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.

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Shirley Liu

Last Updated Dec 31, 2020

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Details

Product Name	Bank of Queensland Term Deposit ($5,000 - $249,999)
3 month interest rate	1.25%
4 month interest rate	0.10%
6 month interest rate	2.00%
7 month interest rate	2.50%
9 month interest rate	1.75%
12 month interest rate	2.75%
24 month interest rate	3.00%
36 month interest rate	3.00%
48 month interest rate	3.00%
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.

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children

Pros

Low minimum investment of $5,000
$0 Account keeping fees
Wide ranges of terms from from 1 month to almost 5 years

Cons

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

Key features

$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.

Reinvestment options

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.

Online accessibility

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.

Launch term deposit calculator

How to apply

Eligibility

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.

Documentation needed

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.

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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12 Comments

Janette
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?

Reply
- finder Customer Care
  
  Alison
  June 22, 2022
  
  Hi Janette,
  
  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,
  Alison
  
  Reply
Graham
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?

Reply
- finder Customer Care
  
  Alison
  May 11, 2022
  
  Hi Graham,
  
  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.
  Regards,
  Alison
  
  Reply
Frank
May 16, 2017

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

Reply
- Liezl
  May 16, 2017
  
  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
  
  Reply
finder Customer Care

Dee
January 11, 2017

Hi Henry,

Thanks for your question.

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

You may want to compare other term deposit accounts featured on our website.

Cheers,
Anndy

Reply
Henry
January 10, 2017

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

Reply

Types

Term Deposit Guides & Tools

Banks

Bank of Queensland Term Deposit