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Consumer and anti-gambling advocates flagged legal activity 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 gaming, also spoke out about the account today. Mr Xenophon said he would follow authorities to account for why the product was approved and he intended to raise the issue in Senate Estimates the following week. The Win Account, to be started on November 15, will be the beginning of its sort in Australia and is based on similar 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 present about 4.5 per cent. Customers will be lured to the Win Account on the chance 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, each dollar in the account will gain a ticket in the lottery. But a client 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 action against 12 banks for what it claims are dishonest charges, have mooted uniting 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 issue gambling services, Gerard Byrne, said the product was unlikely to affect existing problem gamblers, who typically did not save money. Still, it would potentially prompt fresh gamblers. Mr Liddy said yesterday the bank had created the account because it was unable to offer competitive interest rates compared to the prominent four. He opposed suggestions it would promote gaming. “It’s not gambling. You’re putting your money safely in a bank and being potentially rewarded … you’re not putting your capital 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 order to people what they do, people will make that choice. “All our market research and the behaviour of the product in other markets suggests some people will adore it, others won’t touch it.”

Bank with No Monthly Fees And No Minimum Balance Required. Apply today! Australia’s banking regulator says it had no idea of the Bank of Queensland’s controversial recent savings account that offers tickets in a monthly drawing rather than a competitive interest rate, despite claims it had approved it. The account has been criticized for supporting gaming because it requires customers to forgo an average 3.5 per cent in annual interest for the chance 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 gone through two years of examination and been accepted by the Australian Prudential Regulation Authority, as well as and state lottery commissions.

Advertizement: Article continues under However an APRA spokesperson said the regulator had just 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 defended his chief, who was on a flight when the discovery was made. Mr Kangatharan apologized and said Mr Liddy had been incorrect. Still, he said the account had been given 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.