Bank of Queensland

Bank of Queensland, or BOQ, was established in 1874 as The Brisbane Permanent Benefit Building and Investment Society, which is said to be the first permanent building society established in Queensland. The society converted into a bank in 1887, and merged with other Queensland-based financial institutions in 1942, and eventually evolved into a trading bank. Today, BOQ is a publicly corporation listed in the Australian Stock Exchange.

What makes BOQ different is that its branches are owned and operated by owner-managers. The bank currently has more than 270 branches and over 3,200 ATMs not only in Queensland but throughout the country as well. For the benefit of its members, some BOQ branches extend their trading hours to 7pm on weekdays, and half-days on Saturdays.

BOQ also provides mobile and internet banking services, which allow members to search balance and transaction histories, pay bills with BPAY, order new statements, open other accounts, and transfer funds, and many other features.

If you're interested in banking with BOQ, there are a number of savings accounts for you to choose from. These include the following:

  • WebSavings Account

    BOQ's online savings account is currently offered with an interest rate of 2.75 per cent p.a., and comes with an additional 2 per cent p.a., which will be paid for four months from the account's opening date to new customers with an account balance of at least $2,000. Once the period is over, the rate reverts to 2.75 per cent p.a. The WebSavings account requires zero maintenance fees, minimum monthly balances, and debit card fees. You can make unlimited cash deposits, branch-based cash withdrawals, and free transfers to other BOQ accounts.

  • Bonus Interest Savings Account

    If you're looking to accumulate more funds through a higher interest rate, then have a look at BOQ's Bonus Interest Savings Account. It provides a base rate of 0.01 per cent and a bonus rate of 4.75 per cent (for a total of 4.76 per cent) if you limit your withdrawal to no more than one per calendar month. Surprisingly, there are no monthly fees.

  • Premier Investment Account

    Want to put your money in a term deposit? Then check out BOQ's Premier Investment Account. Here's what's special about it: there's a wide choice of terms, from 28 days to five years; no transaction or maintenance fees; and offers interest rates of up to 4.50 per cent p.a., depending on the amount you deposit. There is a minimum account balance and balance of $1,000.

  • Day2Day Plus Account

    This is one of BOQ's transaction account. It lets you make free transactions through the bank's branches, internet and mobile banking, rediATM cash machines, phone banking, EFTPOS, debit card, and cheques. The account comes with the option for a personal overdraft and comes with no monthly maintenance fees. The Day2Day Plus Account currently offers an interest rate of 0.01 per cent p.a. and can be linked to your BOQ WebSavings Account (see above).

  • Cash Management Account

    The Cash Management Account is a transaction account with a good interest rate. This means that you can earn a solid 3.55 per cent if you have over $10,000 in your account, while still having all the convenient features of a transaction account available to you.

More Information:

  • To compare the Bank of Queensland savings accounts with those offered by other institutions, click here.
  • For information about other savings account providers, click here.
  • For more information about the added benefits and convenience of online savings accounts, click here.
  • Saving can often be very difficult. For those looking to save, check out our great money saving tips.