Bank of Queensland's (BoQ) Future Saver account for 14-35 year olds is now the top account in the market, at a maximum rate of 4.35% p.a. according to Infochoice's database.
This is 5 basis points (0.05%) higher than ING's Savings Maximiser rate of 4.30% p.a.
For BoQ, the conditions are:
- Maximum balance $50,000
- For ages 14-35
- Deposit $1,000 per month in the linked transaction account every month
- Make five settled debit card transactions in the linked transaction account every month
This represents a 25 basis point increase over the old rate, and is effective 16 November.
Interest earned on balances between $50,001 to $250,000 will remain at a rate of 2.50% p.a.
BoQ's age-unrestricted account, Smart Saver, was also boosted by 25 basis points to 3.85% p.a.
This has the same monthly criteria, albeit with a deposit cap of $250,000.
4% Savings Club
| Bank | % Rate Per Annum | Conditions |
| BoQ | 4.35 | Ages 14-35, deposit $1k per month, 5 card transactions, max balance $50k |
| ING | 4.30 | Deposit $1k per month, 5 card transactions, grow balance, max balance $100k |
| Macquarie | 4.25 | Four month fixed intro rate, max bal $250k, reverts to 3.45% p.a. after |
| RaboBank | 4.25 | Four month variable intro rate, max bal $250k, reverts to standard variable 3.00% p.a. after |
| Australian Mutual Bank | 4.25 | Ages 0-18, max balance $5k |
| St George, Bank SA, and Bank of Melbourne | 4.10 | 'Maxi Saver' - three month intro rate |
| St George, Bank SA, and Bank of Melbourne | 4.00 | 'Incentive Saver' - grow balance by $50 each month, ensure balance is not negative |
| MOVE Bank | 4.00 | Deposit $200/mo, no withdrawals, max balance $25k |
