The Queensland-based bank increased its popular Future Saver savings account rate by 50 basis points (0.50%) to a total rate of 4.00% p.a.
To attain the rate, savers must: be aged 35 or younger; deposit $1,000 per month into the linked everyday account; and make five settled card transactions every month.
The interest rate is applicable to balances up to $50,000. For balances from $50,001 up to $250,000 the interest rate is now 2.50% p.a. - a one percentage point increase (100 basis points or 1.00%).
For those aged over 35, the Smart Saver account has been increased by 25 basis points to 3.35% p.a. on balances up to $250,000.
From March through July, regulator data shows BOQ grew its household deposit balance sheet by a collective $2 billion.
Top Five Savings Account Rates
|Bank & Product||Total Rate (Base & Bonus)||Notes & Conditions|
|Bank of Queensland Future Saver||4.00% p.a. (TBA)||Deposit $1k and five card trans per month, max age 35, balance up to $50k|
|Macquarie Savings Account||3.70% p.a. (2.75% p.a. + 0.95% p.a.)||Four month intro rate then 2.75% p.a., $250k max balance|
|ING Savings Maximiser||3.60% p.a. (0.55% p.a. + 3.05% p.a.)||Deposit $1k and five cards trans per month, $100k max balance|
|Rabobank High Interest Savings Account||3.60% p.a. (2.50% p.a. + 1.10% p.a.)||Four month intro rate, then 2.50% p.a., $250k maximum balance|
|Virgin Money Boost Saver||3.60% p.a. (0.05% p.a. + 3.25% p.a. + 0.30% p.a. notice rate)||Deposit $2k and five card trans per month, 32 days' withdraw notice, $250k max balance|