On Wednesday BOQ and Great Southern Bank pushed rates up on a couple of savings accounts north of 5% p.a., with full deposit conditions in the table below.

BOQ's new rate is effective on Friday 12 May, while GSB's is not effective until 25 May.

BOQ did not push the rate up by the full 25 basis points, rather by 15 basis points - GSB did.

This follow's ING's move last week to push the rate up on its popular Savings Maximiser account by the full 25 basis points. 

Still however, the rate increases largely applied to the bonus rate rather than the base, meaning if a saver fails to meet the criteria in a given month they could sacrifice hundreds of dollars in interest.

5% Savings Club - 11 May 2023

Bank Total % rate p.a. (base) Bonus conditions & notes
BOQ 5.30 (0.05) Ages 14-35, deposit $1k/mo, 5 card transactions, max balance $50k
ING 5.25 (0.55) Deposit $1k/mo, 5 card transactions, grow balance, max balance $100k
RaboBank 5.15 (4.00) Four month variable intro rate, max balance $250k
Virgin Money 5.10 (0.05) 32 day rate lock, deposit $1k/mo, 5 card transactions, max balance $250k
Great Southern Bank^ 5.10 (0.50) Ages 18-24, deposit $500/mo, 5 card transactions, max balance $50k


5.05 (4.25) Four month fixed intro rate, max balance $250k
Move Bank* 5.00 (0.10) Deposit $200/mo, no withdrawals, max balance $25k
Great Southern Bank^ 5.00 (0.50) Deposit $2000/mo, 5 card transactions, max balance $100k
Police Bank* 5.00 (TBD) Ages 18-29, 'full salary' deposited to bank, max balance $30k
Westpac 5.00 (1.60) Ages 18-29, grow balance, 5 card transactions, max balance $250k

*Yet to move following RBA's May interest rate rise. ^ Applies 25 May

Great Southern Bank and Australian Mutual Bank also have higher interest rates for under-18s with deposit limits of $5,000.

Virgin Money eases criteria

In a world where the most competitive interest rates require in same cases lengthy bonus criteria, this month Virgin Money eased the criteria slightly.

On its high interest savings account, Virgin Money lowered the minimum monthly deposit requirement from $2,000 to $1,000.

Savers still need to make 5 card transactions on the linked transaction account, however. 

Further, a 30 basis point premium applies if savers lock some or all of their savings away with a 32-day notice period to withdraw. 

The maximum rate with rate lock applied is 5.10% p.a. while without rate lock it's 4.80% p.a.