Bank of Queensland Self Managed Superannuation Account Review, Rates & Information

Product details

If you’re a new Bank of Queensland customer, you can earn bonus interest on your self managed super fund’s savings by opening the Bank of Queensland Superannuation Savings Account. Balances over $10,000 are rewarded with 2.35% p.a. interest for the first four months the account is open.

Product Name: Bank of Queensland SMSF Savings Account

Maximum Variable Rate: 2.35% p.a.

Standard Variable Rate: 1.50% p.a.

Bonus Variable Rate: 0.80% p.a.

Introductory / Bonus Offer Conditions: Introductory rate of 2.35% p.a. for 4 months, reverting to a rate of 1.50% p.a. Available on balances between $10,000 and $5,000,000.

Monthly Fee: $0

Minimum Opening Deposit: $0

Introductory Interest Period: 4 month(s)

Internet Banking: Yes

Internet Transaction Fee: $0.65

Phone Banking: Yes

Phone Transaction Fee: $0

What are the features of the Bank of Queensland BOQ Self Managed Superannuation Account?

SMSF friendly. This is a special purpose high interest savings account for Self Managed Super Funds (SMSF).
Interest rate. The base variable rate is 1.50% p.a. Interest is calculated daily and paid to the account monthly.
Bonus interest. Get rewarded with a bonus 0.85% p.a. interest on top of the base variable rate for the first four months after you open the Bank of Queensland Superannuation Savings Account. The bonus interest rate applies on balances greater than $10,000. The bonus rate is available to new Bank of Queensland customers only. The base variable rate of interest applies after the introductory period has finished.
On call access. Earn interest on your SMSF cash balance and withdraw the funds when you want without restriction.
Internet and telephone banking. Make unlimited instant electronic transfers to Bank of Queensland accounts from the Bank of Queensland Superannuation Savings Account. Use the ‘pay anyone’ feature to transfer funds to accounts held with non-Bank of Queensland financial institutions. A transaction fee is charged for each ‘pay anyone’ electronic transfer.
BPAY. Make unlimited free BPAY payments from Bank of Queensland internet and telephone banking.
Direct credits. Get regular contributions to your fund electronically paid to the Bank of Queensland Superannuation Savings Account.
Direct debits. Pay your SMSF billers automatically when due by setting up a direct debit arrangement. For example membership fees for professional associations can be automatically paid from this savings account every month.
Branch access. Staff assisted transactions such as withdrawals and deposits are available at Bank of Queensland branches. Bank of Queensland charge a fee for each transaction.
Maximum balance. There is no stated Bank of Queensland Superannuation Savings Account balance; however, accounts with balances over $5,000,000 are subject to approval by Bank of Queensland.
Fees. There’s no application fee and no monthly account service fee.

Pros

Competitive introductory bonus rate
No monthly account keeping fee
Unlimited transfers to BOQ accounts

Cons

Only available for SMSFs

How do I apply for the Bank of Queensland BOQ Self Managed Superannuation Account?

Apply in branch for the Bank of Queensland Self Managed Superannuation Account or make an online enquiry through the Bank of Queensland website. You can also download and complete the application form and return it to a Bank of Queensland branch in person.

You must meet the following eligibility criteria to apply for the Bank of Queensland Self Managed Superannuation Account.

Minimum balance. There is no minimum balance requirement to open this account.
SMSF requirements. Your SMSF must be registered with the Australian Tax Office.

Provide information about the SMSF when you apply for this BOQ SMSF savings account.

SMSF information. Contact information for the SMSF trustee(s) or company directors, the SMSF Australian Business Number (ABN) and a certified copy of the SMSF original trust deed.
Trustee(s) contact information. You’ll need to provide the name and date of birth of details of the SMSF trustees if the trustee(s) are registered as individuals. If the trustee is registered as a company provide details of the company such as the full name of the company, address of the registered office and the names of the company directors.
Account authorisers and signatories. All individual SMSF trustees must register as a BOQ Self Managed Super Fund Account authoriser. A minimum of two company directors (or a director and a company secretary) must register as an account authoriser if the SMSF trustee is a company. Anyone can be nominated as a signatory to this account.
Authoriser identification. If the Self Managed Super Fund Account authorisers are new Bank of Queensland customers, they will need to verify their identity with the bank. Use two primary photographic documents such as a driver's licence, passport or proof of age card or a combination or no primary or secondary forms of identification to verify your identity with Bank of Queensland.

Once your application for this account has been approved, Bank of Queensland will provide you with the Self Managed Super Fund Account details so you can start making deposits.