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%.
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.
-Ongoing rate of 4%
-Up to $10,000 AUD
-Under 25's only
Don't forget to leave a comment down below and to sign up to our email list to receive great deals and offers!
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.