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.|