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?
- Macquarie doubles term deposit rates
- Judo Bank increases term deposit rates
- AMP bumps up savings account rate
Advertisement
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 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.
Image by K8 on Unsplash