Banks continue to increase saving rates with BOQ now offering over 5%

By Cameron Thomson · · 1 min read
Fact Checked
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Some banks are continuing to increase interest rates in the wake of inflationary pressures and RBA cash rate hikes, and Bank of Queensland is the latest to do so.

Bank of Queensland (BoQ) is currently sitting at the top of the savings pedestal with a competitive special interest rate of 5.15% for its future saver account (which is limited to balances of up to $50,000). 

However, while BoQ sits at the top at the moment, other banks are following. 

For example, ING currently offers a special interest rate of 4.80% for its savings maximiser. Following on we find banks like Ubank and Westpac offering a special interest rate of 4.35%. 

Bear in mind that—even though special interest rates tend to be the highest on offer—they do come with conditions that need to be met so always read the fine print.

With the potential for the RBA to continue with its rate hike spree alongside higher savings rates, consumers could be encouraged to stash more of their money with these types of moves. 

Certainly some savers could be in a much better position to let their cash grow in a high interest savings account or indeed a term deposit.

Interested in seeing the full list of savings accounts and their rates? At mozo we offer comparisons from all the most competitive providers to give you the best bang for your buck—compare savings accounts today.

*Rates correct as of 3 March, 2023

Savings account comparisons on Mozo - last updated 2 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

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    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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

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

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    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

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    5.00% p.a. (for $0 to $250,000)

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

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    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

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    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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^See information about the Mozo Experts Choice Savings Account Awards

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