Bank of Queensland increases savings account to market-leading 3% p.a.

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on May 20, 2022 Fact Checked
Bank of Queensland increases savings account to market-leading 3% p.a.

Bank of Queensland has increased the savings rate on its 'Future Saver' product for Gen Z and Millennials by 100 basis points.

Launched just last month with a competitive 2% p.a. savings rate, Bank of Queensland has thrown down the gauntlet increasing its 'Future Saver' product for Australians aged 14-35 by 100 basis points to 3% p.a.

The rate available from Friday consists of a 0.05% base interest rate and a 2.95% bonus rate on balances up to $50,000.

To attain the full 3%, savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month.

Balances over $50,000 revert to a base and bonus interest structure of 0.80% p.a in total. 

Customers aged 14-17 are not required to meet the bonus criteria.

Virgin Money increases savings rates

As part of the BOQ Group, Virgin Money has increased the 'Virgin Money Boost Saver' savings account rates by 15 basis points.

From today, Virgin Money customers will be able to earn 1.15% p.a. when they meet monthly criteria and then up to 1.60% when they enable the optional Lock Saver Feature for balances up to a combined $250,000. 

Virgin Money notes when the Lock Saver Feature is enabled, customers are required to provide 32 days’ advance notice to unlock their account or withdraw money from that account.  

To receive the 1.15% p.a. rate, Virgin Money customers must:

  • Deposit at least $2,000 into their Go Account from another financial institution.
  • Make at least 5 purchases on their Go Account that settled in that month (not pending).

To receive the 1.60% p.a. rate, Virgin Money customers must:

  • Deposit at least $2,000 into their Go Account from another financial institution.
  • Make at least 5 purchases on their Go Account that settled in that month (not pending).
  • Enable the Lock Saver Feature on the Boost Saver account.

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Online Saver (Amounts < $499999)

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      Online Saver ($1-$100k)

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        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 June 29, 2022. View disclaimer.


            Image by Melissa Walker Horn via Unsplash

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            Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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