Bank of Queensland Premier Investment Account

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Interest rate 12 months interest rate: Up to 4.05% p.a.
Minimum opening deposit: $5,000
Account keeping fee: $0

Summary

Structure your account the way you see fit to get the most benefit from your investment cash.

The Premier Investment Account is a term deposit designed to give you an optimal return on your investment. You choose how much, for how long, and how often to get paid, and watch as your initial deposit grows with interest. This is a premier way to encourage savings growth that will help you in meeting your future goals.

Pros

$0 account maintenance fee
No transaction fees apply
There will be an interest adjustment if withdrawal has been made prior to the end of the investment term

Cons

This account has a minimum investment of $5,000

Details

Key details

Product Name	Bank of Queensland Premier Investment Account
3 month interest rate	2.25%
4 month interest rate	3.90%
6 month interest rate	4.00%
7 month interest rate	3.90%
9 month interest rate	3.85%
12 month interest rate	4.05%
24 month interest rate	3.00%
36 month interest rate	3.00%
48 month interest rate	3.00%
Minimum Opening Deposit	$5,000
Minimum age requirement	18
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	No
Min Deposit	$5,000
Available to children	Not available for children

Key features

Monthly account keeping fees

There are no monthly account keeping fees charged to you.

Transaction fees

This account is free of any transaction fees.

Minimum investment amount

You need to deposit a minimum of $5,000 in order to earn these interest rates. You can open this account with balances between $1 - $4,999, however, any balances below $5,000 will earn lower interest rates. Visit the Bank of Queensland site to find out more.

Term options

You can choose terms that start at 28 days and go as high as 5 years.

Account access

Check on your balance with internet banking.

Interest rates

The interest rates for the Premier Investment Account are fixed and tiered to provide you with the highest rates of return when you invest more money for longer periods of time.

Interest calculation and payment

Interest is calculated on your closing balance each day and will be paid either monthly or at maturity for a short term term deposit depending on your instructions. You can also choose whether those payments are made into the term deposit account or into a different nominated account of your choice. For terms greater than one year, interest is paid once a year and at the end of the term.

Account maturity

Unless otherwise instructed, your term deposit will be automatically rolled over into a new one once it reaches maturity. There is a seven day grace period where you can still make changes in your terms, withdraw money or make additional deposits.

Early withdrawal

If you do need to access your money before the agreed upon maturity date, you must provide Bank of Queensland with at least a 31 day notice of your intent. Understand that this will then subject your account to a loss of interest earnings.

Availability

This account is available for both private and business customers.

How to apply

Eligibility

If you are already a Bank of Queensland customer you can set up your Premier Investment Account through your online banking platform. New customers can fill out an application online which can be accessed by visiting Bank of Queensland website. Before you begin, check to make sure that you are able to meet the following eligibility requirements:

Minimum age. In order for your application to be accepted you need to be at least 18 years old. If opening a joint account both applicants will need to meet this requirement.
Residency requirements. All applicants must be Australian citizens or permanent residents of Australia.

Depository requirements. Opening a Premier Investment Account calls for a minimum deposit of $5,000.

Documentation needed

In addition to ensuring that you meet the eligibility requirements before applying, it will also be helpful to have the following documentation available:

Tax file number. It is not compulsory to give Bank of Queensland your tax file number (TFN). If you do choose not to, they are obligated to deduct withholding tax on your interest earnings at the highest marginal tax rate.
Identification. For new Bank of Queensland customers information is needed to verify your identity which can be found on your driver's licence or Australian passport.

What happens after I submit my application?

Provided that your identity is readily confirmed electronically, Bank of Queensland will be able to activate your Premier Investment Account on receipt of your initial deposit. You will then be issued a Certificate of Deposit, outlining the details of your agreed upon terms.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Bank of Queensland Premier Investment Account information page
2. Bank of Queensland Premier Investment Account TMD

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Alison Finder

Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Bank of Queensland Premier Investment Account

Pros

Cons

Key features

Monthly account keeping fees

Transaction fees

Minimum investment amount

Term options

Account access

Interest rates

Interest calculation and payment

Account maturity

Early withdrawal

Availability

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

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