Nickolas G. Muscat

Written By Nickolas G. Muscat

On: August 28, 2019


Under 25’s, Put Your Money Here Now!


So, I always mention how I like to keep at least 3-6k in an emergency fund that is kept in a high interest savings account (In Australia for over 25's that is Ubank at 2.87%). However, for us youngies great news! We can now receive 4.00% on up to $10,000. This is a pretty big deal, I will likely increase my cash holdings to 10k just for this 4% return given the current analysts comments regarding a recession.

Reading the fine print I also found the first month will be paid at the base interest rate and if you meet the above mentioned criteria you will then start receiving the sweet sweet 4%.

Question time:

Q: What is this magical bank offering 4% to under 25's?

A: Bank of Queensland (BOQ)

Q: What happens if I go over the 10k?

A: You get your 4% on the 10k and 2.80% on any excess

Q: What if I am over 25?

A: You can only get their 2.80% offer, so you would be better off with Ubank

Q: What are the conditions?

A: You will need to deposit a minimum of $200 a month ($50 a week) into the account. However, there is no minimum account balance and you can transfer all you like.

Summary:

-Ongoing rate of 4%

-Up to $10,000 AUD

-Under 25's only

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It is important to note as always, while all the information is provided in faith that it is accurate and reliable. It is to be noted I am NOT a financial adviser and information given is purely my opinion on discussed matters. It is always recommended you speak to a financial adviser before making any financial decisions you may not be sure of.

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