Home News BOQ hits 5.50% for savings accounts

BOQ hits 5.50% for savings accounts

The race for the highest savings account rate in Australia continues as Bank of Queensland announces it will follow ING to the new market leading rate.

Fact Checked

The top rate available on BOQ Future Saver accounts will increase to 5.50% p.a. from 16 June.

This will be the joint highest rate for savings accounts available in Australia per Savings.com.au's market research, level with ING which announced late on Friday.

The base rate is 0.05% p.a. meaning if savers fail to meet the criteria in a given month they may miss out on hundreds of dollars in interest.

The criteria is: Be aged between 14 and 35; deposit a minimum $1,000; and make at least 5 eligible settled card transactions.

The top rate is eligible for balances up to $50,000.

Customers aged 36 or older can open a Smart Saver account, the bonus rate of which will also increase from 4.85% p.a to 5.10% p.a., with the same conditions.

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ING vs BOQ Savings Account - At a Glance

	ING	BOQ
Product Name	Savings Maximiser	Future Saver
% Rate P.A. (Base Rate)	5.50 (0.55)	5.50 (0.05)
Age Requirement	-	14-35
Deposit Requirement Per Month	$1,000	$1,000
Transaction Requirement Per Month	5 settled	5 settled
Other	Grow balance	-
Max Balance	$100,000	$50,000
Applies From	14 June	16 June

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Deposit amount

Compare

Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofAugust 21, 2024

	4.40^%_p.a.	Intro rate for 4 monthsthen 4.40% p.a. 5.75^%_p.a.	^$289	4	^$0	^$250,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	High Interest Savings Account (< $250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
FEATURED High Interest Savings Account (< $250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details
	–	5.50^%_p.a.	^$276		^$0	^$100,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED*Rate varies on savings amount	Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au)
FEATURED*Rate varies on savings amount Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au) More details
	4.75^%_p.a.	Intro rate for 4 monthsthen 4.75% p.a. 5.35^%_p.a.	^$269	4	^$0	^$249,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Account (Amounts < $250k) A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
FEATURED Savings Account (Amounts < $250k) A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace More details
	2.85^%_p.a.	Intro rate for 4 monthsthen 2.85% p.a. 3.55^%_p.a.	^$178	4	^$0	^$49,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Accelerator (Amounts < $50000) For deposit amounts $0 - $49,999 New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate. T&Cs apply.
FEATURED Savings Accelerator (Amounts < $50000) For deposit amounts $0 - $49,999 New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate. T&Cs apply. More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of August 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

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We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.

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Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $400,000 loan amount over 25 years. For car loans and personal loans, the base criteria include a $30,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

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The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.

Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

BOQ hits 5.50% for savings accounts

ING vs BOQ Savings Account - At a Glance

High Interest Savings Account (< $250k)

High Interest Savings Account (< $250k)

Save Account (<$100,000)

Save Account (<$100,000)

Savings Account (Amounts < $250k)

Savings Account (Amounts < $250k)

Savings Accelerator (Amounts < $50000)

Savings Accelerator (Amounts < $50000)

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BOQ hits 5.50% for savings accounts

ING vs BOQ Savings Account - At a Glance

High Interest Savings Account (< $250k)

High Interest Savings Account (< $250k)

Save Account (<$100,000)

Save Account (<$100,000)

Savings Account (Amounts < $250k)

Savings Account (Amounts < $250k)

Savings Accelerator (Amounts < $50000)

Savings Accelerator (Amounts < $50000)

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Important information

Editorial Integrity

Advertiser Disclosure

Product Coverage and Sort Order

Comparison Rate Warning and Base Criteria

Monthly Repayment Figures

Related Brands

General Advice Disclosure