Bank of Queensland has weighed into the competitive Cash Management Account war in a big way, restructuring its CMA to offer a leading 5% p.a. on balances as low as $5,000 in a full-access account.
Bank of Queensland has refused to follow other banks which have created multi-account products for customers, instead producing one full-access account which combines the benefits of a high-rate Cash Management Account with the convenience of everyday banking.
The Bank has aggressively enhanced its multi-channel CMA, in an effort to achieve significant market penetration and give it a hard-hitting product to flagship its revamped deposit product range.
Managing Director David Liddy said the deposit-raising focus was so fundamental to the Banks growth that he had decided to go in boots and all when repositioning its CMA in an extremely competitive market.
We now have a powerful and competitive arsenal of deposit accounts, but we needed one linchpin product to increase awareness of this in the market - we needed to be noticed! Mr Liddy said.
With the new 5.0% p.a. rate available on balances as low as $5,000, it opens up this great investment to a whole new range of customers.
It will also allow us to draw off customers of banks which don't make their premier accounts this accessible.
It also gives us a great hook at the other end of the spectrum, offering an impressive 5.05% p.a. on balances of $100,000 or more and 5.25% p.a. on balances over $250,000.
In addition to the rate, the big benefit is that, unlike standard on-line accounts, you don't need to open a separate fee-paying account to access our CMA. This puts us ahead of other financial institutions which makes customers have separate accounts to access their funds.
Customers can access their money whenever they need it either on-line or via the Banks other channels including ATMs, Internet, phone and branches.
With $5,000 in their account they receive unlimited in-branch, BOQ ATM and EFTPOS transactions and 10 free Internet and 10 free EasyPhone Banking transfers or BPAY payments per month and pay no monthly maintenance fee.
BOQ's Cash Management Account is also one of the very few cash management accounts on the market which offer customers the convenience of chequebook access, Mr Liddy said.