myBOQ

I love this app! It’s functional, intuitive, straightforward & uncluttered. I love that I can temporarily increase ‘pay someone’ & withdrawal limits in-app! Ubank (the only bank offering slightly higher interest rate - but their’s comes with conditions/criteria which can be hard to meet every month) doesn’t let me do that - I have to call them on the phone to ask THEM to increase limits) But BOQ let’s me control my limits in-app! Plus their’s is the HIGHEST unconditional interest rate & I can confirm that over time this amounts to the highest actual interest paid/earned. No conditions. No matter how often you dip into your savings or how rarely you deposit more - you get 4.85% Highly HIGHLY rate this app & the Simple Saver account it services!

As a recent convert to the barefoot investor methodology, I was hunting around for a high interest rate, zero fee, no fuss account and came across the Bank Of Queensland accounts. There are two types, one for under 35s, and one for over 35s. You can have up to 10 accounts, all getting the same high interest rate, as of today 4.85%. As one of the 10, can also have ,everyday’ accounts with a physical Visa debit card, which (I think) attracts no interest. They were also quick to set up. The app is really handy and easy to use. It even has a pre-login screen where you can tap to open the app to quickly see the balance of one preferred account. This is a handy way to make sure in a few seconds that you have funds in your ‘splurge’ account before buying anything while out shopping in real life, using the account’s visa debit card. I have been using BOQ for about two months, and can’t fault it. I had a few questions while setting up the accounts, and had real time, immediate access to a person over the chat function. The only possible sticking point is that they don’t have a great deal of branches. If in-person banking is your preferred approach, you may want to look elsewhere.

Update another month and a bit later - transferred my money out and closed myBOQ accounts. Terrible, terrible, terrible app. The CEO & head of technology should resign in disgrace, shareholders should be asking some serious questions. ——- Brand new boq customer 1 One month later review… and I have to say this app is so frustrating to use, the UI is TERRIBLE, the app is so slow to use it’s a joke & fails to load half the time if you aren’t on a wifi network. Features such as in App chat are so badly implemented it’s laughable, goal trackers for savers that don’t take into account the initial deposit when calculating how long left to reach the goal, a round up feature that isn’t configurable and won’t round up if the purchase is a whole dollar amount, a logo feature that only shows major retailers logos has no option to upload a photo or provide details for the boq team to update the logo for a non major retailer. Is the 3% saving rate worth the frustrating and sub par experience…. Management need to pull their finger out and roll out some fixes and enhancements ASAP - other banking apps out there like UP and CBA provider a much nicer experience and leave this app in the dust.