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.
What are the features of the Bank of Queensland Premier Investment Account?
The features of this type of high interest savings account will determine how much of a financial benefit it is to you. Compare what you get with Bank of Queensland versus the term deposits of other Australian financial institutions before deciding which account best suits your circumstance:
- 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 or phone 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.
- $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
- This account has a minimum investment of $5000
How do I apply for the Bank of Queensland Premier Investment Account?
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 15 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.
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.
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.