Bank of Queensland offers two different savings accounts, neither of which charge monthly account-keeping fees. The Bonus Interest Savings Account pays bonus interest if you make no more than one withdrawal per month. The WebSavings Account has a base interest rate of 0.01 per cent, but pays bonus interest if you have a balance of at least $2,000. Bank of Queensland also offers term deposits, credit cards, home loans, personal loans, car loans, insurance and investing services. BoQ was founded in 1874 and has more than 200 branches across Australia.
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Intro 4 months then 0.40%
Kids Savings Account
Fast Track Savings Account
Gold Award Winner 2020
Fast Track Starter Account
*Bonus Interest applies for the following month where $200 or more is credited to the linked Day2Day Plus account in the prior month. This amount does not include amounts transferred from another one of your BOQ Accounts; Customers will also be required to make 5 eligible transactions which includes:- Settled Visa Debit Card & eftpos Card purchases, Direct Debits and ATM withdrawals.
Fast Track Starter Account
Bonus Interest Savings
- No account-keeping fees
- Maximum interest rate comes with conditions
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While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:
- Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
- Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
- Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)
It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.
Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.
A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.
Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.
Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process.
You may be required to provide:
- Personal details, including identification (driver’s license, passport etc.)
- Tax file number
- Employment details
Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.
Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.
Yes. Several large and small banks offer online applications for savings accounts, and there are also online-only financial institutions to consider.
Online-only savings accounts are often less expensive than other savings accounts, though they may not offer the same flexibility, features, or face-to-face service as more traditional savings accounts.
The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency.
Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.
A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.
Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.
Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.
Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly.