Bank of Queensland Fast Track Starter Account

Last updated: Oct 1, 2020

This savings account is for 14-24 year olds and offers a bonus interest rate of up to 2.5% p.a.

The BOQ Fast Track Starter Account is a high interest savings account for Australians aged 14-24 years old. The account offers an ongoing maximum bonus rate of 2.5% p.a. on balances up to $10,000. To earn this maximum bonus rate you need to link to a BOQ Day2Day Plus Account, deposit at least $200 a month and make 5 or more eligible transactions from the Day2Day Plus account each month . Balances over $10,000 stand to earn up to 1.2% p.a.

If you’re 25 or older, you’ll receive a BOQ Fast Track Saver Account instead, which offers a maximum bonus rate of 1.2% p.a. when you meet the account conditions.

2.5% p.a.

Maximum variable rate

0.2% p.a.

Base interest rate

2.3% p.a.

Bonus interest rate

$200

Minimum deposit

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Product Name	Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
Maximum Variable Rate	2.5% p.a.
Standard Variable Rate	0.20%
Bonus Variable Rate	2.30%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	14

Pros

High ongoing bonus rate of up to 2.5% p.a. on balances up to $10,000
Make unlimited withdrawals without losing the bonus interest
No account-keeping fees
Visa Debit Card on linked transaction account offers payWave

Cons

The $200 monthly deposit condition could be hard for 14-24 year olds to meet
High 2.5% p.a. bonus rate is only for a balance of $10,000 and lower

Expert review

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 bonus interest each month you meet the account conditions. If you don’t meet the deposit conditions and transaction requirement one month, you’ll still be eligible for bonus interest the next month if you meet the criteria.

Key features

No account-keeping fees

There are no monthly account-keeping fees charged to this account or to the linked BOQ Day2Day Plus Account.

For 14-24 year olds only

This account is for Australians aged 14-24 years old only. If you're 25 or older, you'll receive a BOQ Fast Track Saver Account.

Earn up to 2.5% p.a. on your savings

This savings account offers a very competitive maximum interest rate of 2.5% p.a. on balances up to $10,000 each month if you meet the account conditions. This includes a standard variable base rate of 0.2% p.a. and a variable bonus rate of 2.3% p.a. Balances above $10,000 offer a maximum interest rate of 1.2% p.a.

You must deposit $200 a month and make 5+ eligible transactions a month to earn bonus interest

To be eligible for the bonus interest, you need to link the account to a BOQ Day2Day Plus Account, deposit at least $200 into the account each month from an external account (this means you can't transfer money from another BOQ account you have in your name). You also need to make 5 or more eligible transactions from the Day2Day Plus account a month . Eligible transactions include payments with the Visa Debit Card, direct debits and ATM withdrawals. You're free to withdraw from the account 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 BOQ Fast Track Starter account monthly. The bonus rate is ongoing, meaning if you don't meet the bonus interest criteria one month, you'll still be eligible the next month if you meet the account conditions.

Linked transaction account

To earn the bonus interest, you need to link this savings account to a BOQ Day2Day Plus Account. You'll also need to use this transaction account to transfer money back and forth from your savings. The Day2Day Plus Account has no monthly fees and comes with a linked Visa Debit Card. The debit card has Visa payWave, so you can make tap-and-go purchases without entering a PIN for transactions below $100.

How to apply

You can apply for this account online in 10 minutes or less. Read the eligibility criteria below, and see what information you need in order to complete your application.

Eligibility

Minimum age requirement. This account is for 14-24 year olds. If you're 25 of older, you'll be given a BOQ Fast Track Savings Account instead.
Residency requirement. You must be an Australian permanent resident with an Australian residential address.

Linked transaction account. If you don't already have one, you'll receive a free, linked BOQ Day2Day Plus Account at the same time as your savings account.

Documentation needed

Identification. You'll need to supply two forms of ID so BOQ can verify your identity. This could be your driver's licence, passport, Medicare card or birth certificate.
Personal details. You'll also need 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.

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Bank of Queensland Fast Track Starter Account