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Bank of Queensland Fast Track Starter Account

Interest rate
0.20% p.a.(for $1 and over)
Maximum rate
2.85% p.a. (for $1 to $10,000)

Mozo editorial review Bank of Queensland Fast Track Starter Account

Last updated: 22 May 2020.

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What's hot
  • Massive 2.85% special rate
  • 2020 Mozo Experts Choice Award
  • Bonus interest requirements paused until 31st August 2020!
  • Unlimited free transactions
What's not
  • Only available for those aged 14-24
  • 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. 

Plus in an effort to support individuals affected by the Coronavirus shutdown, the Bank of Queensland has temporarily paused deposit requirements for this savings account until 31st August 2020. This means that until then, you can earn the whopping 2.85% p.a. special rate without having to meet any criteria! 


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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 2.85% special rate on balances from as little as $1. Usually you would 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 0.20% p.a. 

However up until 31st August 2020, Bank of Queensland has paused all deposit requirements. This is in a bid to help customers who may have been affected financially by the Coronavirus shutdown.

There’s also 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 internet banking, plus 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’s also 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. Plus, keep in mind that if you have more than $10,000 saved in your account, the bonus interest rate drops to 1.85%.  

Details

Rates and fees information correct as at 4 July 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: 0.20% p.a.

  • Balances from $1: 2.85% p.a.
    Balances from $10,000: 1.85% p.a.
    Balances from $250,000: 0.20% 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. (This second requirement has been paused until 31 August 2020).

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 customer rating
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 about 1 month 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

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Bank of Queensland

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Fast Track Saver Account

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2.25% p.a. (for $0 to $250,001)

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1.85% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yesup to $250,000

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Yesup to $250,000

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HSBC

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

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

Yesup to $250,000

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ME

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0.10% p.a.(for $0 and over)

1.80% p.a. (for $0 to $250,000)

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HSBC

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

2.10% p.a. (for $0 to $1,000,000)

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HSBC

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1.25% p.a. (for $0 to $5,000,000)

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