Joint Bank Accounts
Find out whether a joint bank account is right for you
Find out whether a joint bank account is right for you
A joint account works similarly to any other bank account you may have in your name however the primary difference is that a joint bank account is an account that more than one person can have access to. This means that two (or more) people who own the account, have full control over it. This also means that any funds held in a joint account, belongs to all account holders equally. The bank makes no distinction between funds deposited by one person or the other.
Upon opening a joint account, all account holders must stipulate a Method of Operation via a signed Account Authority which confirms how they wish to operate their account & this can be amended in accordance with the existing Account Authority at any time if requested.
A joint account can be managed by two different Methods of Operation, namely;
If an account is Either to Operate, each account holder can choose to have various methods of access to the account such as card, chequebook, internet banking or over the counter access, and/or set up direct debits. This also means both account holders can make debits/withdrawals on the account.
If an account is Jointly or Two (or more) to Operate, all debits/withdrawals on the account would need to be authorised by all account holders (jointly) or the number of account holders specified in the account authority (two or more to operate). This also limits the methods of access available.
Jointly & Two (or more) to Operate methods of operation are not available to customers who hold an Everyday Account, Future Saver, Smart Saver or Simple Saver account.
Whether it’s an everyday transaction account or a savings account, merging funds can help to:
A dispute between joint account holders may occur when an account holder is experiencing difficulty, separating from a partner, experiencing financial abuse, as a form of domestic or family violence or doesn't agree with how another account holder is operating the account.
You can advise BOQ of a dispute by visiting your local BOQ Branch, in writing or by phoning 1300 55 72 72.
Everyday banking with no monthly fees
Our simple, intuitive everyday transaction account, made even better for you with user-friendly features that help you make the most of your money.
BONUS INTEREST VARIABLE RATE FOR BALANCES UP TO $50,000 IF BONUS CRITERIA MET**
Our high-interest saver accounts for 14 to 35 year olds, with easy-to-earn bonus interest and no monthly account keeping fees.
GET A GREAT, ONGOING INTEREST RATE FOR BALANCES UP TO $5 MILLION
No hoops and no fuss when you just want to save. Simply sit back and watch your savings grow.
BOQ’s Everyday, Future Saver, Smart Saver and Simple Saver Accounts are only available on the myBOQ app. The myBOQ app is free to download however your mobile network provider charges you for accessing data on your phone. The myBOQ app is compatible with Android™ and iOS, minimum platform requirements apply. Android is a trademark of Google LLC. iOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license. Find out about the minimum operating system requirements on the myBOQ app page.
^^Interest rates are variable rates and are subject to change at any time without notice.
**A Bonus Interest variable rate will only be paid if Bonus Criteria are met in the previous month. Bonus Criteria will be met where both the following conditions are met:
- a minimum of $1,000 is credited electronically to the linked Everyday Account in the prior calendar month. This excludes cash and cheque deposits and amounts transferred from another one of your BOQ Accounts including any Account you may be linked to as an Authorised User or joint Account holder;
- at least 5 direct debit transactions, ATM withdrawals, BPAY payments, or purchases of goods or services from a Merchant are made in the prior calendar month by using your eftpos Card or BOQ Visa Debit Card associated with your linked Everyday Account. This does not include cheques written or deposited, branch cash withdrawals, transfers or payments to any BOQ account or to a non-BOQ account via Internet Banking, in branch or at ATMs, transfer of funds to accounts held at an overseas bank, pending Visa Debit Card transactions and BOQ Credit Card transactions.
Transactions that are not settled (are pending) do not count towards the Bonus Criteria. If a transaction is made but settles in the following calendar month then the transaction will be counted in the following calendar month.
The variable Base Rate always applies in the first month after opening an account. In the first month, Bonus Criteria on the transaction account is measured from the time the Saver Account is opened, not the full calendar month even if the transaction account was already existing. Interest is calculated on a stepped basis and paid monthly on the first day of the following month. If Bonus Criteria conditions are not met the variable Base Rate only will apply.
Conditions, Criteria and Fees Apply. You should obtain and consider the relevant Product Disclosure Statement (PDS), terms and conditions and Guide to Fees and Charges for the product before making any decision about whether to acquire or continue to hold it. Full terms and conditions are available online or at any Bank of Queensland branch.