BOQ Fast Track Saver Account

Earn 1.05% 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 1.05% 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 .

No reviews yet. Write a review

Alison Banney

Last Updated Dec 31, 2020

1.05% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

$1,000

Minimum deposit

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Product Name	Bank of Queensland Fast Track Saver Account
Maximum Variable Rate	1.05% p.a.
Standard Variable Rate	0.05%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	25

Pros

High ongoing bonus rate of 1.05% p.a. when conditions are met
Make unlimited withdrawals and still be eligible for bonus interest
No account keeping fees on this account or the linked BOQ transaction account

Cons

Monthly deposit requirement of $1,000 is higher than some other savings accounts

Go to site More info

Review by

Alison Banney

alison.banney@finder.com

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.

Expert review

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.

Key features

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 1.05% p.a. on your balance each month

This savings account offers a competitive interest rate of up to 1.05% p.a. each month the account conditions are met. This includes a standard variable base rate of 0.05% p.a. and a variable bonus rate of 1% p.a.

Bonus criteria to be eligible for bonus interest

To be eligible for the maximum bonus rate of 1.05% 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 . 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 1.05% 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.

Eligibility

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.

Documentation needed

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.

Go to site More info

Ask an expert

To ask a question simply log in via your email or create an account.

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Subscribe me to Finder’s free weekly newsletter for budgeting tools, timely news and savings essentials to take control of your finances

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Ask a question

18 Comments

Tom
December 1, 2019

While you must deposit a minimum of $1000, what is the restriction on withdrawal. After you deposit can you withdraw it, fully or part thereof

Nikki
December 4, 2019

Hi Tom,

Thanks for your comment. I hope you are well.

Regarding the BOQ Fast Track Saver Account — there is no restriction on withdrawals. You can make unlimited withdrawals and still be eligible for bonus interest for as long as you deposit $1,000 each month.

Hope this helps and feel free to reach out to us again for further assistance.

Best,
Nikki

Warren
August 15, 2019

The maximum 2.5% only applies to the balance in the Fast Track Saver Account, and not the Day2Day Plus Account. Is this correct?

In other words, after I deposit at least $1,000 to the linked Day2Day Plus Account each month, do I have to transfer that sum to the Fast Track Saver Account to benefit from the 2.5%?

finder Customer Care

Jeni
August 16, 2019

Hi Warren,

Thank you for getting in touch with Finder.

Yes, the maximum bonus rate of 2.50% p.a. applies to your Bank of Queensland Fast Track Saver account for as long as you link the account to a BOQ Day2Day Plus account and deposit at least $1,000 each month from an external account. It is up to you if you prefer to transfer your deposited money from your Day2Day Plus transaction account to your Fast Track Saver account.

I hope this helps.

Thank you and have a wonderful day!

Cheers,
Jeni

Joanna
August 8, 2019

Is it possible to have two account holders?

finder Customer Care

Jeni
August 9, 2019

Hi Joanna,

Thank you for getting in touch with Finder.

Yes. This BOQ Fast Track Saver allowa joint application.

I hope this helps.

Thank you and have a wonderful day!

Cheers,
Jeni

Ren
July 2, 2019

Can you have 2 spouses open 2 separate accounts and both receive the bonus rate?

Nikki
July 3, 2019

Hi Ren,

Thanks for your inquiry and for visiting our page.

Yes, your 2 spouses can open a BOQ Fast Track account, however, you are only allowed to open one BOQ fast track saver account. Also, there should be no more than two account holders for this account.

Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.

Best,
Nikki

Stuart
July 1, 2019

In the terms, it states “For month 1 of account opening, the Base Rate applies, with eligibility assessed at the end of this month, and if met, Bonus Rate will apply from month 2.”. Does this mean the bonus rate is only available in the second month if $1,000 is added to the account?

finder Customer Care

Jhez
July 1, 2019

Hello Stuart,

Thank you for your comment.

Upon checking, according to the terms and conditions, A Bonus Interest variable rate will only be paid if Bonus Criteria are met in the previous month. Bonus Criteria will be met where a minimum of $1,000 is credited to the linked Day2Day Plus Account in the prior month. The minimum amount does not include amounts transferred from another one of your BOQ Accounts. The variable Base Rate applies to balances over $250,000. The variable Base Rate always applies in the first month after opening an account. In the first month, Bonus Criteria on the transaction account is measured from the time the Fast Track Saver Account is opened, not the full calendar month even if the transaction account was already existing. Interest is calculated on a stepped basis and paid monthly on the first day of the following month. If Bonus Criteria conditions are not met the variable Base Rate only will apply.

Therefore, the bonus interest rate is based on the first month.

Regards,
Jhezelyn

Banking

Investments

Banks

BOQ Fast Track Saver Account