The Queensland-based bank had immediately responded to RBA's cash rate increase on 8 February announcing an increase to variable rate mortgage holders, placing its savings rates under review.
Some nine days later, Bank of Queensland (BOQ) has announced an increase to savings accounts lifting its Future Saver savings account for Aussies aged 14-35 by 15 basis points - 10 basis points less than the full RBA increase of 25 basis points.
This increase sees BOQ's Future Saver account once more overtake ING's Savings Maximiser rate of 4.80% p.a. to become the savings account market leader based on Savings.com.au research.
The new rate of 4.90% p.a. comes into effect from Thursday 23 February 2023 for those with a maximum balance of $50,000.
To receive the total 4.90% p.a. rate, savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month.
Savers can open up to nine Future Saver accounts, each eligible to receive the rate of 4.90% p.a. up to a maximum balance of $50,000 wholistically.
BOQ has also increased:
Smart Saver (ages 36+) accounts by 0.25% p.a. to 4.25% p.a. for balances between $1 and $250,000.
Simple Saver accounts with a 4 month introductory rate by 0.15% p.a. for a total rate of 4.25% p.a. for balances up to $5 million.
Which accounts are offering the highest rates?
Bank
Rate Per Annum
Conditions
Bank of Queensland Future Saver
4.90%
Ages 14-35, max balance $50k, deposit $1,000/mo, 5 card transactions.
ING Savings Maximiser
4.80%
Max balance $100k, deposit $1,000/mo, 5 card transactions, higher balance at end of month.
Rabobank High Interest Savings Account
4.75%
4 month intro rate, reverts to 3.50% p.a. max balance $250k.
Great Southern Bank Goal Saver
4.75%
Ages 18-24, max balance $50k, deposit $500/mo, 5 card transactions.
Excludes youth accounts (0-17/18)
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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.
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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.
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Rachel Horan
Aaron Bell
Jacob Cocciolone
