Bank of Queensland WebSavings Account

Bank of Queensland WebSavings Account

Maximum Variable Rate

2.80

Standard Variable Rate

1.45

A competitive interest rate of 2.80% p.a. for the first 4 months.

  • No monthly account keeping fees
  • Access your money online, over the phone or at BOQ branches
  • Free transfers to linked BOQ accounts
  • Minimum investment of $2,000

Product details

A high interest savings account offered by Bank of Queensland (BOQ). You can access the account in branch, through internet banking or phone banking. There is $0 account keeping fees with unlimited free, transfers to your BOQ everyday bank accounts.

Product Name
Bank of Queensland WebSavings Account
Maximum Variable Rate
2.80% p.a.
Standard Variable Rate
1.45% p.a.
Bonus Variable Rate
1.35% p.a.
Introductory / Bonus Offer Conditions
Up to 2.80% p.a. for new customers with balances between $2,000 - $5,000,000 for 4 months from account opening date. For a limited time only.
Monthly Fee
$0
Minimum Opening Deposit
$1
Introductory Interest Period
4 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0.65
Phone Banking
Yes
Phone Transaction Fee
$0.65
Joint application?
Yes
Minimum Age Requirement
15
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Bank of Queensland WebSavings Account?

When making your comparisons, keep in mind the following features that the Bank of Queensland WebSavings Account has to offer:

$0 Monthly maintenance fee

There are no monthly maintenance fees charged for this account.

Up to 2.80% 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 interest.

Reverts to a standard interest rate of 1.45%

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 and phone banking available

You can make withdrawals at a Bank of Queensland branch, online or with phone 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.

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Pros

  • Competitive interest rate
  • Access through a BOQ branch, in-branch, internet and phone banking
  • Unlimited cash deposits and withdrawals from your online savings account
  • Unlimited free transfers to your linked BOQ account

Cons

  • High minimum investment amount $2,000

How do I apply for the Bank of Queensland WebSavings Account?

If you like the convenience and interest rates of the WebSavings Account, visit their website to start an online application.

Eligibility to apply online

Check the following eligibility requirements first to ensure that you will qualify for this account:

  • Minimum age. Only applicants who are at least 15 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 $1 when opening the savings account. Keep in mind that you do not qualify for the bonus interest rate unless you have at least  in the savings account.

Documentation

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 the application is submitted?

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.

How long does the maximum variable rate last for?

The introductory rate will apply for the first four months, assuming that you are a new customer. It will then revert to the standard variable rate.

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2 Responses

  1. Default Gravatar
    May 18, 2017

    Please explain the internet banking charges /fees?

    • Staff
      HaroldMay 18, 2017Staff

      Hi John,

      Thank you for your inquiry.

      Typically, these are the transactions you’ve done through your online account. For example you made an online fund transfer a fee may apply on this transaction.

      I hope this information has helped.

      Cheers,
      Harold

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