Bank of Queensland’s savings accounts score top rankings in 2020

Olivia Gee

02 Apr 2020

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Since 1874, Bank of Queensland (BOQ) has been getting to know their customers’ needs across numerous easy-to-navigate banking products. So it’s no surprise the regional bank now sits among the best in the country.

Their 2020 Mozo Experts Choice Savings and Bank Account Awards wins are the proof in the pudding. BOQ have taken out top honours for their superb offering in the regular saver account category. Mozo assessed 185 products from 79 banks and credit unions to identify the best ongoing savings rates in the bunch, where monthly qualifying criteria like deposits or eligible transactions must normally be met. 

The Bank of Queensland Fast Track Saver Account was awarded for its competitive 2.00% p.a. variable ongoing bonus interest rate on balances up to $250,000 (when bonus criteria is met). Considering the recent plummeting interest rates and uncertain economic conditions, Aussie savers will be keen to jump on BOQ’s current rate. 

And it stands up against the competition. BOQ is one of the few savings account providers in Mozo’s database offering an ongoing interest rate at or over 2.00%. And as an extra lifeline for customers, they’ve temporarily paused the bonus interest spending criteria (which is a requirement to make five settled transactions per month via the linked BOQ Day2Day Plus Account) in an effort to assist with the financial impact of COVID-19. So if your income and spending has been affected by business closures, you’ll still be able to retain those high returns on your savings.

BOQ also provides an excellent option for younger savers through the 2020 Mozo award-winning Bank of Queensland Fast Track Starter Account. This offers a handsome ongoing 3.00% p.a. variable bonus interest rate on balances up to $10,000 for customers aged 14-24 (when bonus criteria is met). The bonus interest spending criteria has also been paused temporarily on this product.

See a breakdown of BOQ’s award-winning Fast Track Saver Account below, and visit Mozo’s savings accounts comparison page to size it up against other options.

Promoted

Bank of Queensland Fast Track Saver Account
  • 2020 Mozo Experts Choice Award for best Regular Saver

  • 2.00% p.a. variable ongoing bonus interest rate (when bonus criteria is met)

  • Free withdrawals

  • No account fees

The Fast Track Saver Account normally requires a minimum deposit of $1,000 into your linked BOQ Day2Day Plus Account and five eligible transactions per month, but the transaction requirement has been paused temporarily until August 31 2020 to assist customers during the Coronavirus crisis. So, by continuing to deposit the monthly minimum, you’ll get your tidy 2.00% ongoing bonus rate on sums up to $250,000 with ease while maintaining zero fees.

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