Bank with No Monthly Charging And No Minimum Balance Required. Sign up now! Australia’s banking regulator says it had no idea of the Bank of Queensland’s racey fresh savings account that gives tickets in a monthly drawing rather than a higher interest rate, despite claims it had approved it. The account has been criticised for encouraging gambling because it requires clients to forgo an ordinary 3.5 per cent in yearly interest for the opportunity to win $20,000 a month. In standing up for the account yesterday, Bank of Queensland (BoQ) chief administrator David Liddy said the company had been through two years of scrutiny and been approved by the Australian Prudential Regulation Authority, as well as and state drawing commissions.

Advertisement: Narrative continues below But an APRA spokesperson said the regulator had but learned about the product the previous day. It had not accepted the account, nor was it required to. BoQ chief operating officer Ram Kangatharan was forced to defend his chief, who was on a flight when the discovery was made. Mr Kangatharan apologised and said Mr Liddy had been wrong. Still, he said the account had been granted the go ahead by the significant state and territory drawing commissions, who regulated savings accounts with trade promotions. “We can basically go ahead with it,” Mr Kangatharan said.

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Customer and anti-gambling advocates flagged legal activeness within hours of the product being revealed at the bank’s total-year profit declaration in Brisbane yesterday, as revealed only by brisbanetimes.com.au today. Independent Senator Nick Xenophon, who staunchly opposes gambling, also spoke out about the account today. Mr Xenophon said he would pursue authorities to clarify why the product was approved and he intended to bring up the issue in Senate Estimates next week. The Win Account, to be premiered on November 15, will be the start of its variety in Australia and is based on parallel products in New Zealand.

It has little fees and offers an yearly interest rate of 1 per cent, compared to most other savings accounts that offer about 4.5 per cent. Customers will be lured to the Win Account on the probability they can win the $20,000 first award in a monthly lottery, with an initial total prize pool of $30,000. When a minimal $250 is deposited, every dollar in the account will receive a ticket in the lottery. But a customer who deposits $1000 into the account stands to go down about $35 per year in interest. Consumer groups GetUp! and Choice, which are already pursuing class activity against 12 banks for what it claims are illegal charges, have mooted similar action against Bank of Queensland.

Choice spokesman Christopher Zinn said the account was “irresponsible” and would encourage gambling, while GetUp! described it as an “dishonest” banking practice. The Salvation Army’s head of trouble gambling services, Gerard Byrne, said the product was unlikely to affect present-day problem gamblers, who largely did not save money. Nonetheless, it would ultimately prompt fresh gamblers. Mr Liddy said yesterday the bank had made the account because it was ineffective to offer competitive interest rates compared to the big four. He opposed suggestions it would incite gaming. “It’s not gambling. You’re putting your money securely in a bank and being potentially rewarded … you’re not putting your funds at jeopardy at all,” Mr Liddy said. “It’s a unique account that will be of interest to some people and some it won’t. We’re not trying to dictate to people what they do, people will make that choice. “All our market research and the behaviour of the merchandise in other markets suggests many people will love it, others won’t touch it.”

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