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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
2.50% 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: 30 July 2021

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What's hot
  • Massive 2.50% maximum rate on balances up to $10,000
  • 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. The account allows you to earn a whopping 2.50% p.a. maximum 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 2.50% 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 28 September 2021. 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: 2.50% 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

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

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n/a

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$0.00

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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.

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14 to 24

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