Late on Friday afternoon Bank of Queensland lifted its popular 'Future Saver' account rate to 4.90% p.a.

This is a 15 basis point increase, which is noteworthy given the bank has largely stayed faithful to the RBA's 25 basis point increases.

The account is for those aged 14-35, with a maximum balance of $50,000.

To get the full rate, savers must deposit $1,000 a month and make five card transactions in the linked everyday transaction account.

Should savers fail to meet the criteria, the base rate of 0.05% p.a. applies.

Balances of $50,001 to $250,000 attract a total rate of 3.00% p.a.

The Smart Saver for customers aged 36 and over, with the same bonus criteria, was bumped up by 25 basis points to 4.25% p.a.

These changes come into effect Thursday 23 February.

Top Savings Account Rates

Rank Bank Maximum % Rate Per Annum Conditions & Notes
1 Great Southern Bank 5.00 Ages 0-17, maximum balance $5k
2 BOQ 4.90 Applies 23/2. 14-35 years, deposit $1k/mo, 5 card transactions, max balance $50k
3 ING 4.80 Deposit $1k/mo, 5 card transactions, grow balance, max balance $100k
4 RaboBank 4.75 No bonus criteria. Four-month variable intro rate (reverts to 3.50% p.a. after), max balance $250,000.
Source: Market research and Infochoice database, 17 February.