If you’re looking for a savings account to help take your business to the next level, then the 2020 Mozo Experts Choice Award winning Bank of Queensland Business Performance Saver Account could be a good match.
This savings account comes with a competitive maximum ongoing rate of 1.60% p.a. for balances of up to $500,000, given that you meet a couple of monthly conditions (details below). There are no account fees to worry about, and you’ll also have the option to make unlimited online or BPAY transactions at no extra cost.
When shopping around for a suitable savings account, it’s generally the interest rate that takes the spotlight. And with the Bank of Queensland Business Performance Saver Account, the base rate sits at 0.25% p.a., but you could earn bonus interest at a rate as high as 1.60% p.a. (for balances of up to $500,000) just by ticking off a few boxes each month:
- Deposit at least $5,000 from an external source like your sales, into your linked Bank of Queensland Everyday Business Account (a $10 account fee applies); and
- Make at least 5 transactions using your linked account, including any card purchases, ATM withdrawals and direct debits.
The Bank of Queensland Business Performance Saver Account also offers your business plenty of flexibility. You can make as many deposits and withdrawals as you would like, plus there’s no cap or fee attached to how many transactions you can make online or via BPAY.
Or if you prefer doing your business transactions the traditional way - by walking into a physical branch - you’ll be pleased to know the Bank of Queensland also offers branch access, although banking over the phone isn’t available to customers.
The Bank of Queensland Business Performance Saver Account is a good option for business owners who want to earn a decent rate on savings up to $500,000, without the worry of fees or transaction limits.
Bear in mind that the bonus rate isn’t available for balances over $500,000, so if your savings stash exceeds that amount, you’ll only be earning interest at 0.25% p.a.
And if you want to open a Bank of Queensland Business Performance Saver Account, you’ll also need to link it to a Bank of Queensland Everyday Business Account, which has a $10 account fee that you’ll have to budget for every month.
Balances from $0: 0.25% p.a.
Balances from $0: 1.60% p.a.
Balances from $500,000: 0.25% p.a.
Applies where $5,000 is deposited to linked Everyday Business Account, in the prior month and 5 eligible transactions are made by the linked account. (This second requirement has been paused until 31 August 2020).
$0.00
n/a
unlimited free internet and BPAY transactions
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n/a
n/a
n/a
n/a
n/a
$0.00
n/a
$1.00
$1.00
Monthly
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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This product is not currently reviewed.
Promoted
Bank of Queensland
Fast Track Saver Account
0.20% p.a.(for $1 and over)
1.85% p.a. (for $1 to $250,000)
Promoted
Defence Bank
iSaver
1.70% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 to $1,000,000)
Yesup to $250,000
Promoted
Rabobank
High Interest Savings Account
2.25% p.a. (for $0 to $250,001)
0.80% p.a.(for $0 to $250,001)
Yesup to $250,000
Promoted
HSBC
Serious Saver
2.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Bank of Queensland
Fast Track Saver Account
1.85% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
Promoted
Greater Bank
Life Saver
2.00% p.a. (for $0 and over)
0% p.a.(for $0 and over)
Yesup to $250,000
Promoted
UBank
USave with USpend Transaction Account
1.60% p.a. (for $0 to $250,000)
0.54% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Promoted
AMP
Saver Account
2.26% p.a. (for $0 to $500,000)
1.05% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Promoted
CUA
eSaver Reward
1.70% p.a. (for $0 to $100,000)
0.05% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Defence Bank
iSaver
1.70% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 to $1,000,000)
Yesup to $250,000
Promoted
UBank
USave with USpend Transaction Account
1.60% p.a. (for $0 to $250,000)
0.54% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Promoted
Bank of Queensland
Fast Track Saver Account
1.85% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
Promoted
Greater Bank
Life Saver
2.00% p.a. (for $0 and over)
0% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Rabobank
High Interest Savings Account
2.25% p.a. (for $0 to $250,001)
0.80% p.a.(for $0 to $250,001)
Yesup to $250,000
Promoted
CUA
eSaver Reward
1.70% p.a. (for $0 to $100,000)
0.05% p.a.(for $0 and over)
Yesup to $250,000
Promoted
HSBC
Serious Saver
2.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yesup to $250,000
Promoted
AMP
Saver Account
2.26% p.a. (for $0 to $500,000)
1.05% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Promoted
Defence Bank
iSaver
0.05% p.a.(for $0 to $1,000,000)
1.70% p.a. (for $0 to $1,000,000)
Promoted
HSBC
Serious Saver
0% p.a.(for $0 and over)
2.10% p.a. (for $0 to $1,000,000)
Promoted
Bank of Queensland
Fast Track Saver Account
0.20% p.a.(for $1 and over)
1.85% p.a. (for $1 to $250,000)
Promoted
Greater Bank
Life Saver
0% p.a.(for $0 and over)
2.00% p.a. (for $0 and over)
Promoted
CUA
eSaver Reward
0.05% p.a.(for $0 and over)
1.70% p.a. (for $0 to $100,000)
Promoted
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
1.25% p.a. (for $0 to $250,000)
Promoted
HSBC
Flexi Saver
0.01% p.a.(for $0 to $5,000,000)
1.25% p.a. (for $0 to $5,000,000)
Promoted
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
2.00% p.a. (for $0 and over)
