Bank of Queensland Bonus Interest Savings Account

Bank of Queensland Bonus Interest Savings Account

Maximum Variable Rate

2.20

Standard Variable Rate

0.80

Ongoing variable rate of when you only make one withdrawal per month.

  • Need an incentive to save? Limit yourself to one withdrawal per month
  • Linked to a Visa debit card
  • $0 monthly account keeping fees
  • At-call access to funds

Product details

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.

Product Name
Bank of Queensland Bonus Interest Savings Account
Maximum Variable Rate
2.20% p.a.
Standard Variable Rate
0.80% p.a.
Bonus Variable Rate
1.40% p.a.
Introductory / Bonus Offer Conditions
Bonus interest paid when a withdrawal is made no more than one per calendar month.
Monthly Fee
$0
Minimum Opening Deposit
$1
Internet Banking
Yes
Internet Transaction Fee
$0.30
Phone Banking
Yes
Phone Transaction Fee
$0.30
Minimum Age Requirement
15
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Bank of Queensland Bonus Interest Savings Account?

Maximum interest rate of if you only make one withdrawal

You’re rewarded with an extra 1.40% 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 2.20% p.a. Interest is paid to your account on the last day of the month.

Standard variable of 0.80% p.a. when you make more than one withdrawal

The base interest rate of 0.80% 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 and phone banking

Withdraw funds using internet and telephone 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. Make staff assisted withdrawals from the Bonus Saver using the Bank of Queensland telephone banking facility.

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.

Over the counter withdrawals

Make over the counter withdrawals at a Bank of Queensland branch or Australia Post retail outlet via Bank@Post.

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.

$1 Minimum balance

You can open the Bank of Queensland Bonus Interest Savings Account with as little as $1.

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.

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Pros

  • An incentive to save by awarding bonus interest for making no more than one withdrawal
  • No monthly account keeping fees
  • At-call access to funds
  • Linked Visa debit card

How do I apply for the Bank of Queensland Bonus Interest Savings Account?

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.

Eligibility to apply online

The Bank of Queensland Bonus Interest Savings Account has the following eligibility criteria.

  • Age. You must be over the age of 15 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 $1.00
  • Personal application. You must apply in your own name and not in the name of a business entity.

Documentation to apply online

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.
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6 Responses

  1. Default Gravatar
    VeronicaFebruary 16, 2017

    Is it possible to open an online saver and bonus interest savings account for a non profit club? If not, what account can you suggest?
    Thanks

    • Staff
      AnndyFebruary 16, 2017Staff

      Hi Veronica,

      Thanks for your question.

      You may want to check this page to compare the different types of savings accounts for businesses and organizations. You can check the full details of the eligibility criteria and requirements to apply by clicking the account name on the table.

      Cheers,
      Anndy

  2. Default Gravatar
    SallyJuly 15, 2016

    What is the minimum and maximum balance required for the 2.55% interest and do I have to have a linked BOQ account? Plus are there any exiting fees?

    • Staff
      ClarizzaJuly 18, 2016Staff

      Hi Sally,

      Thanks for your question.

      The minimum balance required to open this account is $1, however to earn the maximum interest rate of 2.55%, you must meet criteria. For this account, 2.55% interest is offered if you do not make more than one withdrawal per month. There is no maximum balance or exit fees.

      Hope this helps.

      Clarizza

  3. Default Gravatar
    GaryMay 26, 2016

    Hi, I’d like to know the upper limit of the bonus interest rate. I know that Bankwest have an upper limit of $250k for their Hero account. I’d like to compare this product accordingly.
    Cheers

    • Staff
      ShirleyMay 27, 2016Staff

      Hi Gary,

      Thanks for your question.

      The upper limit of the bonus interest rates applies to the entire balance of the account.

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