BOQ (Bank of Queensland) Term Deposit Rates
What terms are available on BOQ term deposits?
According to BOQ, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of five years.
You can use Canstar’s term deposit calculator to help you work out what term length might be suitable. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to access the maximum interest rate that can come with reaching the maturity date.
When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.
When is interest paid on BOQ term deposits?
BOQ’s term deposits offer customers the choice of receiving interest payments at the following frequencies:
- At maturity
It’s worth remembering that the option you select may have an impact on the rate of interest you earn. Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.
Does BOQ have a notice period and charge an early withdrawal fee for withdrawals?
BOQ requires you to provide notice of 31 days if you need to access your money early.
BOQ charges an early withdrawal fee of $30 and an interest rate adjustment if you withdraw your money before the end of the term.
BOQ’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.
Does BOQ charge any other fees for term deposits?
While no account keeping or balance inquiry fees are advertised by BOQ for their term deposits, they do state that a condition of the account is having a minimum balance of $1,000 throughout the term.
Other fees may also apply. For more information on fees and how they could apply, please check the Product Disclosure Statement or contact BOQ.
How to apply for a BOQ term deposit
Before applying for a BOQ term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.
If applying, consider BOQ’s eligibility criteria (below) and what you might need to have on hand, such as:
- Your TFN (Tax File Number)
- Proof of ID, such as your driver’s license or passport
- Personal details, including your residential address, contact information and potentially information on your current job
If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. Terms and conditions that apply to your term deposit may be slightly different.
To see if you can apply online for a BOQ term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit BOQ’s website.
According to BOQ, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be at least 15 years old
- You must be an Australian resident
- You must be investing a minimum deposit of $1,000
- You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)
What happens to a BOQ term deposit when it reaches maturity?
According to BOQ, when a term deposit reaches the end of its term, customers have a seven day window during which they can arrange to withdraw the funds in the account or deposit further funds and reinvest their deposit.
BOQ (Bank of Queensland) was founded in 1874 and remains an independent banking institution today. There are more than 200 BOQ branches across Australia.