Your High Interest Savings Account
How to Earn Bonus Interest (Bonus Criteria)
Here's how you can earn your Bonus Interest with our best high interest savings account:
- Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance
- For balances over $250,000 the Base Rate of 0.05% p.a. applies
- Your account will earn the Base Rate in the month that you open it and any month you don't meet the Bonus Criteria
- You need to have access to Internet Banking as this is an online savings account
Here's an example of how it works:
Our Fast Track Saver is literally a winner, awarded the 2020 Mozo Experts Choice Award for Regular Saver, plus the 2020 and 2021 RateCity Gold Award for Best Savings Account for Regular Savers.
The BOQ Fast Track Saver ensures you save faster with award-winning confidence.
- A citizen or permanent resident of Australia
- Aged 25 years or over (Fast Track Saver) or between 14 and 24 years (Fast Track Starter)
- Applying for a personal account and not in the name of a business or trust. There should be no more than two account holders for this account
What is a Fast Track Account?
The BOQ Fast Track account is our high interest savings account, designed to put more money back in your pocket! With Bonus Interest to be earnt for your monthly deposits, our Fast Track savings account is one of the most competitive in the market and one of the best steps you could take towards achieving your savings goals. Our Fast Track Saver is smartly linked to your Day2Day Plus transaction account which is best suited for your everyday spending. So in this way, you’ll have two linked accounts for each purpose – your spender, and your saver. Perfect!
Where your Fast Track savings account will reward you for SAVING, your Day2Day transaction account will reward you for SPENDING, so don’t be shy and enjoy a little of both!
What do I need to know before I open a Fast Track Savings Account?
- To earn Bonus Interest and more dollars in your Fast Track savings account, you’ll need to meet what we call ‘Bonus Criteria’ – to learn a little more about what that is, hop down to the next question.
- Bonus Interest is only earned on balances up to $250,000, so if you’ve exceeded this amount, well done you – we can help you make the most of your money in other ways, so always check-in with us to make sure your money is working hard for you!
- Our awesome everyday spend Day2Day Plus transaction account will be automatically linked and opened for you when you open your Fast Track Account. In addition to no account maintenance fees, our Day2Day Plus account can offer you a whole other set of benefits when you use it for your day-to-day spending. To know more about your Visa Debit Cardholder benefits follow this link and for the exclusive customer discount offer with Virgin Australia click here!
Of course, if you’ve already taken out a Day2Day Plus account with us, we will simply link it up for you to your Fast Track account, so you can enjoy benefits whether you’re spending or saving!
How do I qualify for Bonus Interest?
To make the most of your money and earn that Bonus Interest, you need to deposit a minimum of $200 for the Fast Track Starter Account or $1000 for the Fast Track Saver Account into your linked Day2Day Plus account before the end of every calendar month (if you’re not yet sure of the difference between our saver and starter accounts – just jump to the question below). In addition to this, you will also need to make 5 eligible transactions such as settled (not pending) Visa Debit Card or eftpos purchases, ATM withdrawals or direct debits from your linked Day2Day Plus account.
Interest is paid on the first of each month for the deposit made in the prior month; so if you want to earn your Bonus Interest in July, you need to have made your deposit by the end of June.
The deposit must be from an external source – meaning, amounts transferred from any other BOQ account that you may be associated with into your Day2Day Plus will not count. A payment from your employer or money from mum, does!
Have a read of the non-eligible transaction list below so you are aware which transactions do not count, for example BPAY transactions.
Because Bonus Interest is earned based on the deposits made in the previous month, the funds in your Fast Track savings account will only be eligible to earn the Base Rate for the month you opened it. You will also only earn the Base Rate in any other month if you don’t meet the Bonus Criteria. Hop down to the question about Base Rate to learn more about earning the Base Rate.
Tip: If you’re ready to start sending your pay to your Day2Day Plus account, you can use this Salary Transfer Request Form to let your employer know your account has changed and switch your direct debits by using our simple Switching form.
Who is eligible to open a Fast Track Account?
Okay, here’s the criteria you’ll need to meet before you can apply online:
- You need to be 14 years or over. If you’re 14 – 24, we’ll open a Fast Track Starter for you. If you’re over 25 it’ll be the Fast Track Saver!
- You need to be an Australian citizen or permanent resident.
- You must be applying for yourself and not in the name of a business or trust – there should be no more than two account holders for this account. If you are looking for a similar product for your business, take a look at our Business Performance Saver account.
What is a Pending Transaction?
When you look at your account balance on Internet Banking or Mobile Banking, your available balance may be lower than your current account balance. This is because some transactions may be held as pending and are yet to settle.
Pending transactions generally take between 3 to 5 days to appear on your statement, which confirms your transaction is settled but may occasionally take longer. If the transaction isn’t processed within 5 days, the pending transaction amount will be returned to your available balance. However, the Merchant may still process the transaction after that date, which will reduce your account balance and the transaction will appear on your statement at that later date. This may occur when using your Visa Debit Card via Tap To Pay, or by selecting credit (CR) at a Merchant terminal or an online/phone purchase.
You should make sure that you check your available funds regularly to know how much money you have in your account.
Fees & Interest Rates
When it comes to savings, we keep our fees to a minimum & rates to a max! Any fees we do have we’ll show you up front so there are no surprises.
||Base + Bonus Rate % p.a.*||Base Rate % p.a.|
|$1 to $250,000
Interest rates are variable and subject to change at any time without notice. Interest is calculated daily on a stepped basis and paid monthly on the first day of the following month.
|Account maintenance fee||Nil|
Ready to apply?
Apply for your Fast Track Savings Account and linked Day2Day Plus Account online, in branch or give us a call.
To apply for a Fast Track Account, you must be:
Fast Track Account FAQs
What else can we help you with?
Everyday banking with no monthly fees
The Day2Day Plus Account is the everyday bank account that frees you to live the way you want, each and every day.
- Easily manage your daily transactions and bills through internet banking
- Unlimited deposits, withdrawals, BOQ balance enquiries, funds transfer and BPAY transactions
- Contactless payments and secure online purchases through Visa Debit
Earn Q Rewards Points and enjoy perks
Everything you need, with all of the Platinum Credit Card benefits. Including complimentary insurance and extended warranties (terms, conditions, limits and exclusions apply)6.
- Up to 120,000 bonus Q Rewards® points (60,000 points when you spend $3,000 in the first 2 months from card approval, plus a further 60,000 points when you spend $10,000 in the first year) on Eligible Transactions1
- 0% p.a. on balance transfers for 14 months, reverting to the cash advance rate thereafter. No fees on balance transfers. No interest free days apply to retail purchases while you have a balance transfer3
- Earn 2 Q Rewards points for every dollar spent on Eligible Transactions 4
BONUS INTEREST VARIABLE RATE FOR BALANCES UP TO $10,000 IF BONUS CRITERIA MET6
A great way to start saving if you are 14 - 24 years old
- Earn ongoing Bonus Interest variable rate when you meet Bonus Criteria
- Simply deposit $200 or more and do 5 or more eligible transactions that are settled (not pending) on your linked Day2Day Plus Account
- No minimum balance required
- 2021 RateCity Gold Award for Best Savings Account Young Adults