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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Provider

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  • Bonus rate for the first 4 months from account opening
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High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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Saver Account (<$250k)

    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
    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
    • No balance growth needed or card transactions necessary.
    • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
    • 5.50% p.a. available on total savings up to $100K.
    • 5.00% p.a. applies to savings between $100K-250K.
    *Rate varies on savings amount

    Save Account (>$100,000)

    • Deposit $500 per month to get bonus interest
    • No balance growth needed or card transactions necessary.
    • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
    • 5.50% p.a. available on total savings up to $100K.
    • 5.00% p.a. applies to savings between $100K-250K.
    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 16, 2024. View disclaimer.

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