Bank of Queensland Bonus Interest Savings Account
Ongoing variable rate of 0.65% when you only make one withdrawal per month.
The Bank of Queensland Bonus Interest Savings Account rewards you for not dipping into your savings. Earn bonus interest on top of the base rate of interest when you make no more than one withdrawal a month. There are $0 monthly service fees and the first withdrawal from your account is free.
Maximum interest rate of 0.65% if you only make one withdrawal
You're rewarded with an extra 0.6% p.a. interest when you make one withdrawal or less from the Bank of Queensland Bonus Interest Savings Account. The maximum interest you can earn is 0.65% p.a. Interest is paid to your account on the last day of the month.
Standard variable of 0.05% p.a. when you make more than one withdrawal
The base interest rate of 0.05% p.a. applies if you make more than one withdrawal from your account a month.
$0 Account keeping fee
Pay no monthly account keeping fees and no account application fee.
One withdrawal free of charge
Your money is available when you want to make a withdrawal. You can make 1 free withdrawal a month from the Bonus Interest Savings Account. Bank of Queensland charge fees for each transaction after your 1 free monthly withdrawal. The withdrawal fee depends on the transaction type.
Access your funds using online banking
Withdraw funds using internet banking. Transfer funds from your Bonus Interest Savings Account to your Bank of Queensland transaction account instantly. Transfers to accounts held with other financial institutions can take up to 3 business days.
EFTPOS and BPAY available
This account offers EFTPOS access so you can make ATM withdrawals for free from Bank of Queensland ATMs and over the counter purchases at merchants with an EFTPOS terminal. Register for Bank of Queensland internet banking and make BPAY payments.
Make over the counter withdrawals at any Bank of Queensland branch.
Direct credits and debits
Set up a direct credit so your creditors can transfer recurring payments to the Bonus Interest Savings Account. You can automatically make payments from this account by entering into a direct debit agreement with your billers such as telecommunications or utility providers.
$0 Minimum balance
You can open the Bank of Queensland Bonus Interest Savings Account with as little as $0.
Available for personal accounts only
You can apply online for a Bonus Interest Savings Account in your own name and not in the name of a business. You can also apply jointly for the Bonus Interest Savings Account with another person. Compare other BOQ products.
How to apply
You can visit Bank of Queensland website to start an online application for the Bank of Queensland Bonus Interest Savings Account. The application is completely secure and can be completed in under 10 minutes.
The Bank of Queensland Bonus Interest Savings Account has the following eligibility criteria.
- Age. You must be over the age of 14 to apply for this account.
- Residency. You must be a permanent Australian resident.
- Deposit. You can open the Bonus Interest Savings Account with a deposit of $0
- Personal application. You must apply in your own name and not in the name of a business entity.
Bank of Queensland require you to enter your contact information and to verify your identity to complete the online application.
- Personal information. If you're a new Bank of Queensland customer, input your name, date of birth, marital status, mother's maiden name and phone number to register for this account.
- Identification. New customers are required to verify their identity with the Bank of Queensland to apply for the Bonus Interest Savings Account. You can verify your identity online using an Australian driver's licence, passport, medicare card or telecommunications or insurance ownership document. Bank of Queensland provide a list of accepted documents in the last section of the online application.
- Tax File Number. Provide your Tax File Number to the Bank of Queensland so they can tax your interest earnings at the correct rate. You don't need to enter your TFN when you apply. If you withhold this information, the Bank of Queensland will tax your interest earnings at the marginal tax rate.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
There are $0 monthly service fees and the first withdrawal from your account is free.