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- BOQ matches ING for highest ongoing savings rate at 5.50%
BOQ matches ING for highest ongoing savings rate at 5.50%
Bank of Queensland has announced an increase to its Future Saver account, with a new rate of 5.50 per cent from 16 June. This increase puts it on par with ING’s Savings Maximiser. Both now have the highest ongoing savings account rates in the market.
However, BOQ’s Future Saver is only available to Australians aged 14 – 35 on balances up to $50,000, whereas the ING account is available to all adults on balances up to $100,000.
Future Saver Account (Under 35)
- Bonus interest with conditions
- Linked account required
Young adults can enjoy one of the most competitive interest rates on a savings account for their nest eggs.
5.50%*
0.05%
As part of the BOQ Group, Virgin Money’s Boost Saver will increase to a maximum ongoing rate of 5.35 per cent, while BOQ’s Smart Saver for over 35’s will increase to 5.10 per cent.
Savings rate changes today from BOQ Group: effective 16 June
Account | Old max rate | New max rate | Change |
BOQ Future Saver(ages 14 – 35) | 5.30% | 5.50% | +0.20% |
Virgin Money Boost Saver | 5.10% | 5.35% | +0.25% |
BOQ Smart Saver (ages 36+) | 4.85% | 5.10% | +0.25% |
Source:RateCity.com.au.Notes: terms and conditions apply for max rate on each account. Data accurate as of 13/06/2023.
Highest ongoing savings rates(excludes kids accounts)
Account | Rate | Max balance for highest rate |
ING Savings Maximiser | 5.50% | $100K |
BOQ Future Saver (ages 14 – 35) | 5.50% | $50K |
Virgin Money Boost Saver | 5.35% | $250K |
Move Bank Growth Saver | 5.25%* | $25K |
Great Southern Bank Goal Saver– (ages 18-24) | 5.10%* | $50K |
BOQ Smart Saver | 5.10% | $250K |
Source:RateCity.com.au. Note ING rate effective 14 June, BOQ and Virgin rates effective 16 June. * yet toannounce its response to the June RBA hike. Data accurate as of 13/06/2023.
RateCity.com.auresearch director, Sally Tindall, said: “Competition in the savings sector is heating up at the top – let’s just hope that pressure filters down to the rest of the market.”
“BOQ has announced it will match ING’s offering, at 5.50 per cent, although you have to be under 36 to qualify,” she said.
“Keen savers should be aiming for an ongoing rate that starts with a ‘5’. Anything less, and it’s probably time to put your savings account under review,” she said.
Savings Maximiser
- Bonus interest with conditions
- App banking
- Online banking
Enjoy a competitive ongoing bonus interest rate with this award-winning savings account when you meet the maximum rate conditions each month.
5.50%*
0.55%
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5.00%*
0.05%
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- App banking
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- Linked account required
5.20%*
2.00%
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- App banking
- Online banking
- Linked account required
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0.55%
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4.25%*
0.01%
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Progress Saver
- Bonus interest with conditions
- App banking
- Online banking
Product database updated 08 May, 2024
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