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
Source: InfoChoice database 19 September 2022