From 12 May 2023, the Bank of Queensland (BOQ) will raise its Future Saver account rate to 5.30% p.a.,
available to Australians aged 14 to 35. BOQ's Smart Saver accounts will also receive a rate increase of 0.25% p.a. to 4.85% p.a. for account balances between $1 and $250,000 for those aged 36 and over.
Savers with a BOQ Future Saver account must deposit $1,000 and complete five settled card transactions on their linked Everyday Account every month to receive the full rate of 5.30% p.a. A base rate of 0.05% p.a. applies if the criteria are not met. The maximum balance eligible for the new rate is $50,000, and savers can open up to nine Future Saver accounts, each with the opportunity to receive the rate.
Virgin Money is also increasing its Boost Saver account rate to 4.80% p.a. from 12 May 2023. Customers can earn a rate of 5.10% p.a. by enabling the 'Lock Saver' feature, which requires a 32-day notice to unlock or withdraw funds. The Lock Saver function has a 30 basis point premium, and only a portion of funds need to be locked away. The Boost Saver account is available to Australians aged over 18, who must deposit $1,000 and complete at least five purchases to receive the rate.
BOQ's Future Saver account increase of 15 basis points is lower than the RBA's May cash rate increase.
However, it brings BOQ back to the top of the savings account ladder, surpassing ING by 5 basis points, although ING does not have an age limit and has a higher deposit limit.
