Bank of Queensland has continued its drive to attract cash investors by further increasing deposit interest rates, offering 5.7% p.a. on as little as $5,000 for a seven-month term deposit.
This market-leading rate flagships the Bank’s re-priced Premier Investment term deposit and full-access Cash Management Account, the second upgrade for these products this year.
The Bank has once again taken on the on-line big guns of the competitive cash management market, offering 5.1% p.a. for as little as $5,000 and up to 5.4% p.a. (an increase of 15 basis points) for amounts above $250,000.
The Bank has also targeted longer term investors, increasing its Bank’s Term Deposit rates across the board.
Managing Director David Liddy said Bank of Queensland was prepared to competitively price its deposit products and go head-to-head with market leaders in term deposits and cash management accounts to support its deposit-raising strategy.
“Our focus on attracting retail deposits is fundamental to the Bank’s growth,” Mr Liddy said.
“We now have a powerful and competitive arsenal of deposit accounts front-lined by our full-access Cash Management Account.
“With the CMA offering 5.1% p.a. on balances as low as $5,000, it opens up this great investment to a whole new range of customers.
“It offers rates comparable with on-line accounts, but without the need to open a separate fee-paying account to provide access to funds.
“Our Term Deposits, with the 5.7% p.a. special, and our market-leading BOQ Bonds, offer even better rates for investors.”