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Bank of Queensland Reverse Charges Account

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A transaction account that offers an incentive to encourage you to watch your spending habits.

The Bank of Queensland Reverse Charges Account will add money to your balance monthly just for meeting its requirements. With a balance of over $2,000 you don’t pay any fees, and the Bank of Queensland will give you $2. If you fall beneath that balance, the monthly maintenance fee will be deducted from your account.

$2,000

Fee Free Deposit

$4

Account keeping fee

$0

ATM withdrawal fee

$5

Overseas ATM withdrawal fee

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Details

Product NameBank of Queensland Reverse Charges Account
Monthly account fee$4
Card accessVisa
ATM Withdrawal Fee$0
Internatonal ATM Fee$5
International transaction fee3%
Monthly deposit required to waive account fee$2,000

Expert review

Shirley Liu

Review by


Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

This is quite a unique everyday transaction account. It’ll give you a $2 monthly bonus (paid once a quarter) if you keep your balance above $2,000, plus you’ll get the monthly account fee waived too.

However, there is a $! monthly card fee for the linked Visa Debit Card which can’t be waived. This card fee isn’t something that’s charged with most other transaction accounts. This fee effectively brings your monthly bonus payment down to $1 a month (or $3 a quarter).

If you don’t want to commit to keeping your balance above $2,000, the Bank of Queensland Day2Day Plus Transaction Account has no monthly fees and no minimum balance requirement to maintain.

Key features

Fees

When your balance exceeds $2,000 you are not charged any monthly maintenance fee. For balances under $2,000 there is a $4 monthly fee deducted from your account.

Bonus payment

A payment of $2 will be added to your account in those months where you are able to maintain a $2,000 balance.


How to apply

The Bank of Queensland makes it easy to apply for their Reverse Charges Account by providing an online application form. Before applying online, check to make sure that you meet their eligibility requirements:

Eligibility

  • Minimum age. Applicants for this account are only considered when they are at least 15 years of age.
  • Residency requirements. The Reverse Charges Account is only available for permanent residents of Australia or Australian citizens.

FAQ

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2 Comments

  1. Default Gravatar
    BARRY
    November 18, 2018

    IS THERE STILL A REVERSE MORTGAGE LOAN AVAILABLE

    • Avatarfinder Customer Care
      Jhez
      November 20, 2018

      Hello Barry,

      Thank you for your comment.

      Yes, there are reverse mortgage loan products available. You may read through our guide on reverse mortgages here. Please compare the products we have listed and click enquire now to know more about the loan product.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you. Please also seek advice from a mortgage broker so both of you can discuss options based on your needs.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

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