What's changing?

There are changes to the Bonus Criteria on the Fast Track and Business Performance Saver Accounts. This change has been carefully considered, and will enable us to continue providing competitive bonus interest rates to help our customers with their savings goals. 

Effective 1 February 2020, to meet Bonus Criteria and to be eligible to earn Bonus Interest in the following month, you will need to:

  • Make five (5) or more eligible transactions from your linked transaction account each month (this is new criteria); and
  • Make the relevant minimum deposit into your linked transaction account each month (this is the existing criteria – it is not new).

Read more about Eligible Transactions below! 

Bonus Criteria Changes FAQs

  • When will this change come into effect?

    This change will start on 1 February 2020.  So for you, it’ll be important to make those five (5) transactions and minimum deposit in the month of February to earn your Bonus Interest in March. Your Bonus Interest earned in March will be paid on 1 April, 2020.  This will continue in this fashion each month.

    Still not sure what we’re talking about? Take a look at our diagram below to visually understand how it all works…


    An example of how you can earn your bonus interest:

    *Bonus Interest is earned on your Fast Track savings account balance. Make sure you transfer your funds from your linked Day2Day Plus Account to your Fast Track savings account to reach your savings goals sooner. 

  • What transactions on my linked transaction account count towards the 5 eligible transactions?

    Here’s a list of transactions that will count towards your five (5) eligible transactions:

    •  Direct debits (e.g. your gym membership or insurance)
    •  Card purchases using your: eftpos card (access card), Visa Debit Card, BOQ Credit Card (when using the Savings or Cheque function)
    • ATM withdrawals – using your Visa Debit Card, eftpos card or BOQ Credit Card (Savings or Cheque)
    • Any online purchases using your Visa Debit Card


    Note: Visa Debit Card transactions must be settled transactions (i.e. not pending) to be eligible. The transaction must display on your linked transaction account statement for the month you’re aiming to meet your Bonus Interest eligibility criteria. If a transaction does not settle in the relevant month, the transaction will be counted in the following month.

    Looking for more information on pending transactions? Take a look at our FAQs.

  • What transactions on my linked transaction account do NOT count towards my 5 eligible transactions?

                    Here’s the transactions that won’t count towards your five (5) eligible transactions:

    •  Deposit transactions (counted towards the minimum deposit criteria)
    •  Cheques written or deposited
    •  Use of BOQ Credit Card if using Credit function
    •  Branch cash withdrawals
    •  Transfers or payments to any bank account via Internet Banking, branch or ATM. (So things like international money transfers, or a simple transfer to a BOQ account or any other financial institution will not count as an eligible transaction).
    • BPAY payments
    • Any pending Visa Debit Card transactions (remember if the transaction HAS settled and showing on your account statement, this WILL count as an eligible transaction).


  • Why is BOQ making these changes?

    These changes have been carefully considered and will enable BOQ to continue providing competitive bonus interest rates to help our customers reach their savings goals.

  • What do I need to do?

    Start making your five (5) eligible transactions and continue to make the monthly minimum deposit amount for your account from 1 February 2020. Try not to leave it too late, this way you can be sure that your transactions have settled in the relevant month!

    Make it easy – you can make it easy by simply switching some of your direct debits to your linked transaction account. If you need a little guidance just jump across to our Switching to BOQ page!

    Get rewarded – you may also want to take this opportunity to better utilise your Visa Offers & Perks when using your Visa Debit Card. Follow us here to see the full spread of offers available to you, so you can get a little back, for a little spend!

  • How do I know how many transactions I have made?

    You can regularly check your account transaction list or history on your Internet Banking or Mobile Banking. The settled transactions will show on these list so ensure the 5 eligible transactions are completed within the relevant month. 

  • What happens if I do not meet the new Bonus Criteria?

    You will earn the Base Rate for the month that you do not meet the Bonus Criteria on your Fast Track Starter, Fast Track Saver or Business Performance Saver balances.

  • Do I still need to make the minimum deposit into my linked transaction account?

    Yes! Be sure to continue making your $200 (Fast Track Starter), $1,000 (Fast Track Saver) or $5,000 (Business Performance Saver) deposit into your linked transaction account to be eligible for Bonus Interest.

    To make your deposits regular and receive your salary payments into your savings account, you can use our salary transfer request form

  • How do I order or reorder my Visa Debit Card?

    A new Visa Debit Card can be easily organised for you, simply visit us in person (find your local branch here) or call us on 1300 55 72 72.

    For Business Visa Debit Card cardholders, you can do the same by going in to your local branch or reaching out to us on 1300 714 986.

Need more help in understanding the Fast Track accounts? Take a look at these FAQs   


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