The Bank of Queensland Premier Investment account comes with a wide range of terms to choose from starting from 28 days and up to 5 years. You can invest in a Bank of Queensland Premier term deposit from as little as $1,000 but the best rates are for investments of $5,000 and over.
BOQ's top term deposit rate is the 3 year fixed term at 2.80%, followed by 2.65% for 4 years, and 2.60% for 1 & 2 years. Keep in mind these generous rates are only available for amounts from $5,000 to $250,000.
Interest is calculated daily and paid at the end of your investment term or annually if you have a term longer than 12 months. There is a $30 early payout fee and an interest adjustment if you withdraw your funds early.
Who it's good for:
The Bank of Queensland Premier term deposit offers a good return for all investors who want to lock up their funds over $5,000 for a fixed term. If you're a BOQ Home Loan Privileges Package customer or a Bank of Queensland share holder you'll receive a 0.25% bonus interest rate in addition to the standard term deposit rates.
The Premier term deposit has an automatic rollover, which means that you really need to make sure you keep a close watch on that rollover date otherwise you could find you've been locked into a new fixed term with a less competitive rate than what's on offer out in the market.