Bank of Queensland Term Deposit

Bank of Queensland Term Deposit

Min. Opening Deposit

5,000

Account Keeping Fee

0.00
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The BOQ term deposit rewards you by paying higher interest rates for a longer term commitment.

  • Up to 2.60% for a 7 month term deposit
  • Choose a term between 28 days and five years
  • No account keeping fees
  • Minimum investment amount of only $5,000

Product details

The Premier Investment Account is BOQ's (Bank of Queensland) term deposit account. It offers a competitive interest rate on a range of terms with a low, minimum investment amount of $5,000. Terms vary from 1 month to 5 years and there are no account-keeping or transaction fees.

BOQ is offering a promotional rate for it's 3 and 6 month term deposit – be sure to take a look.

Product Name
Bank of Queensland Term Deposit
1 month interest rate
1.65%
3 month interest rate
2.00%
4 month interest rate
2.45%
6 month interest rate
2.25%
9 month interest rate
2.60%
12 month interest rate
2.60%
24 month interest rate
2.60%
36 month interest rate
2.80%
48 month interest rate
2.65%
Min Deposit
$5,000
Joint Application
Yes
Minimum Age Requirement
15
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the Bank of Queensland Term Deposit?

Before making a commitment that locks away your money for a set amount of time, you should compare the features of this type of account amongst various Australian banks.

$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 28 days to 5 years

You can choose the terms that best fit your needs. These range from 28 days up until 5 years.

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.

Reinvestment options

Unless otherwise instructed, the Band 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.

Online and phone accessibility

You can use internet or phone banking in order to check the balance on your account.

Available for personal accounts only

This account is meant to be for personal use only, and cannot be in the name of a business or trust. You can compare other BOQ everyday and savings accounts here.

Launch term deposit calculator

Pros

  • Low minimum investment of $5,000
  • $0 Account keeping fees
  • Wide ranges of terms from from 28 days to 5 years

Cons

  • 31 days advance notice required in case of withdrawing funds before maturity

How do I apply for the Bank of Queensland Term Deposit online?

If the structure of the Bank of Queensland term deposit fits in with your saving style you can begin an online application by clicking “Go to Site”.

Eligibility to apply online

Here are the requirements to apply online.

  • Minimum age. You must be at least 15 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.

Documentations you'll need to apply online

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. New customers to the Bank of Queensland may need to visit a branch in order to complete this step.

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.

If you’d like to apply for the Bank of Queensland (BOQ) Term Deposit account, you can complete the application process online on their website. Please note that you’ll need to provide personal details including your name, residential address and date of birth as well as details of your term deposit including the length of the term and your opening deposit amount.

Yes your term deposit is covered by the Government Guarantee.

Unfortunately banks generally charge a penalty for accessing your term deposit early, please contact the Bank of Queensland to enquire about the exact figures.

To open a term deposit with BOQ term deposit you will need hold a BOQ Premier investment transaction account; you can open an account now and arrange for Ubank to transfer the money but it won’t automatically go into your term deposit, it will just go into your Premier Investment transaction account. You will then have to log into your account to open a BOQ term deposit account.

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8 Responses

  1. Default Gravatar
    frankMay 16, 2017

    Are term deposits of $250,000 per person at BOQ still government guaranteed as at May 2017.?

    • Staff
      LiezlMay 16, 2017Staff

      Hi Frank,

      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.

      Cheers,
      Liezl

  2. Staff
    AnndyJanuary 11, 2017Staff

    Hi Henry,

    Thanks for your question.

    For the Bank of Queensland Term Deposit, a 3-month interest rate will be 0.90%.

    If you want to compare other term deposit accounts, you can compare the rates here.

    Cheers,
    Anndy

  3. Default Gravatar
    HenryJanuary 10, 2017

    What are the term deposit rates for 3months 1000 to 20000

  4. Default Gravatar
    kj.cecil@hotmail.comMay 6, 2016

    Is the term [ money ] deposit guaranteed ?

    • Staff
      ShirleyMay 6, 2016Staff

      Hi KJ,

      Thanks for your question.

      Yes the interest rate is fixed for the term. Hope this helps.

  5. Default Gravatar
    PatMarch 6, 2016

    looking at opening a pension acc are you taxed on the interest earned .
    and can you recommend which bank would be best to consider with best interest rate thanks

    • Staff
      ShirleyMarch 7, 2016Staff

      Hi Pat,

      Thanks for your question.

      All interest earned on investments are taxed by the Australia government, it’s recommended that you provide your TFN during application so you’re not taxed at the highest rate.

      You can find the best interest rate for your situation on this page.

      Hope this helps.

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