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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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
Features
Conditions
Other
Provider
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Boost Saver

    More details
    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 July 27, 2024. View disclaimer.

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