BOQ initially hit 5.50% p.a on the Future Saver halfway through last year, but had cut back to 5.40% p.a. in late 2023. 

Now the maximum rate is back at the 5.50% p.a. mark and applies on balances up to $50,000 provided customers satisfy the bonus interest rate conditions, while the product is only available for customers aged between 14 and 35.

The highest rate on balances above $50,000 is unchanged at 3.00% p.a.

The base variable rate on the Future Saver is just 0.05%, so the vast majority of the maximum rate comes from the bonus rate.

To earn the bonus rate in a given month, customers need to deposit at least $1,000 and make at least five eligible and settled transactions on the debit card linked to the attached transaction account.

BOQ is now just five basis points behind the ME Bank HomeME savings account, which offers an ongoing rate of 5.55% p.a. when all monthly conditions are satisfied.

The Future Saver is once again level with the ING Savings Maximiser and MOVE Bank Growth Saver, but ING customers can earn 5.50% p.a on balances up to $100,000.

MOVE on the other hand only allow the maximum rate on balances of $25,000 or less

The highest savings account rate available in Australia remains RaboBank's introductory rate of 5.75% p.a., available for new customers for the first four months, but reverts to 4.40% p.a once this period elapses.

For unconditional returns, Australian Unity's Freedom Saver account is still on top, with a base rate of 5.20% p.a. available on balances up to $50,000.

This comes in the same week BOQ upped term deposit returns, with a maximum rate of 4.90% p.a. now available on six and nine month TDs.

BOQ Future Saver rates

Balance up to Base variable rate Bonus rate Maximum rate
$50,000 0.05% p.a 5.45% p.a 5.50% p.a
$50,001-$250,000 0.05% p.a 2.95% p.a 3.00% p.a
$250,001+ 0.05% p.a - 0.05% p.a

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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
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 April 27, 2024. View disclaimer.

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