Are fees eating up your online savings?

Consumers wanting to grow their savings in online savings accounts should beware of fees on their transaction account that may be eating up their overall balance.

Bank of Queensland’s Head of Marketing, Mark Franzmann said consumers should look at their overall banking arrangements to ensure that fees on their transaction account aren’t eating into the interest they’re earning on their deposits.

“Over the past five years the popularity and variety of online savings accounts has seen massive growth as customers are attracted by the high interest they can earn, however what many customers don’t realise is that their overall balance is probably being eroded by high transaction fees.

“Fortunately, Bank of Queensland has come to the rescue with a new online account that, combined with our Reverse Charges Account™, means that our customers not only get high interest, we also pay them a fee!

“Bank of Queensland’s WebSavings Account™ pays a great interest rate of 5.45%pa variable for customers with at least $2,000 in their account.  And when linked to our everyday Reverse Charges Account™, customers with a minimum balance of $2,000 receive a bonus $2 fee as well! 

“But that’s not saying that customers without $2,000 in their Reverse Charges Account™ get stung – they only get charged a $4 monthly fee, which is really very competitive.


“Another major differentiator between the WebSavings Account™ and our competitors’ offerings is that some transactions can be processed directly into and out of the WebSavings Account™. 


“And our customers can access their WebSavings Account™, for free, through teller deposits and withdrawals, Internet Banking, EasyPhone Banking, direct credits and transfer orders.”


Bank of Queensland’s WebSavings Account™ launches today.