BOQ's increase to its Future Saver account for Aussies aged 14 to 35 will offer a total rate of 5.30% p.a. from 12 May 2023.
This increase of 15 basis points is less than the RBA's May cash rate increase, yet sees the bank climb back to the top of the savings account ladder, beating ING by 5 basis points though ING does not have an age limit, and a higher deposit limit.
The new rate of 5.30% p.a. is available for those with a maximum balance of $50,000.
To receive the total 5.30% p.a. rate, savers must deposit $1,000 and make five settled card transactions on their linked Everyday Account every month.
Should savers fail to meet the criteria in a given month, a base rate of 0.05% p.a. applies.
Savers can open up to nine Future Saver accounts, each eligible to receive the rate of 5.30% p.a. up to a maximum balance of $50,000 holistically.
BOQ will also increase Smart Saver accounts for Aussies aged 36 and over accounts by 0.25% p.a. to 4.85% p.a. for balances between $1 and $250,000.
Virgin Money increases savings account rates
Virgin Money has entered the conversation to offer one of the most competitive savings account products on the market by altering its deposit conditions.
Savers with a Virgin Money Boost Saver account are required to be over the age of 18, deposit $1,000 into a Boost Saver account and make at least five purchases to earn a rate of 4.80% p.a. from 12 May 2023.
Previously, savers aged over 18 were required to deposit up to $2,000 into their Go Account from another financial institution.
Further, when Virgin Money customers enable the Lock Saver Feature, the interest rate will jump to 5.10% p.a.
By enabling the lock saver feature customers are required to provide 32 days’ advance notice to unlock their account or withdraw money from that account.
Not all funds need to be locked away - a portion can be directed to the Lock Saver function and accrue the 30 basis point premium.
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