- If I already have a Fast Track Saver, WebSavings or Bonus Interest Savings Account, can I access the myBOQ app?
Can I use Internet Banking with myBOQ accounts?
No. myBOQ accounts are currently only available through the myBOQ mobile app and you cannot access this on a desktop or laptop computer. Any BOQ banking products that are accessible via BOQ Internet Banking such as Day2Day, Fast Track Starter and Saver will not be available within the myBOQ app.
We’ve created a world-class banking app that’s designed to give customers a truly mobile banking experience, complete with all the bells and whistles that make managing your money a breeze. To provide features like Osko/PayID payments, Round Ups and Budget Tracker, we needed to create an entirely separate banking solution that can support these exciting features and many more to come.
How do I find my myBOQ CAN number?
Customer account numbers (CAN) are a thing of the past with myBOQ so you will no longer need to remember any randomly assigned numbers when accessing your accounts. Instead, the mobile phone number you signed up to myBOQ with becomes your customer account number for all your myBOQ accounts.
Does myBOQ support joint accounts?
Yes, accounts can be opened with 2 people as joint owners. Once you’ve completed your application, we’ll send the other party a message with details on how to get started.
Just so you know, if the person you are opening the account with is a new myBOQ, customer they will receive a unique application ID and an invite prompting them to download the myBOQ app to get started.
If they are an existing myBOQ customer, they can apply using the application ID in the myBOQ app. This is done in the account section by selecting ‘Sign up for a new account’ and then ‘Join an existing application’.
A Future Saver Account can only be held as a joint account if both account holders are between 18 years old and 35 years old.
Can I open a business account?
No, our transaction and savings accounts are for personal use only. You cannot open the account if the account is for a deceased estate, a business, superannuation, or trust. Using a myBOQ account for these purposes is contrary to our terms and conditions.
- Are there any monthly account keeping fees?
What happens when I turn 36?
If you're aged between 14 and 35 and already have a Future Saver Account, your account will automatically convert to a Smart Saver Account when you celebrate your 36th birthday. This means that a new interest rate will apply from the first month after the month in which you turned 36. You can see the Smart Saver interest rate and interest Tiers here.
For example, if you turn 36 on the 14th day of September, your account will automatically convert to a Smart Saver for the month of October.
If you have a joint account, then your Future Saver Account will automatically convert to a Smart Saver Account once the eldest joint account holder turns 36 years old.
How many Saver accounts can I have?
Saver accounts are restricted to nine per entity e.g. individual or joint.
Interest is paid on the total balance of all Saver accounts that are held in the same name. The amount of interest you will earn is determined by the balance in your account.
Can I use my account as an offset account for my BOQ Home Loan?
Not at this time.
How long do cheques take to clear in a customer account when deposited into branch suspense account?
Cheques may take up to 10 business days to clear before these funds become available in your account.
Can you Bpay a bill from a myBOQ savings account (Future/Smart/Simple Saver)?
No, there is only a pay anyone option for Future Saver, Smart Saver, and Simple Saver Accounts. BPAY payments need to be made from your Everyday Account.
How can I get a statement for myBOQ accounts that show my BSB and Account number, not just a transaction list?
A customer can print a statement through the app which has their BSB & Account number on it. In the app press: ‘Account’ > select account > select the 3 dots in the top right-hand corner in the circle > select ‘View Statements’ > select the required statement > press the arrow in the top right-hand corner to print or email.
Bonus interest criteria
How is interest calculated?
Interest rates on your savings account are variable and are calculated from the day funds are credited to your account. It is calculated daily by applying the applicable interest rate to the closing balance of your account each day as follows:
Saver Account daily closing balance x interest rate (per annum)
Number of days in the year (365 or 366 days)
We will credit interest to your account at the close of business on the last day of each calendar month, and the interest payment will be available on the first day of the following month.
Some months have more days than others, which can affect the total dollar value of interest paid each month.
Tiered interest is calculated and paid on the total balance of all Saver accounts that are held in the same name. The amount of interest you will earn is determined by the balance in your account.
How do I qualify for bonus interest?
- Our Simple Saver Account does not earn bonus interest. It is a stand-alone savings account and earns a standard variable rate without meeting any criteria. It's simple!
- For the Future Saver and Smart Saver Accounts, you will need to meet bonus interest criteria each month to qualify for bonus interest the following month. This is outlined in the diagram and table below:
Age bonus interest criteria
Age Monthly criteria 14-17 Years No bonus interest criteria to unlock bonus interest. 18+
Deposit $1000 from an external account into your linked Everyday Account and make 5 eligible transactions that clear within the month.
- An external account is any Australian non-myBOQ account.
- A deposit from an external account includes wages paid by an employer from an Australian account.
- The deposit must be made into your linked Everyday Account (not your Future Saver Account or your Smart Saver Account). Cash and cheque deposits; or transfers from international accounts are not eligible deposits .
- Eligible transactions include direct debit payments, ATM withdrawals (not deposits), BPAY payments and purchases with your Visa Debit Card from your linked Everyday Account. Internal transfers are not eligible transactions.
- Transactions that are pending do not count as a transaction for the previous calendar month and will be counted in the following calendar month.
If the bonus interest criteria is met, it will activate your bonus interest for the following month.
Bonus interest is paid on the total balance of all Saver accounts of the same product type that are held in the same name. The amount of bonus interest you will earn is determined by the sum of funds across all savings accounts you hold of the same product type and the interest earning tiers for the product type.
Account Account balance bands Simple Saver
0 to $1m
Over $1M, up to $5M
Up to $50k
$50,001 to $250,000
$250,001 to $5M
Up to $250k
$250,001 to $5M
What qualifies for the $1000 deposit component of the bonus interest criteria?
To qualify for bonus interest, you will need to deposit $1000 from an external account into your Everyday Account each month. This can include wages paid by an employer from an Australian account.
An external account basically means any other Australian bank account that isn’t a myBOQ account:
- Another Australian bank (e.g. CBA or NAB) is considered external
- BOQ accounts are considered external
Please be aware that the following do not qualify as eligible deposits:
- Deposits from non-Australian banks
- Cash deposits
- Cheque deposits
- From one myBOQ account to another myBOQ account (this includes accounts under your name or another customer, whether they’re single or jointly held)
What about myBOQ to myBOQ transfers?
Eligible deposits must come from an external Australian account. Transfers from one myBOQ account to another myBOQ account are not considered external.
This includes accounts in your name or another customer, whether they’re single or jointly held. Therefore, any transfer from another myBOQ account, regardless of whose name it is in, will not count towards the bonus interest criteria to activate bonus interest the following month.
Will transfers from a BOQ account count towards eligibility?
Yes! BOQ accounts are considered external so any transfers you make from a BOQ account to your myBOQ Everyday Account will count towards your myBOQ bonus interest criteria. Please note the reverse is not true for BOQ products.
How do I know if I’ve met the bonus interest criteria each month?
You can check in the app to see if you’ve met the bonus interest criteria to activate next month’s interest via ‘Accounts’ > select your Future Saver or Smart Saver account > ‘Bonus rate activated next month’.
By clicking into this section, you can see whether your bonus rate has been unlocked for this month and next month. This is also where you will find your current variable rate for your account.
How long does it take for bonus interest to activate on my account?
After successfully meeting all criteria, the app will reflect your bonus interest activation within 24 hours.
Why didn't I receive my bonus interest for my myBOQ account when I made five transactions from my Everyday Account?
The issue may have been that you didn't make five eligible transactions.
Eligible transactions include:
- Direct debits (e.g. your gym membership or insurance)
- BPAY payments
- Card purchases (settled, not pending) – using your Visa Debit Card
- ATM withdrawals – using your Visa Debit Card
- Any online purchases (settled, not pending) – using your Visa Debit Card
The following are not eligible transactions:
- Deposit transactions (counted towards the minimum deposit criteria)
- Cheques written or deposited
- Use of BOQ Credit Card
- Transfers or payments to any bank account via branch or ATM. (So, things like international money transfers, or a simple transfer to a BOQ account or any other financial institution will not count as an eligible transaction)
- Any pending Visa Debit Card transactions
Note: Visa Debit Card transactions must be settled transactions (i.e., not pending) to be eligible. The transaction must display on your linked transaction account statement for the month you’re aiming to meet your bonus interest eligibility criteria. If a transaction does not settle in the relevant month, the transaction will be counted in the following month.
Which account do I earn bonus interest on?
While you need to meet your monthly bonus interest criteria on your Everyday Account (including depositing $1000 from an external account and completing five eligible transactions), you will earn base and bonus interest on your linked Future Saver and Smart Saver Account.
When will I earn base rate and not bonus interest?
You'll earn the Base Rate interest:
- On balances over $250,000
- If you fail to meet the bonus interest criteria. If you don't meet the bonus interest criteria in one month, you will not earn bonus interest in the following month, nor will you be paid bonus interest on the first day of the third month.
How many savings accounts can I open with Future Saver?
You can open up to nine Future Saver Accounts to help keep track of different savings goals.
Interest is calculated at a tiered rate on the total balance of all Future Saver Accounts that are held in the same name. Refer to the product page for a breakdown of the tiered interest rates. Interest will be paid into the account it was earned in. If the sum of funds across all Future Saver Accounts held in the same name exceeds the first interest rate tier, the funds above that amount will earn interest at the second interest tier. Funds that exceed the first and second interest tier will have interest calculated at the third interest tier.
Is a joint savings account eligible to earn bonus interest?
Yes, the same eligibility criteria and rules apply for a joint savings account. If you hold both joint and individual Future Saver or Smart Saver Accounts, you will need to meet the bonus interest criteria separately for each, on the respective linked Everyday Accounts; to activate the bonus interest on each.
The tiered interest rate is applied to joint and single accounts separately.
How can a joint savings account earn bonus interest?
For a joint savings account to earn bonus interest, there must be a linked joint Everyday Account open in the same two names where the bonus interest criteria must be met. If you hold both joint and individual Future or Smart Saver Accounts, you will need to meet the bonus interest criteria separately for each, on the respective linked Everyday Accounts; to activate the bonus interest on each.
The tiered interest rate is applied to joint and single accounts separately.
How many names can be on a joint account?
Yes, accounts can be opened with 2 people only as joint owners.
What happens when the eldest joint account holder of a Future Saver Account turns 36?
A Future Saver Account can only be held as a Joint Account if both account holders are between 18 years old and 35 years old. If you have a Future Saver Account as a joint account, once the eldest joint account holder turns 36, you will no longer be eligible to hold a Future Saver Account and:
- your existing Future Saver Account will automatically convert to a Smart Saver Account;
- the fees, charges and interest rate that apply Smart Saver Accounts will apply to your converted Smart Saver Account; and
- the new interest rate applicable to your Smart Saver Account will be applied to your balance from the first day of the month after the month in which you (or the eldest joint account holder) turned 36.