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Consumer and anti-gambling advocates flagged legal activity within hours of the product being revealed at the bank’s entire-year profit declaration in Brisbane yesterday, as revealed only by brisbanetimes.com.au today. Independent Senator Nick Xenophon, who stanchly opposes gambling, likewise spoke out about the account today. Mr Xenophon said he would pursue authorities to explain why the product was approved and he intended to bring up the issue in Senate Estimates next week. The Win Account, to be begun on November 15, will be the beginning of its kind in Australia and is based on matching products in New Zealand.

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

Choice spokesman Christopher Zinn said the account was “unreliable” and would encourage gambling, while GetUp! described it as an “immoral” banking practice. The Salvation Army’s head of difficulty gambling services, Gerard Byrne, said the product was not likely to affect existent problem gamblers, who typically did not save money. Still, it would potentially incite fresh gamblers. Mr Liddy said yesterday the bank had made the account because it was not able to offer competitive interest rates compared to the large four. He opposed suggestions it would encourage gambling. “It’s not gambling. You’re putting your money safe and sound in a bank and being eventually rewarded … you’re not putting your funds at jeopardy at all,” Mr Liddy said. “It’s a out of the ordinary account that will attract to some people and some it won’t. We’re not trying to dictate to people what they do, people will make that selection. “All our market research and the behaviour of the product in other markets suggests many people will enjoy it, others won’t touch it.”

Finance with No Monthly Charging And No Minimum Balance Required. Apply right away! Australia’s banking regulator says it had no cognition of the Bank of Queensland’s racey recent savings account that offers tickets in a monthly lottery rather than a higher interest rate, despite claims it had approved it. The account has been criticised for supporting gaming because it requires clients to forego an average 3.5 per cent in annual interest for the opportunity to win $20,000 a month. In standing up for the account yesterday, Bank of Queensland (BoQ) chief executive David Liddy said the company had been through two years of scrutiny and been accepted by the Australian Prudential Regulation Authority, as well as and state drawing commissions.

Advertizement: Narrative continues beneath Although an APRA spokesperson said the regulator had only learned about the product the previous day. It had not approved the account, nor was it mandatory to. BoQ chief operating officer Ram Kangatharan was forced to defended his chief, who was on a flight when the revelation was made. Mr Kangatharan apologized and said Mr Liddy had been mistaken. Still, he said the account had been granted the go ahead by the relevant state and territory drawing commissions, who regulated savings accounts with trade promotions. “We can pretty much go ahead with it,” Mr Kangatharan said.