Bank of Queensland Term Deposit
- Interest rate 12 months interest rate
- Up to 5.1% p.a.
- Minimum opening deposit
- Account keeping fee
- Maximum deposit
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.
Low minimum investment of $5,000
$0 Account keeping fees
Wide ranges of terms from from 1 month to almost 5 years
31 days advance notice required in case of withdrawing funds before maturity
|Product Name||Bank of Queensland Term Deposit|
|3 month interest rate||2.25%|
|4 month interest rate||4.40%|
|6 month interest rate||5.05%|
|7 month interest rate||1.50%|
|9 month interest rate||5.05%|
|12 month interest rate||5.10%|
|24 month interest rate||4.20%|
|36 month interest rate||3.30%|
|48 month interest rate||3.30%|
|Minimum Opening Deposit||$5,000|
|Minimum age requirement||18|
|Minimum Age Requirement||18|
|Joint account availability||Yes|
|Available to children||Not available for children|
$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.
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- Your answer might already be waiting – check previous questions below to see if yours has already been asked
April 28, 2023
i am the trustee of my smsf. is this fund eligible for this term deposit
Raj Lal Finder
May 01, 2023
This particular account is for a personal account. BOQ offers term deposits for SMSF however they require you to contact them to set it up.
Additionally we also have a list of providers who offer SMSF term deposits here https://www.finder.com.au/smsf-term-deposit
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October 24, 2022
Are these rates available for a SMSF?
Alison Banney Finder
November 11, 2022
These rates are for personal customers only. If you’d like to open an account as an SMSF or Trust, you’ll need to phone the bank directly or head into a branch.
June 16, 2022
for the 12-month term deposit account, can I do an SMSF account with this rate 2.5%? How do I apply for an SMSF account?
Alison Banney Finder
June 22, 2022
The BoQ Term Deposit is for personal use only and cannot be opened by an SMSF, trust, or business. BoQ requires SMSF customers to visit a branch to discuss options for opening a term deposit account.
Hope this helps,
April 12, 2022
Do I need to have a BOQ account to open a term deposit? On maturity, can funds be transferred to an alternate bank?
Alison Banney Finder
May 11, 2022
There’s no mention that you would need a BOQ account to open a term deposit account. Upon maturity, you can transfer the fund to your nominated bank account.
If you wish to confirm, please get in touch with BOQ.
May 16, 2017
Are term deposits of $250,000 per person at BOQ still government guaranteed as at May 2017.?
May 16, 2017
Thanks for your question.
Yes, BOQ term deposits are still covered by the Government Guarantee at the time of writing. You can verify BOQ’s deposit guarantee on their website or by calling them directly.