Finance with No Monthly Charging And No Minimum Balance Required. Sign up today! 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 better interest rate, despite claims it had approved it. The account has been criticised for supporting gambling because it requires clients to forgo an average 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 corporation had been through two years of examination and been approved by the Australian Prudential Regulation Authority, as well as and state drawing commissions.
Advertisement: Report continues below However an APRA spokesperson said the regulator had just learned about the product yesterday. It had not approved the account, nor was it needed 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 incorrect. Nevertheless, he said the account had been given the go ahead by the important state and territory drawing commissions, who regulated savings accounts with trade promotions. “We can basically go ahead with it,” Mr Kangatharan said.