Boq Term Deposit Rates for Savings

If you're looking to grow your savings, BOQ term deposit rates are definitely worth considering. With competitive rates, you can earn interest on your money without having to lift a finger.

BOQ offers a range of term deposit options, from 30 days to 5 years, so you can choose the length of time that suits you best. BOQ's 1 year term deposit rate is a great option for those who want to lock in a fixed rate for a set period.

One of the benefits of BOQ term deposits is that they're a low-risk investment, making them perfect for risk-averse savers. BOQ's term deposits are protected by the Australian Government's deposit guarantee, giving you peace of mind.

BOQ term deposit rates are competitive, with a 3-year fixed term deposit offering an interest rate of 2.45%. This rate is higher than the 2.25% offered by a 1-year fixed term deposit.

The 5-year fixed term deposit rate is 2.70%. This rate is the highest among all BOQ term deposit rates.

January 2025 marked a significant shift in the mortgage market, with the average 30-year fixed mortgage rate reaching 4.25%. This increase was largely driven by the Federal Reserve's decision to raise interest rates for the fifth time that year.

The impact of this rate hike was felt across the board, with borrowers facing higher monthly payments on new loans. For example, a borrower who secured a $200,000 mortgage in January 2025 would see their monthly payment increase by around $100 compared to the previous month.

In January 2025, the average credit score for mortgage applicants was 750, up from 740 in December 2024. This indicates that lenders are becoming increasingly selective, with higher credit scores becoming a prerequisite for approval.

Competitive rates are a big draw for term deposits. If you deposit $5,000 or more, you can earn higher interest.

This means you'll get more money back on your deposit, which can add up over time.

The Bank of Queensland (BOQ) is a major Australian bank that offers a range of financial products and services, including term deposits.

BOQ has a strong presence in the Australian market, with over 250 branches across the country.

BOQ term deposits offer competitive interest rates, with rates varying depending on the term length and amount deposited.

For example, a 1-year term deposit with BOQ may earn an interest rate of 2.20% per annum, while a 5-year term deposit may earn 3.00% per annum.

BOQ term deposits are a low-risk investment option, making them suitable for conservative investors or those looking to save for a specific goal.

BOQ's term deposits are protected by the Australian Government's deposit guarantee scheme, providing an added layer of security for investors.

BOQ has increased its term deposit rates, making it the provider with the highest rates from the bigger banks. This comes after a recent hike, which has put BOQ back on top.

The highest rate available on a six-month term is now 5.10% p.a, which is higher than ING's 5.05% p.a for the same term length. This is a significant increase, especially for those who can deposit more than $5,000.

Here are the updated rates for BOQ:

For those with smaller deposits, BOQ's five-month term rates are also attractive, with a minimum deposit requirement of $5,000. The interest rate for this term length is 5.10% p.a for deposits between $5,000 and $25,000, and 5.15% p.a for larger deposits.

BOQ's updated rates have put it back in the lead, but other providers are also offering competitive rates. For example, ME has recently increased its rates, but is still behind the market leader, Heartland.

With a BOQ term deposit, you can choose the length of your term, starting from just one month. This flexibility allows you to select a term that suits your needs.

You can also choose how and when you receive interest payments. This means you can reinvest your interest or transfer it to another bank account, giving you control over your money.

One of the added benefits of a BOQ term deposit is the automatic rollover at maturity, making it easy to reinvest your term deposit for another term. During the 7-day renewal grace period, you can also make deposits and withdrawals to your account.

Flexibility is all about having options and being able to adapt to changing circumstances. You can choose the length of your term deposit, from just one month.

Having control over your finances can be a huge stress-reliever. With flexible interest payments, you can decide how and when you receive interest payments – reinvest or transfer to another bank account.

You can reinvest your interest payments or transfer them to another account, giving you even more flexibility.

Here are some benefits of flexible term deposits:

Now might be a good time to lock in a term deposit rate, especially if you're looking for a relatively safe investment option.

Term deposit rates in Australia are trending lower, but rates on terms from 6-12 months still offer good value compared to savings account rates.

Be cautious, though - term deposits can have penalties for early withdrawal, so make sure you choose a term that matches your plans for the money deposited.

If you need to access the money before the term ends, check what the reduced interest rate and fees will be, and whether there are any other conditions you need to meet.

Term deposits are generally considered low-risk, but it's always a good idea to get financial advice before deciding if a term deposit is right for you.