Future Saver: Our highest savings account interest rate for 14–35 year olds

A savings account is a bank account where you can deposit your money and earn interest. It is a great way to save money, for a potential  emergency, or towards a goal like a holiday, new laptop or house deposit.

The type of savings account you need will depend on your savings goals and other lifestyle factors so you should compare savings accounts to find the best one for you. 

Yes, accounts can be opened with two people only as joint owners. Once you’ve completed your application, we’ll send the other party a message with details on how to get started. 

If they're a new myBOQ customer, they'll get a unique application ID and an invite prompting them to download the myBOQ app to get started.

But if they already have myBOQ they can apply by using the application ID in the account section of their myBOQ app. Select ‘Sign up for a new account’ and then ‘Join an existing application’. 

If you hold both joint and individual Smart Saver Accounts, you'll need to meet the bonus interest criteria separately for each, on the respective linked Everyday Accounts, to activate the bonus interest on each savings account. 

We apply the Tiered interest rate to joint and single accounts separately.  

When you’re opening a new high interest savings account with us and you’d like it to be a joint account, simply let us know who you would like to open the account with. We’ll then send them details on what they need to do to get started. 

You can open Future Saver accounts directly from the myBOQ app or through the online application form on this page. You'll need your Australian phone number and Australian driver’s licence or Australian passport to get started.  

A transaction account is the bank account you use for day-to-day spending. It comes with a debit card used to pay in-store and online, and to withdraw cash, and the chance to integrate mobile wallets like Apple Pay, Google Pay or Samsung Pay.

We calculate interest on your account/s from the day funds are credited to your savings account. It's calculated daily by applying the applicable interest rate to the closing balance of your account each day as follows:

Future Saver Account daily closing balance x interest rate (per annum)/
Number of days in the year (365 days)

We'll credit all the interest to your account at the close of business on the last day of each calendar month. Those funds are 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 Future Saver Accounts that are held in the same name. The amount of interest you will earn is determined by the balance in your account.

To ensure that you are achieving our highest savings interest rate, check you are meeting the criteria required:

1. Deposit at least $1,000 each month into your linked transaction account.
2. Make 5 or more eligible transactions from your linked Everyday account

To activate the bonus interest, and our highest savings interest rate, on your Future Saver Account/s, you will need to meet bonus interest criteria each month to qualify for bonus interest the following month. 

Deposit at least $1,000 a month into your linked Everyday transaction account from another Australian bank. (Funds transferred from BOQ accounts, cash and cheque and international deposits won't count.) 

Complete at least 5 transactions each month. Eligible transactions include direct debit payments, ATM withdrawals (not deposits), BPAY payments, and purchases with your Visa Debit Card. Bank transfers are not eligible transactions. 

Age bonus interest criteria

Please note: Interest is calculated at a tiered rate on the total balance of all Smart Saver Accounts that are held in the same name. Interest will be paid into the account it was earned in.  

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 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.

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 rates that apply to Smart Saver Accounts will apply to your converted account.
• We’ll apply the new interest rate to your balance from the first day of the month after the month in which you (or the eldest joint account holder) turned 36.

No, Future Saver high interest savings accounts and their linked transaction accounts can only be used through the myBOQ mobile app. You can't use the app on a desktop or laptop computer. 

You can get to your other Bank of Queensland accounts like Day2Day Plus Account, Fast Track Starter Account and Fast Track Saver Account through Online Banking, but not in the myBOQ app.  

No. The myBOQ app works on a different system. That's why BOQ banking products such as Day2Day Plus Account, Fast Track Starter Account and Fast Track Saver Account are available through Online Banking but not in the myBOQ app. 

However, our Simple Saver, Smart Saver and the Everyday Account are all available on the myBOQ app. On the app, you can open an account and manage all of your everyday banking from there.