To apply for a term deposit account with BOQ, you’ll need to be the following:
A citizen or permanent resident of Australia
18 years old or above
Applying for a personal account in your own name, not a business or a trust
Conditions
BOQ term deposits start at $1,000. For deposits that exceed $5,000, rates are normally higher, with a maximum deposit size of $250,000 on retail products. However, as per the BOQ website, customers who want to make a larger deposit can contact BOQ directly and make arrangements.
Term deposits with BOQ can have interest payments made at the end of term, or monthly.
Term lengths
The following term lengths are available.
Months
Days
Less than 1
1-27
2
28-58
3
89-119
4
120-149
5
150-180
6
181-211
7
212-241
8
242-272
9
273-302
10
303-333
11
334-364
12-23
365-729
24-35
730-1,094
36-47
1,095-1,459
48-59
1,460-1,825
Early withdrawal penalties
Breaking a BOQ term deposit results in a $30 fee, as well as an interest rate reduction. The interest rate is adjusted based on the following calculation: 50% of the rate that would have applied to your term deposit for the length of time it was deposited.
For example, let's say Leroy deposits $10,000 into a nine month term deposit account at a 4.90% p.a. interest rate. After three months though, he decides to withdraw the entire sum, giving 31 days' notice prior. The current rate for three month term deposits is 2.25% p.a., so Leroy would earn 1.125% p.a worth of interest on his deposit.
If he was receiving monthly payments, and the interest rate adjustment still would mean Leroy came out ahead, the difference would be deducted from his deposit when it was returned to him.
InfoChoice respectfully acknowledges the Traditional Custodians of the land on which we live, learn and work.
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
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