The Queensland-based bank had immediately responded to RBA's cash rate increase on 8 February announcing an increase to variable rate mortgage holders, placing its savings rates under review.

Some nine days later, Bank of Queensland (BOQ) has announced an increase to savings accounts lifting its Future Saver savings account for Aussies aged 14-35 by 15 basis points - 10 basis points less than the full RBA increase of 25 basis points.

This increase sees BOQ's Future Saver account once more overtake ING's Savings Maximiser rate of 4.80% p.a. to become the savings account market leader based on Savings.com.au research. 

The new rate of 4.90% p.a. comes into effect from Thursday 23 February 2023 for those with a maximum balance of $50,000. 

To receive the total 4.90% p.a. rate, savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month.

Savers can open up to nine Future Saver accounts, each eligible to receive the rate of 4.90% p.a. up to a maximum balance of $50,000 wholistically. 

BOQ has also increased:

  • Smart Saver (ages 36+) accounts by 0.25% p.a. to 4.25% p.a. for balances between $1 and $250,000. 
  • Simple Saver accounts with a 4 month introductory rate by 0.15% p.a. for a total rate of 4.25% p.a. for balances up to $5 million.

Which accounts are offering the highest rates?

Bank Rate Per Annum Conditions
Bank of Queensland Future Saver 4.90% Ages 14-35, max balance $50k, deposit $1,000/mo, 5 card transactions.
ING Savings Maximiser 4.80% Max balance $100k, deposit $1,000/mo, 5 card transactions, higher balance at end of month.
Rabobank High Interest Savings Account 4.75% 4 month intro rate, reverts to 3.50% p.a. max balance $250k.
Great Southern Bank Goal Saver  4.75% Ages 18-24, max balance $50k, deposit $500/mo, 5 card transactions.

Excludes youth accounts (0-17/18)

Advertisement

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
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

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
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
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

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 May 12, 2024. View disclaimer.

Image by Oleksandr Pidvalnyi via Pexels