BOQ dramatically cuts market interest rate on its youth savings account
The BOQ reduced the interest rate on its youth savings account from 2.50% per year to 2.00% per year
Bank of Queensland (BOQ) Accelerated Start Accountits youth savings account for 14 to 24 year olds, saw a 50 basis point drop from 2.50% pa to 2.00% pa
Savers can now access this interest rate of 2.00% per annum on balances up to $10,000, provided the same criteria are met.
BOQ’s savings account interest rate was previously tied to Westpac’s Westpac’s life account, which saw interest rates fall in September 2021 from 3.00% per annum to 2.5% per annum
In the Savings.com.au market research, these were some of the highest interest rates on savings accounts currently on offer.
Good news for savers?
Need a place to store cash and earn interest? The table below shows savings accounts with some of the highest interest rates on the market.
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Rachel is a financial journalist and joined Savings in 2021. Coming from the FinTech space, her interests include lending technology innovation, real estate, investing, and more. Passionate about educating and informing people about their finances, she hopes to increase the financial literacy of ordinary Australians.