In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.
🏆 Finder award

Bank of Queensland Future Saver Account (14-35 year olds)

  • Alison Banney's headshot
Bank of Queensland Future Saver Account - 14 to 35 years
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.

Gold Finder Awards Badge
Finder Awards winner

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
  • Won Best Young Adult Savings Account in 2023 Finder Awards

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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

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

Key features

Ongoing bonus rate up to 5.5% p.a.

This account offers a competitive ongoing bonus rate of up to 5.5% for customers aged 14-35. To earn the full bonus rate you need to:

  • Deposit at least $1,000 into your linked Bank of Queensland Everyday Account each month
  • Make at least 5 eligible transactions from your Everyday Account each month

If you're aged 14-17 there's no monthly criteria to meet.

If you don't meet the account conditions one month you'll only earn the standard variable rate of 0.05% p.a that month. The bonus rate is available on balances up to $50,000.

Are you over 35?

If you're over 35 you can open the Bank of Queensland Smart Saver Account instead, which offers an ongoing bonus rate of up to 5% p.a. The monthly criteria for this account are the same as the Future Saver Account (stated above).

Launch savings calculator


How to apply

You can apply online in less than 10 minutes. When applying for the Bank of Queensland Future Saver Account, you'll receive a Bank of Queensland Everyday Account too if you don't already have one.

Eligibility

  • Minimum age. You must be between 14-35 years old.
  • Residency. You must have an Australian residential address.

Compare other savings accounts

1 - 13 of 189
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Get 5.5% on your savings (up to $100K) when you deposit $500 per month. Get 5.00% on savings between $100K and $250K.
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.85%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Eligible customers can receive $50 cashback when they open an Orange Everyday and a Savings Maximiser account together before 31st July 2024. Customers must make 5 settled transactions and keep the accounts active for 60 days from opening.
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Kick Start
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20+ each month
  • No withdrawals
Go to siteView details
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
BCU Bonus Saver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
loading
Showing 13 of 13 results

Your reviews

Not enough reviews Write a review

Ask a question

Ask a question
Avatar

Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

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?


Avatar

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!


Avatar

Dennis

August 29, 2023

Hi,


Can you open a joint account?


Avatar

Raj Lal Finder

August 30, 2023

Hi Dennis,

Yes you can open a joint account.


Thanks

Raj


Avatar

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)


Avatar

Alison Banney Finder

June 08, 2023

Hi Zoe, interest is calculated on your daily balance and paid monthly.


Avatar

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?


Avatar

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


Show more Show less
Avatar

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.


Avatar

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


Go to site