BOQ initially hit 5.50% p.a on the Future Saver halfway through last year, but had cut back to 5.40% p.a. in late 2023.
Now the maximum rate is back at the 5.50% p.a. mark and applies on balances up to $50,000 provided customers satisfy the bonus interest rate conditions, while the product is only available for customers aged between 14 and 35.
The highest rate on balances above $50,000 is unchanged at 3.00% p.a.
The base variable rate on the Future Saver is just 0.05%, so the vast majority of the maximum rate comes from the bonus rate.
To earn the bonus rate in a given month, customers need to deposit at least $1,000 and make at least five eligible and settled transactions on the debit card linked to the attached transaction account.
BOQ is now just five basis points behind the ME Bank HomeME savings account, which offers an ongoing rate of 5.55% p.a. when all monthly conditions are satisfied.
The Future Saver is once again level with the ING Savings Maximiser and MOVE Bank Growth Saver, but ING customers can earn 5.50% p.a on balances up to $100,000.
MOVE on the other hand only allow the maximum rate on balances of $25,000 or less
The highest savings account rate available in Australia remains RaboBank's introductory rate of 5.75% p.a., available for new customers for the first four months, but reverts to 4.40% p.a once this period elapses.
For unconditional returns, Australian Unity's Freedom Saver account is still on top, with a base rate of 5.20% p.a. available on balances up to $50,000.
This comes in the same week BOQ upped term deposit returns, with a maximum rate of 4.90% p.a. now available on six and nine month TDs.
BOQ Future Saver rates
Balance up to
Base variable rate
Bonus rate
Maximum rate
$50,000
0.05% p.a
5.45% p.a
5.50% p.a
$50,001-$250,000
0.05% p.a
2.95% p.a
3.00% p.a
$250,001+
0.05% p.a
-
0.05% p.a
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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.
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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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.
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Rachel Horan
Emma Duffy
Alex Brewster
