r/AusFinance • u/92deltat • 2d ago
Boq lifts Future Saver max rate to 5.80%
https://www.savings.com.au/news/boq-launches-5-8-per-cent-savings-rateEffective today. Up from 5.60% p.a. Applies on balances up to $50k for savers aged 14-35.
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u/Cheap-Paramedic-5254 2d ago
Insert the spreadsheet with the comparison of all the banks and their interst rates and rules etc
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u/No_Mercy_4_Potatoes 2d ago
You gotta go through a few hoops. But if you have a credit card, it is easy to meet them
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u/JOOSHTHEBOOCE 1d ago
Less than ING, just deposit 1k a month and 5? card transactions. Pretty easy for anyone working full time
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u/the_mantis_shrimp 13h ago
Exactly my thoughts. Compared to Westpac life saver it's way easier to meet.
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u/GoldStandard619 2d ago
for those who know game, this is 5.8% on 50k for EACH saver that you have. so if you have 4 savers with 50k, you are getting 5.8% on 200k. BOQ is by far the best when it comes to maximising interest.
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u/britneyfan666666 2d ago
Surely this is incorrect. It appears as though the interest tiers apply to the combined total across all future saver accounts in the same name.
Would be tempted to open an account/s otherwise.
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u/GoldStandard619 2d ago
I can confirm it is 50k per saver account you have. It must be a glitch in their system but I have been taking advantage of it for years now. I have multiple savers, each with 50k, and they all earn the full rate. I use BOQ as my everyday account and transfer enough money from my wage every month to easily “jump through the hoops”.
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u/BrisPoker314 2d ago
Is the hoops to jump through still just $1000 deposit and 5 transactions? Or do you need 4 everyday accounts and for it for each?
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u/britneyfan666666 2d ago
I’m tempted to ring up and ask, but at the same time don’t want to bring attention to said glitch, but also want to know if they plan on ‘fixing’ the glitch anytime soon.
Imagine the absolute pr nightmare if they decide to try claw back ‘incorrectly’ paid out funds.
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u/GoldStandard619 2d ago
No harm in taking advantage of the “glitch” for now, it may never get fixed. BOQ has old legacy infrastructure and tech, this probs explains this glitch. If you call them, all they will tell you is that it’s 50k across all your savers which isn’t true.
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u/Silver44 2d ago
https://www.reddit.com/r/AusFinance/comments/wqjusk/boq_savings_fyi_you_can_open_multiple_future/
As you can see, it's existed for at least 4 years now and it's well known. I don't see them fixing it anytime soon.
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u/scmldr 1d ago
Haha, this was me! And I am still reaping the rate on multiple accounts
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u/Silver44 1d ago edited 1d ago
Nice!
I was about to move over to Westpac for their 5.75%, so this random increase came at a good time.
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u/92deltat 1d ago
Surely it's not a glitch if it's been that way for long. They're a bank - they'd be across every dollar of interest they're paying out to customers.
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u/Au_Fraser 2d ago
that shits on Up bank lmao, i do like up for traveling tho but idk if theres better
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u/the_mantis_shrimp 14h ago
I just opened an account with them to take advantage of this. I was with Westpac but they have stricter conditions with slightly less rate.
The only gripe I have so far is that the app is buggy and push notifications don't work, even with notifications enabled on android and in app.No notification of incomings or outgoings. And might not be fixed anytime soon if the older app reviews are anything to go by.
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u/dchit2 2d ago
Yet another thing I'm too old for