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 2.70%, followed by 2.65% for 4 years, and 2.60% for 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 Investment 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.