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The Bank of Queensland (known simply as BOQ) was founded more than 150 years ago, making it one of Australia’s oldest banks. It now has 252 branches throughout Australia offering full-service retail and business banking products.
BOQ purchased Virgin Money Australia in 2013 for $40 million and continued its expansion by buying ME Bank in 2021 for $1.3 billion.
Find out more about BOQ fixed term deposits right here with Savvy. Compare their interest rates with other banks and discover which bank term deposits may be just right for you so that you find the very best place to invest your nest egg.
*Please note that Savvy does not represent BOQ for their term deposit products.
BOQ offers a range of term deposits for those who want to ‘set and forget’ their savings for a pre-determined period. Interest rates on offer for deposits over $5,000 are very competitive and substantially higher than the big four banks. They operate a three-tiered interest rate system, with higher rates offered for larger deposits.
The first tier is for deposits from $1,000 up to $4,999, the second is for deposits from $5,000 up to $249,999 and the third is for specialist deposits from $250,000 up to $2 million. The interest rate for deposits over $250,000 can be negotiated on an individual basis with a business manager (by calling a branch of the bank). While there is a considerable difference between the first and second tiers, the rate difference between tiers two and three is less substantial.
BOQ: common term deposit interest rates
24 to 60 months(Effective 2 September 2022)
Grace period
There’s a seven-day grace period at the end of your deposit period when you can give the bank new instructions on what to do with your lump sum. Options include:
If you don’t communicate your wishes to the bank within this seven-day period, your funds will be reinvested for the same term and interest rate as your previous term deposit.
Early withdrawal process and penalty
If you should need to access your funds before the end of your term, you’ll need to complete an early withdrawal request form and your funds will be released after 31 days. An interest rate adjustment of 50% of your interest will be deducted if you withdraw your funds early.
Special offer
The fixed interest offered is geared towards the most popular set terms of three, six and nine months, although BOQ currently has a special offer of 3.00% p.a. for a seven-month term.
Business and SMSF Term Deposits
The interest rates quoted above are for personal customers only and do not apply to term deposits for businesses, trusts or self-managed super funds (SMSFs). The bank requires you to visit a branch or phone to discuss your requirements if you wish to open a term deposit for your SMSF, trust or business.