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 0.85% 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 0.10% p.a., but you could earn bonus interest at a rate as high as 0.45% 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 0.05% 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.
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Balances from $0: 0.05% p.a. |
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Balances from $0: 0.40% p.a. |
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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. |
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$0.00 |
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n/a |
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unlimited free internet and BPAY transactions |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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n/a |
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$1.00 |
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$1.00 |
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Monthly |
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no |
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none |
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no |
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no |
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no |
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yes |
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no |
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no |
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yes |
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yes |
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no |
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Bonus interest rate criteria is effective from 1 February 2020. |
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none |
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0.05% p.a.(for $0 and over)
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1.26% p.a. (for $0 and over)
Yes up to $250,000
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0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000