Bank of Queensland reward young savers with new 4.00% savings account rate

Tom Watson

10 Dec 2018

redactor/hero-images/527/boq-new-savings-account-offer_content.jpg

Whether it’s buying a car, funding a European adventure or moving out, chances are most Aussies have a savings goal in their sights for 2019.

But with many savings account rates at depressingly low levels, finding a rewarding place to stash your cash has been a challenge in recent years.  

The Bank of Queensland (BOQ) may just have a solution though - especially for younger Aussies.

Released today, the BOQ Fast Track Starter Account is offering savers between the age of 14-24 the chance to earn a whopping ongoing bonus rate of 4.00% when they deposit $200 a month into a linked Day2Day Plus Account.

The Fast Track Starter also comes with no monthly account keeping fees, though the ongoing bonus rate only applies to balances up to $10,000. After that, savers will receive an ongoing bonus rate of 2.80%.

RELATED: Mozo’s savings advent calendar: 18 savings tips to get you to December 25

“It’s a good rate, and for students, trainees and other savers who are just starting out the $10,000 limit is probably not going to be a problem,” said Mozo Product Data Manager, Peter Marshall.

“It’s also an opportunity for BOQ to start to building relationships with younger customers. People are generally creatures of habit, so once we become familiar with a bank we’re likely to stick with them unless they do something to upset us.”

Over 25’s not left out

While the bumper 4.00% interest rate is reserved for 14-24 year olds, BOQ haven’t forgotten about older savers in their new savings account launch.

At 2.80%, the Fast Track Saver Account (for 25’s and over) features one of the highest ongoing savings account bonus rates currently in the Mozo database.

Savers will need to meet a minimum deposit requirement of $1,000 each month into a linked Day2Day Plus Account to get the bonus rate though, otherwise they’ll earn the 0.50% base rate instead.

To put the Fast Track Saver Account rate of 2.80% in context, it currently ranks as the equal fourth highest ongoing savings account bonus rate in the Mozo database and sits 53 basis points higher than the average 2.27% ongoing bonus rate currently in the Mozo database.

High ongoing savings account bonus offers


But what kind of difference would stashing your savings in a high interest account like BOQ’s have compared to an average rate? Depending on your balance, it could be substantial.

Let’s use regular saver Emily as an example. Emily currently has a savings account balance of $10,000 of which she consistently adds $100 a week to in the way of regular deposits.

According to the Mozo savings calculator, if Emily was earning the average ongoing bonus rate currently in the Mozo database of 2.27% she would end up with a balance of $38,821 after five years.  

However, that closing balance would rise to $39,496 (a $675 difference) if she was able to meet the monthly requirements needed to earn BOQ’s 2.80% bonus rate offer.  

RELATED: Are you one of the 1.3 million Australians with this New Year's resolution?

Want to read up on all the features of the Bank of Queensland’s Fast Track Start and Saver accounts? Check out our reviews for 14-24 year olds and those 25 and over, or if you’re eager to grab a great rate right now then check out some of the offers below.

Savings account offers 2018 - rates updated daily

  • Promoted

    AMP

    AMP

    Saver Account

    2.26% p.a. (for $0 to $500,000)

    1.05% p.a.(for $0 to $5,000,000)

    $0.00

    *Bonus rate for the first 6 months from account opening on the first $500,000 deposited. For new Saver customers only.

  • Promoted

    Defence Bank

    Defence Bank

    iSaver

    1.70% p.a. (for $0 to $1,000,000)

    0.05% p.a.(for $0 to $1,000,000)

    $0.00

    *Bonus rate for the first 3 months from account opening

  • Promoted

    MyState Bank

    MyState Bank

    Bonus Saver Account

    2.00% p.a. (for $0 to $250,000)

    0.30% p.a.(for $0 and over)

    $0.00

    *Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

  • Promoted

    UBank

    UBank

    USaver with Ultra Transaction Account

    1.60% p.a. (for $0 to $200,000)

    0.54% p.a.(for $0 to $5,000,000)

    $0.00

    *Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the previous month from an external source and the combined balance is less than $200,000.

  • Promoted

    Suncorp

    Suncorp

    Growth Saver Account

    1.90% p.a. (for $0 and over)

    0.20% p.a.(for $0 and over)

    $0.00

    *Grow your balance by $200 or more and make no more than one withdrawal in the month.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.