BOQ slashes market-leading interest rate on its youth savings account
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 2.50% 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
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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.
| 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. | $1,097 | – | $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. | $1,134 | 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. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
