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Summary

The BOQ term deposit rewards you by paying higher interest rates for a longer term commitment.

The Bank of Queensland Term Deposit offers a competitive interest fixed rate on a range of terms with a low, minimum investment amount of $5,000. Terms vary from 1 month to almost 5 years and there are no account-keeping or transaction fees.

Pros

Low minimum investment of $5,000
$0 Account keeping fees
Wide ranges of terms from from 1 month to almost 5 years

Cons

31 days advance notice required in case of withdrawing funds before maturity

Details

Key details

Product Name	Bank of Queensland Term Deposit
3 month interest rate	2.25%
4 month interest rate	4.60%
6 month interest rate	4.90%
7 month interest rate	1.50%
9 month interest rate	4.90%
12 month interest rate	4.80%
24 month interest rate	4.20%
36 month interest rate	3.30%
48 month interest rate	3.30%
Minimum Opening Deposit	$5,000
Minimum age requirement	18
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children

Key features

$0 Account maintenance fees

You will not be charged any account maintenance or transaction fees with this account.

Competitive interest rates

The interest rate is tiered for this account, with the highest balances and longest terms receiving the highest return on the investment.

Low minimum account balance of $5,000

You can start a term deposit with a $5,000 investment.

A range of terms from one month to just under 5 years

You can choose the terms that best fit your needs. These range from one month to 48 months (just under 5 years long).

How is my interest calculated and paid?

Interest is calculated daily onto your balance and either paid monthly or at the end of the term. You also have the option of having the interest deposited into term deposit account or any other that you specify.

Reduced monthly interest payments

If you choose to have monthly interest payments made, then the interest rate will be reduced by 0.25% per annum off of the rate listed.

Reinvestment options

Unless otherwise instructed, the Bank of Queensland will automatically rollover your account when the terms mature. New interest rates may apply if your account is rolled over into a new one.

Early withdrawal conditions

If you find that you do need to withdraw your savings to cover a cost before the terms come to an end, the interest rate will be changed to reflect the new terms of your account and you will be charged an early payout fee. Keep in mind that you will need to give the bank at least 31 days notice if you have plans on making an early withdrawal.

Online accessibility

You can use internet in order to check the balance on your account.

Available for personal and business customers

This account can be opened by personal customers as well as business customers.

Launch term deposit calculator

How to apply

Eligibility

Here are the requirements to apply online.

Minimum age. You must be at least 18 years old in order to open a term deposit with Bank of Queensland.
Residency requirement. This savings product is only available to Australian permanent residents and citizens.

Depository requirements. In order to open this account you will need a minimum investment amount of $5,000.

Documentation needed

Additionally, you will want to have the following documentation close by in order to make filling out the online application easier:

Tax file number. The tax file number (TFN) issued to you by the Australian government will ensure that any tax withheld of your interest earned is calculated to meet your circumstance.
Identification. You will need to verify your identity by using your passport or driver's licence.

What happens after I submit my application?

It should take approximately 10 minutes to complete the application online. Once submitted you will be contacted by a representative from the bank to verify your details and issue you the information about your new savings account.

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Danny

April 28, 2023

i am the trustee of my smsf. is this fund eligible for this term deposit

Raj Lal Finder

May 01, 2023

Hi Danny,

This particular account is for a personal account. BOQ offers term deposits for SMSF however they require you to contact them to set it up.

Additionally we also have a list of providers who offer SMSF term deposits here https://www.finder.com.au/smsf-term-deposit

Thanks

Raj

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Ron

October 24, 2022

Are these rates available for a SMSF?

Alison Banney Finder

November 11, 2022

Hi Ron,

These rates are for personal customers only. If you’d like to open an account as an SMSF or Trust, you’ll need to phone the bank directly or head into a branch.

Thanks,

Alison

Janette

June 16, 2022

for the 12-month term deposit account, can I do an SMSF account with this rate 2.5%? How do I apply for an SMSF account?

Alison Banney Finder

June 22, 2022

Hi Janette,

The BoQ Term Deposit is for personal use only and cannot be opened by an SMSF, trust, or business. BoQ requires SMSF customers to visit a branch to discuss options for opening a term deposit account.

Hope this helps,

Alison

Graham

April 12, 2022

Do I need to have a BOQ account to open a term deposit? On maturity, can funds be transferred to an alternate bank?

Alison Banney Finder

May 11, 2022

Hi Graham,

There’s no mention that you would need a BOQ account to open a term deposit account. Upon maturity, you can transfer the fund to your nominated bank account.

If you wish to confirm, please get in touch with BOQ.

Regards,

Alison

Frank

May 16, 2017

Are term deposits of $250,000 per person at BOQ still government guaranteed as at May 2017.?

Liezl

May 16, 2017

Hi Frank,

Thanks for your question.

Yes, BOQ term deposits are still covered by the Government Guarantee at the time of writing. You can verify BOQ’s deposit guarantee on their website or by calling them directly.

Cheers,

Liezl

Bank of Queensland Term Deposit

Pros

Cons

Key features

$0 Account maintenance fees

Competitive interest rates

Low minimum account balance of $5,000

A range of terms from one month to just under 5 years

How is my interest calculated and paid?

Reduced monthly interest payments

Reinvestment options

Early withdrawal conditions

Online accessibility

Available for personal and business customers

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

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