Product details
This high interest savings account offers a competitive, ongoing interest rate of up to 2.50% 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
- 2.50% p.a.
- Standard Variable Rate
- 0.35% p.a.
- Bonus Variable Rate
- 2.15% p.a.
- Introductory / Bonus Offer Conditions
- Earn 2.50% 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 2.50% p.a. on your balance each month
This savings account offers a competitive interest rate of up to 2.50% p.a. each month the account conditions are met. This includes a standard variable base rate of 0.35% p.a. and a variable bonus rate of 2.15% p.a.
Bonus criteria to be eligible for bonus interest
To be eligible for the maximum bonus rate of 2.50% 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 2.50% 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 2.50% 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.
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%?
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
Is it possible to have two account holders?
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
Can you have 2 spouses open 2 separate accounts and both receive the bonus rate?
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
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?
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
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.
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
Can I withdraw the $1000 the next day from Day2 Day Plus account and still get bonus interest rate?
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
What is the maximum amount I can save in this account?
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
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