Bank of Queensland reward young savers with new 4.00% savings account rate
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%.
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“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
- • 2.90% - MOVE Bank Bonus Saver
- • 2.87% - UBank USaver with Ultra Transaction Account
- • 2.85% - ME Online Savings Account
- • 2.80% - Australian Unity Active Saver
- • 2.80% - Bank of Queensland Fast Track Saver Account
- • 2.80% - ING Savings Maximiser
- • 2.80% - RAMS Active Saver
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.
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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
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
-
Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
-
MoneyMAX Account
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.75% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read our Mozo Review to learn more about the Unity Bank MoneyMAX Account
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Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the ING Savings Accelerator
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^See information about the Mozo Experts Choice Savings Account Awards
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