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 $1,000. 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.
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 $1,000
You can start a term deposit with a $1,000 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.
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.
- Competitive interest rate
- Low investment amount
- No account maintenance fee
- No transaction fees
- Wide choice of terms, starting from 28 days up to five years
- Choose how and when you receive interest payments
- No access to funds until maturity, otherwise a penalty applies
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 $1,000.
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.
I am wanting to open a fixed deposit unsure how to go about it?
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.
is my term deposit covered by any guarantee if there is a hiccup within the system?
Yes your term deposit is covered by the Government Guarantee.
I placed my vary large deposit on a 48 month plan, at 5% in November, but a very large problem has taken us by surprise, and I am wondering what will happen now that we have to terminate this agreement, for now. as I have to access some money ,can you please let us know?
Unfortunately banks generally charge a penalty for accessing your term deposit early, please contact the Bank of Queensland to enquire about the exact figures.
We have a term deposit maturing on 2 October 2013. Will have approx. $7455 to invest. Looking at 5 year term .What is interest rate . Is compound interest available. If we decide to go ahead could we open up an account now with a nominal amount and then arrange for U Bank to transfer money to you on 2 October?
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.