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.
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 $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 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.
- 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
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.