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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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
FEATURED
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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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.
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Emma Duffy
Harry O'Sullivan
Jacob Cocciolone
Harrison Astbury
