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.

Rates
Features
Conditions
Other
Provider
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • 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%
Disclosure

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 $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Accelerator

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 21, 2024. View disclaimer.

    Important Information and Comparison Rate Warning

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