In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Bank of Queensland Term Deposit

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Bank of Queensland Term Deposit
Interest rate 12 months interest rate
Up to 5.05% p.a.
Minimum opening deposit
$5,000
Account keeping fee
$0
Maximum deposit
$249,999

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

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Bank of Queensland Term Deposit
3 month interest rate 2.25%
4 month interest rate 4.90%
6 month interest rate 5.00%
7 month interest rate 1.50%
9 month interest rate 4.90%
12 month interest rate 5.05%
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.

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.

Compare other savings accounts

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Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
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AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
  • Balances up to $250,000
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ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
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Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
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Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
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Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
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Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
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ING Savings Maximiser
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Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
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IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
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First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
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Easy Street Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.01%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50+ each month
  • No withdrawals
  • Balances up to $5,000,000
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MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
  • Balances up to $250,000
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BCU Bonus Saver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Alison Finder

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Danny

April 28, 2023

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


Avatar

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?


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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


Avatar

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?


Avatar

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


Avatar

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?


Avatar

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


Avatar

Frank

May 16, 2017

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


Avatar

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


Go to site