Bank of Queensland Term Deposit
The BOQ term deposit rewards you by paying higher interest rates for a longer term commitment.
The Bank of Queensland Term Deposit offers a competitive interest fixed rate on a range of terms with a low, minimum investment amount of $5,000. Terms vary from 1 month to almost 5 years and there are no account-keeping or transaction fees.
Up to 0.95% p.a.
12 months interest rate
Minimum opening deposit
Account keeping fee
|Product Name||Bank of Queensland Term Deposit|
|3 month interest rate||0.75%|
|4 month interest rate||0.70%|
|6 month interest rate||0.85%|
|7 month interest rate||0.70%|
|9 month interest rate||0.70%|
|12 month interest rate||0.95%|
|24 month interest rate||0.95%|
|36 month interest rate||0.95%|
|48 month interest rate||0.95%|
|Minimum Opening Deposit||$5,000|
|Minimum Age Requirement||18|
|The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.|
$0 Account maintenance fees
You will not be charged any account maintenance or transaction fees with this account.
Competitive interest rates
The interest rate is tiered for this account, with the highest balances and longest terms receiving the highest return on the investment.
Low minimum account balance of $5,000
You can start a term deposit with a $5,000 investment.
A range of terms from one month to just under 5 years
You can choose the terms that best fit your needs. These range from one month to 48 months (just under 5 years long).
How is my interest calculated and paid?
Interest is calculated daily onto your balance and either paid monthly or at the end of the term. You also have the option of having the interest deposited into term deposit account or any other that you specify.
Reduced monthly interest payments
If you choose to have monthly interest payments made, then the interest rate will be reduced by 0.25% per annum off of the rate listed.
Unless otherwise instructed, the Bank of Queensland will automatically rollover your account when the terms mature. New interest rates may apply if your account is rolled over into a new one.
Early withdrawal conditions
If you find that you do need to withdraw your savings to cover a cost before the terms come to an end, the interest rate will be changed to reflect the new terms of your account and you will be charged an early payout fee. Keep in mind that you will need to give the bank at least 31 days notice if you have plans on making an early withdrawal.
You can use internet in order to check the balance on your account.
Available for personal and business customers
This account can be opened by personal customers as well as business customers.
How to apply
Here are the requirements to apply online.
- Minimum age. You must be at least 18 years old in order to open a term deposit with Bank of Queensland.
- Residency requirement. This savings product is only available to Australian permanent residents and citizens.
- Depository requirements. In order to open this account you will need a minimum investment amount of $5,000.
Additionally, you will want to have the following documentation close by in order to make filling out the online application easier:
- Tax file number. The tax file number (TFN) issued to you by the Australian government will ensure that any tax withheld of your interest earned is calculated to meet your circumstance.
- Identification. You will need to verify your identity by using your passport or driver's licence.
What happens after I submit my application?
It should take approximately 10 minutes to complete the application online. Once submitted you will be contacted by a representative from the bank to verify your details and issue you the information about your new savings account.