Home News Bank of Queensland increases savings account rate to 4.00% p.a.

Bank of Queensland increases savings account rate to 4.00% p.a.

Bank of Queensland will increase the maximum interest rate on its Future Saver Account to a market-leading 4.00% p.a. for young Aussies.

By Staff Writers

First published on 19 Sep 2022

Fact Checked

Bank of Queensland increases savings account rate to 4.00% p.a.

Effective Tuesday 20 September, the highest rate on BOQ's Future Saver account will increase by 0.50% to 4.00% p.a. for balances up to $50,000.

Interest earned on balances between $50,001 to $250,000 will increase by 1.00% to 2.50% p.a.

To receive the total 4.00% p.a. rate, savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month.

The 4% p.a. rate is restricted to Aussies aged 14-35.

@savings.com.au From Tuesday September 20, Bank of Queensland (BOQ) will increase its Future Savers account for millennials aged 14-35 to 4.00% p.a! 🤑 For all the latest savings news and to compare savings accounts, head to savings.com.au #fintok #fintokaustralia #ausfinance #savingsaccount #bankofqueensland #money #banking #bankingnews ♬ original sound - Savings.com.au

BOQ Group said it will continue to review interest rates to ensure it remains competitive in the market, given ING's decision to lift their Savings Maximiser accounts to 3.60% p.a., and a number of competitors approaching the 3.50% p.a. offering.

BOQ will also increase:

Smart Saver by 0.25% to 3.35% p.a. for balances between $1 and $250,000.
Simple Saver by 0.50% to 2.00% p.a. for balances up to $5 million.

BOQ has also increased rates on key term deposit terms including a new 3.50% rate on its 12 month term deposit.

Effective 17 September, ME Bank will increase rates on its Online Savings Account by 0.50% to 2.70% p.a.

ME Bank's 12-month term deposit rate is now one of the most competitive at 3.65% p.a. based on Savings.com.au market research.

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