Compare Bank of Queensland (BOQ) savings accounts
With regard to hoarding your savings, BOQ offers plenty of options to consider.
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The Bank of Queensland (BOQ) has a unique approach to fulfilling all of your banking needs. Local owner-managers overseeing each branch ensures that your banking concerns are addressed no matter where in Australia you live.
- Maximum rate: 3% p.a.
- Standard variable rate: 0.05% p.a.
- Monthly fees: $0
Bank of Queensland Internet Banking
Using the Bank of Queensland Internet banking system is easy, and you can use it to order new statements, review transaction histories and balances, view and pay bills and transfer funds in between accounts. You can also use this platform to apply for select Bank of Queensland accounts.
All online transactions rely on the use of 128-bit SSL encryption for secure transfer of data. The BOQ Security Token comes into effect for customers with everyday Pay Anyone limits of $10,000 or more.
What about the mobile app?Image Source: App Store
|Login page||Locating the near ATM|
What transaction accounts offered by Bank of Queensland?
- Day2Day Plus Account. An account designed to meet your daily finance needs without any fees, Day2Day Plus allows access to mobile, online, branch all for free. Plus you get a linked Visa debit card which can be used at over 3,000 rediATMs across Australia.
- Pension Plus Account. Taking into consideration the special needs of Australian seniors, the Pension Plus Account allows for banking that is free from any fees, and earns you interest on your daily balance.
- Reverse Charges Account. So long as you maintain a minimum balance of $2,000, you will not be charged any fees with this account. Account holders who are under 18, home loan customers, in full time secondary school or are TAFE or university students are also exempt from fees.
What high interest savings accounts offered by Bank of Queensland?
- Web Savings Account. An online account that still allows you to make branch transactions without a fee. There is a minimum balance requirement of $2,000, but new customers can take advantage of an introductory bonus interest rate on top of the variable competitive rate for the first four months.
- Bonus Interest Savings Account. There are no fees and no monthly minimums to meet in order to earn the bonus rate each month. You only need to keep your withdrawals from the account to no more than one a month.
What term deposits are offered by Bank of Queensland?
Term deposits are interest earning accounts where you commit to not making any withdrawals for a set amount of time. With BOQ, this can be anywhere from 28 days to five years. The minimum balance requirement is $1,000, with the rate of interest increasing with higher deposits and longer terms.
Any feedback about Bank of Queensland?
As you compare banks and the different savings accounts that they offer, also keep in mind the pros and cons of banking with BOQ:
- Bonus interest. By meeting certain terms, BOQ will add a bonus rate on top of the variable interest rate for some of their accounts.
- Fees. Almost every banking product offered by BOQ waives any monthly fees. Even with those that do, you can avoid those fees by meeting certain terms.
- Online banking. It is easy to access any of your BOQ accounts through online banking and the mobile app.
- Branch banking. You are allowed to make transactions at your local BOQ branch without incurring any fees.
- Account minimums. On a number of the BOQ accounts, the terms will change depending on how much money you have in the account.
- Withdrawal limitations. You could lose your bonus interest with some accounts if you have to make multiple withdrawals in one month.
How do I apply for an account offered by Bank of Queensland?
You can apply for a BOQ savings account right from the comfort of your own home.
- In just 10 minutes. Filling out the online application should take about 10 minutes to complete. Have your identification documents on hand as well as your personal details in order to be able to complete it quickly.
- Eligibility requirements. Some accounts will allow for applicants to be as young as 15 years of age. This will be indicated as you start the application. Without exception, all savings accounts require that you are a resident of Australia.
- Branch visit. In some cases you may be asked to visit a branch to complete an identity verification if it is not able to be completed online.
With a decision as important as your personal savings, you should always compare accounts between banks and the individual features and benefits they offer. This ensures that you are getting all you need to meet your savings goals.
Read more on this topic
Bank of Queensland Fast Track Starter Account
The BOQ Fast Track Starter Account is a high interest savings account for Australians aged 14-24 years old. Read this review to find out if this account is the right option for you.
BOQ Fast Track Saver Account
This high interest savings account offers a competitive, ongoing interest rate each month the bonus criteria is met.
Bank of Queensland Superannuation Savings Account
The Bank of Queensland Superannuation Savings Account gives you a bonus introductory period and the ability to withdraw your SMSF’s savings without restriction.
Bank of Queensland Pension Plus Account
Apply for this interest bearing account if you’re receiving the Australian pension and get Visa Debit Card and electronic account access.
Bank of Queensland Bonus Interest Savings Account
The Bank of Queensland Bonus Interest Savings Account provides you with an incentive to save through bonus interest and withdrawal restrictions.
Bank of Queensland Mortgage Offset Account
An offset Account linked to your personal Bank of Queensland home loan gives you access to your savings while they work to reduce your mortgage balance.
Bank of Queensland Premier Investment Account
A premier high interest savings account may be just what you need in order to reach your future financial goals.
Bank of Queensland Cash Management Account
Take advantage of a high interest earning savings account that also gives investors at call access to their money when they need it.
Bank of Queensland Term Deposit
With a small nest egg Bank of Queensland allows you to make good progress with your savings goals by providing flexible terms and a competitive interest rate.
Bank of Queensland Reverse Charges Account
The Reverse Charges Account is a transaction account from Bank of Queensland that pays you for good spending habits.
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