Bank of Queensland Future Saver Account (14-35 year olds)
- Maximum variable rate
- 5.50% p.a.
- Base interest rate
- 0.05%p.a.
- Minimum deposit
- $1,000
Our verdict
This account has a high ongoing bonus rate of 5.5% p.a on balances up to $50,000 for customers under 35.
This is one of the best bonus rates available on the market if you’re aged between 14 and 35. This is why the account was the winner of the Best Savings Account - Young Adult category in the 2022 Finder Awards.
You do need to deposit $1000 a month, so make sure this is something you can realistically do monthly before choosing this account. Otherwise you’ll only earn the standard rate which is very low.
The total bonus rate is available on balances up to $50,000, which is higher than other young adult savings accounts too. If your balance is above this it’ll earn a slightly lower bonus rate instead.
Pros
-
High ongoing bonus rate available
-
Make withdrawals and still earn bonus interest
-
Set personal savings goals and track your progress
-
Deposit condition to achieve bonus interest is lower than some other savings accounts
Cons
-
Age restrictions
-
The $1000 monthly deposit condition may be challenging for some people to meet
-
The total bonus rate isn't available in balances over $50,000
Details
Key details
| Product Name | Bank of Queensland Future Saver Account - 14 to 35 years |
| Maximum Variable Rate | 5.50% p.a. |
| Standard Variable Rate | 0.05% p.a. |
| Monthly Account Fee | $0 |
| Minimum Age | 14 |
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How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Your reviews
Alison Finder
Editor
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Sarah Megginson Finder
July 03, 2024
Hi AB,
To get the maximum interest, you have to deposit $1000 each month. Some people find setting up a direct debit is the best way to meet this condition.
Hope this helps!
Dennis
August 29, 2023
Hi,
Can you open a joint account?
Raj Lal Finder
August 30, 2023
Hi Dennis,
Yes you can open a joint account.
Thanks
Raj
Zoe
June 05, 2023
Hi Alison, how is interest calculated? For example, can I deposit $1500 before the start of the month and I’ll get 5.30% on that? Or does it have to sit for longer? (Assuming bonus criteria is met)
Alison Banney Finder
June 08, 2023
Hi Zoe, interest is calculated on your daily balance and paid monthly.
Michael
May 25, 2023
I am 35 years old. If I open an account. How would I calculate the interest rate for the following year?
Alison Banney Finder
June 22, 2023
Hi Michael, your account will automatically convert to a Smart Saver Account when you turn 36 (see Smart Saver rates here: https://www.finder.com.au/bank-accounts/boq-savings-accounts/bank-of-queensland-smart-saver-account).
The interest will be determined according to Smart Saver rates for the month following your birthday.
Thanks,
Alison
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Mitch
February 01, 2023
Is there a difference between “deposit $1000” and “grow account”? If I deposit $1000 then withdraw it, does that still count as it doesn’t say it needs to remain in the account.
Alison Banney Finder
February 22, 2023
Hi Mitch,
You need to ensure $1000 is deposited into your account (from an external source) each month to meet the condition. You are able to withdraw the money again after depositing.
Thanks,
Alison
AB
April 15, 2024
If I deposit $50,000 at the start will I get the maximum interest ongoing each month? Or we get interest only if we deposit $1000 each month?