Effective Thursday 20 October, the increase comes exactly one month after Bank of Queensland (BOQ) increased its Future Saver account rate to 4.00% p.a. 

The new 4.10% rate on offer by BOQ surpasses ING by 0.05% to take the crown as the highest savings account rate available according to Savings.com.au market research. 

The new rate of 4.10% p.a. is available for Aussies aged 14-35 with a maximum balance of $50,000. 

Interest earned on balances between $50,001 to $250,000 will remain at a rate of 2.50% p.a.

To receive the total 4.10% p.a. rate, savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month.

@savings.com.au From Thursday October 20, Bank of Queensland will offer young Aussies aged 14-35 a market leading savings account rate of 4.10% p.a. on balances up to $50,000💰 For all the latest savings news, head to savings.com.au #fintok #fintokaustralia #ausfinance #savingsaccount #boq #moneytok #money #banking #bankingnews ♬ original sound - Savings.com.au

BOQ will also increase:

  • Smart Saver account for customers aged 36 and over by 0.25% to 3.60% p.a. for balances between $1 and $250,000.
  • Simple Saver by 0.25% to 2.25% p.a. for balances up to $5 million.

The 4% Savings Club

Bank Rate Per Annum Conditions
Bank of Queensland 4.10% Ages 14-35, max balance $50k, deposit $1,000/mo, 5 card transactions
ING 4.05% Max balance $100k, deposit $1,000/mo, 5 card transactions, higher balance at end of month
Rabobank 4.00% 4 month intro rate, reverts to 2.75% p.a. max balance $250k
Macquarie 4.00% 4 month intro rate, reverts to 3.20% p.a. max balance $250k
Australian Mutual Bank 4.00% Ages 0-18, max balance $5k

Source: 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
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Saver Account (<$250k)

    More details
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
    More details
    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
    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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