Bank of Queensland WebSavings Account
A competitive interest rate of 1.00% p.a. for the first 4 months.
A high interest savings account offered by Bank of Queensland (BOQ). You can access the account in branch, through internet banking. There is $0 account keeping fees with unlimited free, transfers to your BOQ everyday bank accounts.
Maximum variable rate
Base interest rate
$0 Monthly maintenance fee
There are no monthly maintenance fees charged for this account.
Up to 1.00% p.a. for the first 4 months on your first WebSavings account
Bonus interest will be applied to your balance for the first 4 months after the account has been opened. The savings account needs to be opened after 11 May 2016.
Minimum investment of $2,000
It needs to have more than $2,000 in the account before it starts earning the bonus interest.
Reverts to a standard interest rate of 0.05%
After the introductory period is over, your balance will receive this rate.
How is my interest calculated?
Interest is calculated each day and paid into your account on the last day of each month.
Online banking available
You can make withdrawals at a Bank of Queensland branch or online banking. Cash and cheque deposits can both be made at your local branch without having to worry about transfers between accounts.
Unlimited transactions between your linked BOQ everyday account
The WebSavings doesn't require a linked bank account, though if you link it with a BOQ everyday account, you can transfer money back and forth as much as you want. You are allowed an unlimited number of transfers free of charge. There is no direct debit available.
Available for personal use only
This savings account is only available for personal use.
How to apply
If you like the convenience and interest rates of the WebSavings Account, visit their website to start an online application.
Check the following eligibility requirements first to ensure that you will qualify for this account:
- Minimum age. Only applicants who are at least 14 years of age will be considered for this savings account.
- Residency requirements. You must either be an Australian permanent resident or citizen to qualify for this account.
- Depository requirements. You will need to make an initial deposit of at least $0 when opening the savings account. Keep in mind that you do not qualify for the bonus interest rate unless you have at least $2,000 in the savings account.
When applying, having the following documentation ready will help to fill out the forms quickly and correctly:
- Tax file number. Although not a requirement, providing your tax file number (TFN) or exemption code will avoid you being charged at a higher tax rate for your interest earnings.
- Identification. Bank of Queensland will need to verify your identity before issuing an account in your name. This can be done with your Australian passport or driver's licence.
What happens after I submit my application?
If you are not already a Bank of Queensland customer, you may be asked to visit a local branch in order to complete your identity verification. Once complete and the details of your application confirmed, you will be notified by the bank with the details of your new account.