If I already have a Fast Track Saver, WebSavings or Bonus Interest Savings Account, can I access the myBOQ app?
To access the myBOQ app you’ll need to open a new myBOQ Saver account.
Does myBOQ support joint accounts?
Yes, after completing the application we'll send a message to the other party and the account will be opened once they have provided their details. Important to know that all applicants must complete formal identification before the account can be opened.
Can I open a business account?
No, our transaction and savings account are for personal use only.
- Are there any monthly account keeping fees?
How is interest calculated?
Interest is calculated from the day funds are credited to your account. It is calculated daily by applying the applicable interest rate to the closing balance of your account each day as follows:
Daily closing balance x interest rate (per annum)
Number of days in the year (365 or 366 days)
We will credit interest to your account at the close of business on the last day of each calendar month. The interest credited to your account will only be included in the closing balance from the first day of the next calendar month.
How do I qualify for bonus interest?
- For our Simple Saver Account, you don't need to meet any criteria/do anything to receive the best rate for this account. It's simple!
- For the Future and Smart Saver accounts, you will need to meet a monthly deposit requirement to qualify for bonus interest. This is outlined in the table below.
Age Monthly criteria 14-17 Years No monthly criteria to unlock bonus interest. 18+ Deposit $1000 from an external account into your linked Everyday Account and make 5 eligible transactions each month.
Bonus interest is paid on the total balance of all Saver accounts that are held in the same name. The amount of bonus interest you will earn is determined by the balance in your account.
Account Account balance bands Simple Saver 0 to $1m Future Saver Up to $50k
$50k - $250k
Smart Saver Up to $250k
What will happen when I turn 18?
The month following your 18th birthday you will need to begin depositing at least $1,000 to your Everyday Account and make 5 eligible transactions on your Everyday Account, in order to meet the Bonus Criteria and continue to have Bonus Interest applied.
So if you turn 18 in on the 20th of January you will need to deposit $1,000 into, and make 5 eligible transactions fromyour Everyday Account in February to continue to receive Bonus Interest.
What will happen when I turn 36?
If you're aged between 14 and 35 and already have a Future Saver, then your account will automatically convert to a Smart Saver when you celebrate your 36th birthday, meaning the Bonus Interest you receive on your account when the Bonus Criteria is met the previous month will change. You can see the Smart Saver interest here.
So, if you turn 36 on say the 14th day of September, your account would be automatically converted to a Smart Saver for the month of October.
How many Saver accounts can I have?
Saver accounts are restricted to nine per entity e.g. individual or joint.
Can I use my account as an offset account for my BOQ Home Loan?
Not at this time.