To apply for a term deposit account with BoQ, you’ll need to be the following:
-
A citizen or permanent resident of Australia
-
14 years old or above
-
Applying for a personal account in your own name, not a business or a trust
Conditions
BoQ term deposits start at $5,000 and can range to a maximum $50 million. However, as per the BoQ website, customers who want to make a larger deposit can contact BoQ directly and make arrangements.
BoQ term deposits receive interest payments at the end of term/maturity only.
Term lengths
The following term lengths are available.
|
Months |
Days |
|---|---|
|
Less than 1 |
1-27 |
|
2 |
28-58 |
|
3 |
89-119 |
|
4 |
120-149 |
|
5 |
150-180 |
|
6 |
181-211 |
|
7 |
212-241 |
|
8 |
242-272 |
|
9 |
273-302 |
|
10 |
303-333 |
|
11 |
334-364 |
|
12-23 |
365-729 |
|
24-35 |
730-1,094 |
|
36-47 |
1,095-1,459 |
|
48-59 |
1,460-1,825 |
Early withdrawal penalties
Customers will need to give a 31-day notice period to break their term deposit earlier than the maturity date. Breaking a BoQ term deposit results in an interest rate penalty. The interest rate is adjusted based on a percentage of the term elapsed for the calculation. (See further details.)
