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Bank of Queensland Future Saver Account

Advertiser disclosure
Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
5.50% p.a. (for $0 to $50,001)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank of Queensland Future Saver Account - last updated: 26 March 2024

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What's hot
  • Massive 5.50% maximum rate on balances up to $50,000
  • Unlimited free transactions
What's not
  • No ATM access
Mozo snapshot

If you’re ready to be rewarded for your hard earned savings, then look no further than the Bank of Queensland's Future Saver Account. BOQ's Future Saver Account allows you to earn a whopping 5.50% p.a. maximum rate, so long as you deposit $1,000 or more each month and make 5 eligible transactions. For those aged between 14-17, however, Bank of Queensland will waive those requirements so you you can earn bonus interest every month.


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Key features

If you’re after your first savings account, then the Bank of Queensland's Future Saver Account is a great pick. This account offers Young Aussies an ongoing 5.50% special rate on balances up to $50,000. To access this rate, you'll have to deposit $1,000 or more to your linked Everyday Account and make 5 eligible transactions with the linked debit card throughout the month, otherwise your interest rate would drop to 0.05% p.a. 

If you're between the ages of 14 and 17, however, the bonus criteria will be waived, meaning you can earn the maximum interest rate each month.

There are no account maintenance fees to eat into your savings stash and free withdrawals to your linked Everyday account. You’ll always have fast access to your account information either over the phone or via internet banking, plus you can make as many deposits as you like thanks to the unlimited deposits feature.

Keep in mind that this account is only available for Aussies aged between 14-35 years old. Like most savings accounts, there is no ATM access with this account, although you can withdraw from the linked Everyday Account.


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Who is it good for

The Bank of Queensland Future Saver Account is a great option for young Aussie savers after their first savings account, who can deposit $1000 a month in order to snag the ongoing bonus rate.

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Any catches

While the Bank of Queensland Future Saver Account gives savers the opportunity to earn big, the account is only available to those aged 14-35. If you are 36 or older, you might want to consider the Bank of Queensland Smart Saver Account. And keep in mind that if you have more than $50,000 saved in your account, the portion of the balance above $50,000 will receive an interest rate of 3.00%.

Details

Rates and fees information correct as at 17 April 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.05% p.a.

Balances from $0: 5.50% p.a.
Balances from $50,001: 3.00% p.a.
Balances from $250,001: 0.05% p.a.

Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Everyday Account and 5 eligible transactions are made by the linked account. Bonus interest criteria waived for account holders 14-17 years of age.

Fees

$0.00

n/a

Unlimited free transactions from branch withdrawal, branch deposit, internet.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

$0.00

n/a

Other financial bits

$1.00

$1.00

Monthly

Features

no

n/a

no

no

no

yes

no

no

yes

yes

no

none

none

14 to 35

Customer Reviews

How are Bank of Queensland savings accounts rated by the Mozo community?

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Latest reviews of Bank of Queensland Future Saver Account Savings Account

About Bank of Queensland

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