them, including shared Save accounts.
  • Get bonus interest on a combined balance of up to $250K across all your Save accounts.
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A WELCOME RATE FOR 4 MONTHS
A WELCOME RATE FOR 4 MONTHS

Savings Account (Amounts < $250k)

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    High Interest Savings Account (< $250k)

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver ($1-$100k)

        0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Reward Saver

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          BU Savings Account

            Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of August 11, 2022. View disclaimer.


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            author-avatar
            Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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