Product details
This high interest savings account offers a competitive, ongoing interest rate of up to 3.00% 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 and deposit $1,000 each month to earn the bonus interest.
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.
- Product Name
- Bank of Queensland Fast Track Saver Account
- Maximum Variable Rate
- 3.00% p.a.
- Standard Variable Rate
- 0.50% p.a.
- Bonus Variable Rate
- 2.50% p.a.
- Introductory / Bonus Offer Conditions
- Earn 3.00% p.a. when you link to an BOQ Day2Day Plus Account and deposit $1,000+ into the Day2Day account each month from an external account.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $1,000
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- No
- Joint application?
- Yes
- Minimum Age Requirement
- 25
- Maximum Age Requirement
- No Maximum Age
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
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 3.00% p.a. on your balance each month
This savings account offers a competitive interest rate of up to 3.00% p.a. each month the account conditions are met. This includes a standard variable base rate of 0.50% p.a. and a variable bonus rate of 2.50% p.a.
Bonus criteria to be eligible for bonus interest
To be eligible for the maximum bonus rate of 3.00% p.a., you need to 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. 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 3.00% 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.
Pros
- High ongoing bonus rate of 3.00% 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
How do I apply for the BOQ Fast Track Saver Account?
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.
Documents 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.
Does the BOQ account have a tap and go card?
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