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.
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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.
Key features
$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.
If you like the convenience and interest rates of the WebSavings Account, visit their website to start an online application.
Eligibility
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.
Documentation needed
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.
FAQ
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.
The 2.80% p.a. introductory special offer (1.20% p.a. variable + 1.60% p.a. bonus) will be paid for 4 months from the account opening date – to any new customers who open a WebSavings Account on or after 21 June 2018.
Please note that additional interest only applies to account balances of $2,000 or more.
I have an existing web saver account, the offer expires soon. Why don’t you reward your loyal customers with the equivalent bonus interest? Or don’t you want to keep tour existing customers?
It’s definitely nice to be rewarded for being a loyal customer. To know if there are rewards for you as a loyal customer of Bank of Queensland WebSavings, please check their website or sign up to their newsletter (if they have) so you can be updated of their offers.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
I have an existing BOQ web saving account earning interest at 2.90% The 4 month introductory offer is up on the 8th of this month can I then open a new Joint account with my wife and earn the same 2.90%
You can open a joint account with BOQ, however, the 2.9% earning interest is for new customers only. The offer is not available to existing customers whether or not they hold a WebSavings Account. For additional Terms and Conditions, you can check the important Information part of the bank website.
As you mentioned, you are an existing WebSavings account holder which doesn’t qualify you for this rate of 2.90% p.a.
Basically, to get up to 2.90% p.a. rate, you must be a new customer with balances between $2,000 – $5,000,000 for 4 months from account opening date and this offer is for a limited time only. 2.9% p.a. is the combination of the variable base rate, 1.30% p.a. and bonus interest rate, 1.60% p.a.
Please visit BOQ’s official page for more info on their products. You may also speak to one of their representatives from a local branch near you or via phone for further assistance.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
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