BOQ Announces Innovative new “Save To Win” Account
BOQ has today announced an innovative, market-leading deposit product.
The new product, Save To Win, offers customers the chance to win a monthly draw for cash prizes.
BOQ Managing Director David Liddy said the new product was unique in the Australian marketplace and offered customers an alternative to the traditional interest-bearing savings account.
“Save To Win is a true innovation in Australian banking and is a complement to the traditional savings account,” said Mr Liddy.
“Essentially, customers will have the opportunity to go in to a monthly draw and win cash prizes.
"So customers can win at least $30,000 worth of cash prizes every month, including one major $20,000* prize!
“We expect the product to be extremely successful, as similar products have seen significant success internationally, and the prize pool will continue to grow as more people open Save To Win accounts.
“We believe it will appeal to a lot of our existing customers, as well as attracting new customers.
“It’s part of a pipeline of new products we are working on to attract new customers, reduce our funding costs, and ensure that our product offering matches the big guys - or in this case, beats them!
“Last week we announced a new online share trading platform and we’re working hard behind the scenes to bring several other new products to market in the coming 12 months.
“It’s a pretty exciting time at BOQ and we are looking forward to seeing the look on the face of our first major prize-winner when they realise they’ll be going home with an extra $20,000*!”
Save to Win Account™
• Eligible account holders will get the chance to win a share in at least $30,000AU worth of cash prizes each month during the promotion period. This includes a minimum major prize of at least $20,000AU* and lots of other smaller cash prizes too.
• When customers first open a Save to Win Account™, they’ll automatically receive 150 entries into the next month's draw for a major prize of at least $20,000* and other small cash prizes.
• After that, as long as they maintain a minimum monthly balance of $250 in their Save to Win Account™ and keep the account open for a full calendar month, they'll receive one entry for every dollar in your account** up to a maximum of 30,000 entries into the following month's draw. So if their lowest balance in a particular month is $950, they'll get 950 entries into the next month's draw.
**Based on your lowest balance for the month.
Interest, fees and charges
• This account currently attracts an interest rate of 1% p.a on deposits of $1 or more.
• No monthly account maintenance fee applies.
• Unlimited free deposits.
• Two withdrawals free per month (fees apply thereafter).
The prize draws are authorised under State and Territory permits:
- ACT Gambling and Racing Commission Permit No. TP10/3753
- NSW Office of Liquor Gaming and Racing Permit No. LTPS/10/11523
- SA Office of the Liquor and Gambling Commissioner Permit No. T10/2048
- VIC Commission for Gambling Regulation Permit No. 10/3070.
*$20,000 major prize (subject to tax)