You know those times when you’re looking for a new bank and you want to find one that cares about its customers? One that won’t charge you fees just for breathing or looking in their general direction? Well, look no further than the Bank of Queensland, or BOQ as most people call them. BOQ is one of Australia’s smaller banks, but what they lack in size, they make up for in personal service and great products.
BOQ has been around since 1874 so they know a thing or two about banking. But they haven’t let their long history stop them from innovating. They have some of the best online and mobile banking apps around that make managing your money on the go super simple. If you are interested to know more then keep reading this BOQ review.
A Detailed Table on BOQ
Features | Descriptions |
Founded Year | 1874 |
Headquarters | Brisbane, Queensland, Australia |
Type | Publicly traded company (ASX: BOQ) |
Branches | Over 160 branches across Australia |
ATMs | Wide network of ATMs across Australia |
Products and Services | Retail banking, business banking, insurance, wealth management |
BOQ Deposit Accounts and Interest Rates
They offer several deposit accounts with competitive interest rates. Their savings accounts currently offer rates up to 1.35% p.a. for balances under $250,000. Term deposits have rates up to 2.25% p.a. for 3-month terms and up to 2.50% p.a. for 12-month terms.
Transaction Accounts
BOQ’s transaction accounts charge monthly account-keeping fees but they are waived if you deposit at least $2,000 each month or maintain a balance of $10,000. Choose between:
- BOQ Money Market account: Earn interest while accessing your money anytime. Currently up to 0.30% p.a.
- BOQ Everyday Account: Unlimited free transactions for personal or business banking. Fee-free ATM access.
Whether you need an everyday spending account or want to earn interest on your savings, BOQ has an option for you. Open an account online today to take advantage of their competitive rates and 24/7 access.
BOQ Home Loans and Mortgages
When it comes to home loans, BOQ has plenty of options for you. Their standard variable rate home loan has a competitive interest rate that moves with the market. If you prefer stability, BOQ’s 1-5 year fixed rate home loans lock in your repayments for the fixed term.
BOQ also offers 100% offset accounts and redraw facilities on most of their home loans, so you can save on interest by depositing extra cash. They have loans for first-home buyers, investors, those looking to refinance, and commercial property buyers. It allows you to borrow up to 95% of the property value for home loans, so you’ll just need a 5% deposit to get started. You can borrow from $50,000 up to $5 million for most loan types.
With BOQ, the entire application and approval process can often be completed online for a faster experience. Once your loan settles, you’ll have access to internet and phone banking to easily manage your repayments. So if you’re in the market for a home loan, BOQ is worth considering.
What are the Insurance You Can Get from BOQ
BOQ offers a range of insurance products to suit your needs. Some of the major BOQ insurance types you can purchase through this bank include:
- Home and Contents Insurance: To protect one of your most valuable assets, your home. It covers loss or damage to your home, contents, outbuildings, etc.
- Car Insurance: For comprehensive cover on your vehicle against accidental damage, theft, fire, etc. BOQ offers competitive premiums and optional extras like roadside assistance.
- Life Insurance: Provides financial security for your loved ones in the event of your death. BOQ offers term life, trauma, and income protection insurance.
- Business Insurance: A range of covers for commercial property, public liability, professional indemnity, etc. to protect your business assets and operations.
- Travel Insurance: For domestic and international trips, covering medical emergencies, lost baggage, trip cancellations, and more. BOQ’s 24-hour emergency assistance can give you peace of mind when traveling.
- Pet Insurance: Helps cover vet fees if your furry family member has an accident or falls ill. BOQ partners with leading pet insurers to offer comprehensive coverage at affordable premiums.
With BOQ’s insurance, you’ll have the security and protection to live life with confidence. Check out their full range of insurance products on BOQ’s website to find the right cover for your needs.
BOQ Mobile and Online Banking Features
BOQ mobile banking features help you manage your accounts. You can access your accounts 24/7 through BOQ’s mobile banking app or online banking website. Check balances, pay bills, transfer funds between accounts, deposit checks, and more—all from your smart device or computer.
Stay on top of your finances by setting up alerts to notify you of large transactions, low balances, or when bills are due. Need to send money to friends or split bills?
Use BOQ’s PayID service to transfer funds instantly by entering the recipient’s mobile number, email address, or ABN. For added security, enable two-factor authentication on your account using SMS, voice calls, or security questions.
BOQ’s mobile and online banking platforms give you freedom and control over your money whenever you need it. Experience secure, convenient banking at your fingertips.
Is BOQ a Safe Bank?
BOQ is one of the most stable and secure banks in Australia. As an Australian bank, BOQ is regulated by the Australian Prudential Regulation Authority (APRA), which oversees bank capital requirements and governance standards. This means your money in BOQ accounts is very safe.
This bank is also a member of the Australian Government’s Financial Claims Scheme (FCS). The FCS protects depositors by guaranteeing deposits of up to $250,000 per account holder in the unlikely event of a bank failure. So even if something did happen to BOQ, the majority of customers would have their deposits protected.
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Final Thought
So you had enough idea on BOQ. Whether you’re looking for a new bank to call home or just curious to compare options, hopefully, this review has given you everything you need to make an informed choice.
BOQ may be smaller than the Big Four banks, but their service, competitive rates, and innovative products prove that bigger isn’t always better. At the end of the day, finding the right bank for you comes down to what matters. Thank you all for reading this article.
