Bank of Queensland's (BoQ) Future Saver account for 14-35 year olds is now the top account in the market, at a maximum rate of 4.35% p.a. according to Infochoice's database.
This is 5 basis points (0.05%) higher than ING's Savings Maximiser rate of 4.30% p.a.
For BoQ, the conditions are:
- Maximum balance $50,000
- For ages 14-35
- Deposit $1,000 per month in the linked transaction account every month
- Make five settled debit card transactions in the linked transaction account every month
This represents a 25 basis point increase over the old rate, and is effective 16 November.
Interest earned on balances between $50,001 to $250,000 will remain at a rate of 2.50% p.a.
BoQ's age-unrestricted account, Smart Saver, was also boosted by 25 basis points to 3.85% p.a.
This has the same monthly criteria, albeit with a deposit cap of $250,000.
4% Savings Club
|Bank||% Rate Per Annum||Conditions|
|BoQ||4.35||Ages 14-35, deposit $1k per month, 5 card transactions, max balance $50k|
|ING||4.30||Deposit $1k per month, 5 card transactions, grow balance, max balance $100k|
|Macquarie||4.25||Four month fixed intro rate, max bal $250k, reverts to 3.45% p.a. after|
|RaboBank||4.25||Four month variable intro rate, max bal $250k, reverts to standard variable 3.00% p.a. after|
|Australian Mutual Bank||4.25||Ages 0-18, max balance $5k|
|St George, Bank SA, and Bank of Melbourne||4.10||'Maxi Saver' - three month intro rate|
|St George, Bank SA, and Bank of Melbourne||4.00||'Incentive Saver' - grow balance by $50 each month, ensure balance is not negative|
|MOVE Bank||4.00||Deposit $200/mo, no withdrawals, max balance $25k|