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Bank of Queensland Fast Track Starter Account

Advertiser disclosure
Interest rate
0.05% p.a.(for $1 and over)
Maximum rate
3.00% p.a. (for $1 to $10,000)
Govt deposit guarantee
Yes up to $250,000
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Mozo editorial review Bank of Queensland Fast Track Starter Account

Last updated: 27 November 2020.

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What's hot
  • Massive 3.00% special rate on balances up to $10,000
  • 2020 Mozo Experts Choice Award winner
  • Unlimited free transactions
What's not
  • No ATM access
Mozo snapshot

If you’re ready to be rewarded for your hard earned savings, then look no further than the Bank of Queensland's Fast Track Starter Account - winner of a 2020 Mozo Experts Choice Award for best Student Savings account. The account allows you to earn a whopping 3.00% p.a. special rate, so long as you deposit $200 or more each month and make 5 eligible transactions.


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Key features

If you’re after your first savings account, then the Bank of Queensland's Fast Track Starter Account is a great pick. This account offers Young Aussies an ongoing 3.00% special rate on balances up to $10,000. To access this rate, you'll have to deposit $200 or more to your linked Day2Day Plus account and make 5 eligible transactions with the linked debit card throughout the month, otherwise your interest rate would drop to 0.05% p.a. 

There are no account maintenance fees to eat into your savings stash and free withdrawals to your linked Day2Day Plus account. You’ll always have fast access to your account information either over the phone or via internet banking, plus you can make as many deposits as you like thanks to the unlimited deposits feature.

Keep in mind that this account is only available for Aussies aged between 14 - 24 years old. Like most savings accounts, there is no ATM access with this account, although you can withdraw from the linked Day2Day Plus Account.


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Who is it good for

The Bank of Queensland Fast Track Starter Account is a great option for young Aussie savers after their first savings account, who can deposit $200 a month in order to snag the ongoing bonus rate.

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Any catches

While the Bank of Queensland Fast Track Starter Account gives savers the opportunity to earn big, the account is only available to those aged 14 - 24. If you are older, you might want to consider the Bank of Queensland Fast Track Saver Account. And keep in mind that if you have more than $10,000 saved in your account, the portion of the balance above $10,000 will receive an interest rate of 1.05%.

Details

Rates and fees information correct as at 4 December 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $1: 0.05% p.a.

  • Balances from $1: 3.00% p.a.
    Balances from $10,000: 1.05% p.a.
    Balances from $250,000: 0.05% p.a.

  • Ongoing bonus rate applied if in the previous month $200 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

Fees
  • $0.00

  • n/a

  • unlimited free transactions from branch withdrawal, branch deposit, internet.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

Other financial bits
  • $1.00

  • $1.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • no

  • yes

  • yes

  • no

  • Bonus interest rate criteria is effective from 1 February 2020.

  • none

  • 14 to 24

Customer Reviews

How are Bank of Queensland savings accounts rated by the Mozo community?

Overall
7.8/10
Price
7.2/10
Features
6.7/10
Customer service
8.1/10
Convenience
7.7/10
Trust
8.0/10

Latest review of Bank of Queensland Fast Track Starter Account

  • Overall 10/10
    Fantastically high interest rate.

    I love the high interest rate they give to under 25s which really encourages us to save. However, internet banking is very poor compared to other banks.

    Read full review

    I love the high interest rate they give to under 25s which really encourages us to save. However, internet banking is very poor compared to other banks.

    Price
    10/10
    Features
    10/10
    Customer service
    7/10
    Convenience
    5/10
    Trust
    8/10
    Less
    Mi, New South Wales reviewed 6 months ago
Bank of Queensland

About Bank of Queensland

Bank of Queensland is Australia's fastest growing retail bank, and has come a long way from its origins as a regional Queensland bank. BOQ today boasts a wide array of banking services and 200 branches around Australia. Bank of Queensland aims to give you greater control over the management of your finances and offers everyday banking products including credit cards, home loans, term deposits, savings accounts and bank accounts.

See Bank of Queensland savings accounts

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

0.05% p.a.(for $1 and over)

1.05% p.a. (for $1 to $250,000)

Yes up to $250,000

MyState Bank

MyState Bank

Bonus Saver Account

1.35% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Heritage Bank

Heritage Bank

Online Saver

1.30% p.a. (for $1 to $100,000)

0.65% p.a.(for $1 and over)

Yes up to $250,000

Bankwest

Bankwest

Hero Saver

0.90% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Up

Up

Saver Account

1.10% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yes up to $250,000

Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

MyState Bank

MyState Bank

Bonus Saver Account

1.35% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Heritage Bank

Heritage Bank

Online Saver

1.30% p.a. (for $1 to $100,000)

0.65% p.a.(for $1 and over)

Yes up to $250,000

Bankwest

Bankwest

Hero Saver

0.90% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Starter Account

3.00% p.a. (for $1 to $10,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Up

Up

Saver Account

1.10% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yes up to $250,000

Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Bankwest

Bankwest

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

0.90% p.a. (for $0 to $250,001)

Yes up to $250,000

Up

Up

Saver Account

0% p.a.(for $0 and over)

1.10% p.a. (for $0 to $1,000,000)

Yes up to $250,000

ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

0.50% p.a. (for $0 and over)

Yes up to $250,000

Newcastle Permanent

Newcastle Permanent

Smart Saver

0% p.a.(for $0 and over)

1.55% p.a. (for $0 and over)

Yes up to $250,000

Auswide Bank

Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

2.01% p.a. (for $0 and over)

Yes up to $250,000