BOQ Fast Track Saver Account
Earn 1.85% p.a. when you deposit $1,000 into your linked BOQ Day2Day Plus Account each month, and make 5+ eligible transactions a month.
This high interest savings account offers a competitive, ongoing interest rate of up to 1.85% p.a. on balances up to $250,000 each month the bonus criteria is met. Simply link this account to a BOQ Day2Day Plus Account, deposit $1,000 or more each month from an external account and make 5+ eligible transactions a month (the requirement to make 5 transactions per month is paused until 31 August 2020).
Maximum variable rate
Base interest rate
Bonus interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This account offers one of the best ongoing bonus rates in the market. However, make sure you can meet the monthly deposit condition before you open this account, otherwise you won't get the full rate.
If you don’t meet the account conditions for one month, you’ll still be eligible to earn the bonus interest the following month if the conditions are met. Plus, you can make withdrawals and still be eligible for bonus interest.
No account keeping fees
There are no monthly account keeping fees charged to this account or the linked BOQ Day2Day Plus Account.
Earn up to 1.85% p.a. on your balance each month
This savings account offers a competitive interest rate of up to 1.85% p.a. each month the account conditions are met. This includes a standard variable base rate of 0.2% p.a. and a variable bonus rate of 1.65% p.a.
Bonus criteria to be eligible for bonus interest
To be eligible for the maximum bonus rate of 1.85% p.a., you need to link the account to a BOQ Day2Day Plus Account, deposit at least $1,000 into the Day2Day account each month from an external account and make 5 or more eligible transactions from the Day2Day Plus account per month (the requirement to make 5 transactions per month is paused until 31 August 2020). Eligible transactions include Visa Debit Card purchases, direct debits and ATM withdrawals. You can make as many withdrawals from the account as you like and still be eligible for the bonus interest.
Interest calculated daily and paid monthly
The interest on this account is calculated daily and paid into your savings account each month. If you don't meet the bonus interest eligibility criteria for one month, you'll still be eligible the following month if you meet the account conditions.
Bonus interest applies to balances up to $250,000
Balances between $1 and $250,000 will stand to earn the full bonus rate of 1.85% p.a. on the entire balance, if the account conditions are met. Balances larger than this will earn the standard variable rate for the portion of the balance above $250,000.
Linked transaction account
This account must be linked to a BOQ Day2Day Plus Account in order to earn the bonus interest and to transfer money between your accounts. The Day2Day Plus Account comes with no monthly fees and a linked Visa Debit Card with payWave, so you can make tap-and-go purchases without a PIN for transactions below $100. If you don't have this account already, you'll receive one at the same time as you open your new BOQ Fact Track Saver.
How to apply
You can apply for this account online in less than 10 minutes. Before you begin, make sure you meet the account eligibility requirements and have the necessary documents ready.
- Minimum age requirement. Applicants aged 25 or older can apply for this account.
- Residency requirement. You must be an Australian permanent resident with an Australian residential address.
- Linked transaction account. If you don't already have a BOQ Day2Day Plus Account you'll receive one at the same time as you receive your Fast Track Saver Account.
- Identification. You'll need to supply two separate forms of ID, such as your driver's licence, passport, Medicare card or birth certificate.
- Personal details. You'll be asked to supply your full name, date of birth, an Australian residential address and telephone number.
- Tax file number (TFN). If you don't supply this the bank will withhold tax at the highest marginal rate.