Term Deposits

Enjoy fixed interest and flexible terms that suit your goals. Now available in the myBOQ app or internet banking.{sub-heading}

Apply now

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Our top term deposit rates

Make the most of your savings with our high interest term deposits if you deposit a minimum of $5,000.{sub-heading}

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6-month fixed term deposit, interest paid at maturity

{myboq-term-deposits||myBTD9||rate}%16 p.a.{rate-display}

9-month fixed term deposit, interest paid at maturity

{myboq-term-deposits||myBTD12||rate}%16 p.a.{rate-display}

12-month fixed term deposit, interest paid at maturity

Why choose our Term Deposits?

Easy to manage

Open, manage and update your Term Deposit anytime with the myBOQ app and internet banking, including your maturity instructions and nominated accounts.

Always connected

Our BOQ team is here in branch to help guide you through managing your term deposit with ease.

Safe and secure

With 150 years of banking experience and the Federal Government guaranteeing deposits up to $250,0006, you can trust your savings are secure with us.

Open a Term Deposit

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New to BOQ?{yellow-border}

To open a Term Deposit, you’ll need to:

be at least 14 years old
be an Australian citizen or permanent resident
be opening an account for personal use
provide an Australian mobile number.

Apply now

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New customers
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Existing customers
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Our term deposit rates

Minimum opening deposit of $5,000.
Term Deposit interest paid at maturity.

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Need to withdraw funds early?

Heads up, if you need to access your funds once your term starts, we’ll need 31 days’ notice.17

Early withdrawals{hero-cell colspan-2}
Early withdrawal notice{grey-column}
31 days’ notice required
Early withdrawal interest adjustment{hero-cell colspan-2}
Percentage of term elapsed
Percentage reduction to interest
0% to < 21%
90%
21% to < 41%
80%
41% to < 61%
60%
61% to < 81%
40%
81% to < 100%
20%

Term deposit financial hardship assistance:

If you’re worried you can't pay what you owe, won't be able to manage your upcoming repayments, or you’re having difficulty meeting your repayments, please get in touch – we’re here to help.

Manage your Term Deposit in the myBOQ app and internet banking

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Keep track of your investment

Easily check your balance and keep tabs on your term deposit in the myBOQ app and internet banking.

Subscribe to a new account

You can open multiple term deposits via myBOQ app and internet banking.

Bank securely

Secure features like biometric login, one-time PIN and in-app card controls.

Manage your term deposits

Reinvest your term deposit and update your maturity instructions any time via Internet Banking.

Explore our other savings accounts

Future Saver Account

Bundled bank & save account

Our highest bonus interest savings account for 14-35 year olds bundled with the Everyday Account.

{myboq-banking-rates|| fs3 || rate}%5 p.a.{rate-display}

On balances up to $50,000 when monthly criteria is met

Smart Saver Account

Bundled bank & save account

High bonus interest savings account designed for savers 36 years old and over bundled with the Everyday Account.

{myboq-banking-rates|| sv2 || rate}%5 p.a.{rate-display}

On balances up to $250,000 when monthly criteria is met

Simple Saver Account

Savings account

A no hoops savings account with no monthly bonus criteria.
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Standard variable rate on balances up to $5 million

Important Documents

Term Deposit

myBOQ Deposit Accounts General Terms & Conditions

PDF{sub-tag}
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TMD - myBOQ Term Deposit

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/content/dam/boq/files/target-market-determinations/tmd-myboq-term-deposit.pdf

myBOQ Deposit Account Interest Rates, Transaction Limits, Fees and Charges

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Term Deposit FAQs

What is a term deposit?

With a term deposit you can invest your money for a set amount of time at a fixed interest rate. The difference between a term deposit and a savings account is the accessibility to your money. With a term deposit, your money is locked away for a fixed period of time. If you need quick access to your money, a savings account might be better for you.

How do term deposits work?

Term deposits are different to savings accounts. The way they work is you lock away a certain amount of money for a fixed length of time. Whilst your money is locked away, you in turn get a guaranteed interest rate and therefore, predictable returns. When you open the term deposit, you will know exactly what the return on your money will be at the end of it. However, for this fixed period of time, you are

not able to withdraw on the amount of money that you invested.

Can I have more than one term deposit?

Yes, you can have more than one term deposit at any time. If you plan on opening multiple term deposits at the same time, you may want to consider staggering the maturity dates.

How do I know when my term deposit is going to mature?

We will send you a notification email 14 calendar days prior to your maturity in case you plan to update your maturity instructions. You will be able to download the letter via Internet Banking or using the mobile app under statements and documents.

How can existing customers open a term deposit?

Existing myBOQ customers can open a term deposit via myBOQ internet Banking. They can then be managed via the app and internet banking.

Can you break a term deposit?

To fund your term deposit, all you need to do is transfer your investment amount into your nominated savings or transaction account that was opened along with your term deposit or nominated by you when you set it up. Your term deposit welcome email will have the nominated account and funding details as well.

How do I calculate term deposit interest?

Interest starts on the day your account is opened and funds are received. It is calculated daily, by applying the interest rate to the closing balance of your account on that day as follows:

Daily closing balance x {interest rate % / 365}

e.g. $5,000 x {4.9% / 365}

What happens at term deposit maturity? (Full withdraw, renewal etc.)

When your term deposit matures you can:

  • Reinvest your term deposit for a new term (with or without interest).
  • Repay all of your term deposit by transferring funds to your nominated account.
  • Withdraw all your funds.

Can I adjust my term at maturity?

You can manage your maturity instructions in myBOQ internet banking.

What are the maximum and minimum amounts I can deposit?

The minimum deposit is $5,000 and the maximum deposit is $50 million.
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Important information

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