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BOQ Fast Track Saver Account

Alison Banney
Alison Banney
Last updated:  

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).

1.85% p.a.

Maximum variable rate

0.2% p.a.

Base interest rate

1.65% p.a.

Bonus interest rate

$1,000

Minimum deposit

Details

Product NameBank of Queensland Fast Track Saver Account
Maximum Variable Rate1.85% p.a.
Standard Variable Rate0.20%
Bonus Variable Rate1.65%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age25
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Expert review

Alison Banney

Review by

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 1.85% 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.

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.
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18 Comments

  1. Default Gravatar
    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

    Reply
    • Default Gravatar
      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

      Reply
  2. Default Gravatar
    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%?

    Reply
    • Avatarfinder 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 so long that you link the account to a BOQ Day2Day Plus account and deposit at least $1,000 into the Day2Day account 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

      Reply
  3. Default Gravatar
    Joanna
    August 8, 2019

    Is it possible to have two account holders?

    Reply
    • Avatarfinder 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

      Reply
  4. Default Gravatar
    Ren
    July 2, 2019

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

    Reply
    • Default Gravatar
      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

      Reply
  5. Default Gravatar
    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?

    Reply
    • Avatarfinder 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

      Reply
  6. Default Gravatar
    John
    July 1, 2019

    Is there a penalty for withdrawing money from the Fast track saver account? For example, if I withdraw money does that mean I get no interest for that month? (This is what happens in my current account at another bank and as I need to withdraw something every couple of months I lose quite a bit of interest). Thank you.

    Reply
    • Avatarfinder Customer Care
      Jhez
      July 1, 2019

      Hi John,

      Thank you for your comment.

      No, there is no penalty for withdrawing. You can actually withdraw and still be eligible for the bonus interest variable rate as long as the Bonus Criteria conditions are met for that month.

      Regards,
      Jhezelyn

      Reply
  7. Default Gravatar
    Craig
    June 24, 2019

    Can I withdraw the $1000 the next day from Day2 Day Plus account and still get bonus interest rate?

    Reply
    • Avatarfinder Customer Care
      Jeni
      June 26, 2019

      Hi Craig,

      Thank you for getting in touch with Finder.

      Yes, you can make as many withdrawals from the Day2 Day Plus account as you like and still be eligible for the bonus interest. Please note that the bonus interest rate will only apply to your account balance. The interest on this account is calculated daily and paid into your savings account each month.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  8. Default Gravatar
    Stuart
    June 1, 2019

    What is the maximum amount I can save in this account?

    Reply
    • Avatarfinder Customer Care
      Jhez
      June 1, 2019

      Hello Stuart,

      Thank you for your comment.

      The Fast Track Accounts has no limitation on maximum or minimum balances or numbers of transactions. You may refer to the PDS found on BOQ’s website.

      Regards,
      Jhezelyn

      Reply
  9. Default Gravatar
    Peter
    April 25, 2019

    Does the BOQ account have a tap and go card?

    Reply
    • Avatarfinder Customer Care
      Mai
      April 26, 2019

      Hi Peter,

      Thank you for reaching out.

      A Bank of Queensland Fast Track Saver Account do not come with a tap and go card. However it needs to be linked to a BOQ Day2Day Plus Account. A BOQ Day2Day Plus is linked with a Visa Debit Card with payWave making you able to do tap-and-go purchases.

      Hope this helps! 😊

      Kind Regards,
      Mai

      Reply
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