To apply for a term deposit account with BOQ, you’ll need to be the following:

  • A citizen or permanent resident of Australia

  • 18 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 $1,000. For deposits that exceed $5,000, rates are normally higher, with a maximum deposit size of $250,000 on retail products. However, as per the BOQ website, customers who want to make a larger deposit can contact BOQ directly and make arrangements.

Term deposits with BOQ can have interest payments made at the end of term, or monthly.

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

Breaking a BOQ term deposit results in a $30 fee, as well as an interest rate reduction. The interest rate is adjusted based on the following calculation: 50% of the rate that would have applied to your term deposit for the length of time it was deposited.

For example, let's say Leroy deposits $10,000 into a nine month term deposit account at a 4.90% p.a. interest rate. After three months though, he decides to withdraw the entire sum, giving 31 days' notice prior. The current rate for three month term deposits is 2.25% p.a., so Leroy would earn 1.125% p.a worth of interest on his deposit.

If he was receiving monthly payments, and the interest rate adjustment still would mean Leroy came out ahead, the difference would be deducted from his deposit when it was returned to him.