The Queensland-based bank responded to RBA's cash rate increase by boosting its Future Saver savings account for Aussies aged 14-35 by 40 basis points (0.40%). 

The new rate of 4.75% p.a. comes into effect from Friday 9 December 2022 for those with a maximum balance of $50,000. 

To receive the total 4.75% p.a. rate, savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month.

Savers can open up to nine Future Saver accounts, each eligible to receive the rate of 4.75% p.a. up to a maximum balance of $50,000. 

@savings.com.au Bank of Queensland will deliver an early Christmas present, increasing its Future Saver savings account for those aged 14-35 by a whopping 0.40% to offer a rate of 4.75% p.a.! 🎅🏼 For more on all the latest savings movement head to savings.com.au #boq #bankofqueensland #savings #savingsrates #ausfinance #banking #bankingtips #bankingtok #savingsaccount #santa #christmas #greenscreenvideo ♬ original sound - Savings.com.au

BOQ will also increase:

  • Smart Saver account for customers aged 36 and over by 0.15% to 4.00% p.a. for balances between $1 and $250,000.
  • Simple Saver account with a 4-month introductory special by 0.50% for a total rate of 4.10% p.a. for balances up to $5,000,000.

Virgin Money increases savings rates

BOQ-owned Virgin Money has also flagged an increase to savings rates on its Boost Saver account effective 9 December 2022. 

The Boost Saver account will increase by 0.45% p.a. to 4.30% p.a.

Further, when customers enable the new Lock Saver Feature, the interest rate will increase up to 4.60% p.a. on the Boost Saver Account.

To receive the 4.30% p.a. rate, Virgin Money customers must:

  • Deposit at least $2,000 into their Go Account from another financial institution if aged 25 or over.
  • Deposit at least $1,000 into their Go Account from another financial institution if aged 18-24. 
  • Make at least five purchases on their Go Account that settled in that month (not pending).

When the Lock Saver Feature is enabled to receive the 4.60% p.a. rate, customers are also required to provide 32 days’ advance notice to unlock their account or withdraw money from that account.     

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Important Information and Comparison Rate Warning

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 April 20, 2024. View disclaimer.

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