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Consumer and anti-gambling advocates flagged legal activeness between hours of the product being revealed at the bank’s total-year profit announcement in Brisbane yesterday, as revealed only by brisbanetimes.com.au today. Independent Senator Nick Xenophon, who stanchly opposes gaming, too spoke out about the account today. Mr Xenophon said he would follow authorities to explain 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 first of its variety in Australia and is based on matching products in New Zealand.

It has few 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 first award in a monthly lottery, with an opening total prize pool of $30,000. When a minimal $250 is deposited, each dollar in the account will earn 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 dishonest fees, have mooted equivalent action against Bank of Queensland.

Choice spokesman Christopher Zinn said the account was “irresponsible” and would motivate gambling, while GetUp! described it as an “dishonest” banking practise. The Salvation Army’s head of issue gambling services, Gerard Byrne, said the product was improbable to affect current problem gamblers, who mostly did not save money. Nonetheless, it would potentially propel new gamblers. Mr Liddy said yesterday the bank had made the account because it was not able to offer competitive interest rates compared to the prominent four. He rejected suggestions it would promote gambling. “It’s not gambling. You’re putting your money safe and sound in a bank and being potentially rewarded … you’re not putting your capital at endangerment at all,” Mr Liddy said. “It’s a out of the ordinary account that will appeal to some people and some it won’t. We’re not trying to order to people what they do, people will make that selection. “All our market inquiry and the behaviour of the product in other markets suggests some people will enjoy it, others won’t touch it.”

Finance with No Monthly Charging And No Minimum Balance Required. Sign up today! Australia’s banking regulator says it had no idea of the Bank of Queensland’s controversial new savings account that gives tickets in a monthly lottery rather than a better interest rate, despite claims it had approved it. The account has been criticized for encouraging gambling because it requires customers to forego an average 3.5 per cent in yearly interest for the opportunity to win $20,000 a month. In defending the account yesterday, Bank of Queensland (BoQ) chief administrator David Liddy said the company had been 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 But an APRA spokesperson said the regulator had but learned about the product yesterday. It had not approved the account, nor was it necessary to. BoQ chief operating officer Ram Kangatharan was forced to defend his boss, who was on a flight when the discovery was made. Mr Kangatharan apologised and said Mr Liddy had been wrong. Nonetheless, 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 essentially go ahead with it,” Mr Kangatharan said.