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Consumer and anti-gambling advocates flagged legal action between hours of the product being revealed at the bank’s entire-year profit proclamation in Brisbane yesterday, as revealed exclusively by brisbanetimes.com.au today. Independent Senator Nick Xenophon, who stanchly opposes gaming, likewise spoke out about the account today. Mr Xenophon said he would follow authorities to enlighten why the product was approved and he intended to raise the issue in Senate Estimates the following week. The Win Account, to be begun on November 15, will be the start of its variety in Australia and is based on matching products in New Zealand.

It has few fees and offers an yearly interest rate of 1 per cent, compared to most other savings accounts that propose about 4.5 per cent. Customers will be lured to the 21nova.com Win Account on the probability they can win the $20,000 first prize 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 gain a ticket in the lottery. But a client who deposits $1000 into the account stands to lose about $35 per year in interest. Customer groups GetUp! and Choice, which are already pursuing class activity versus 12 banks for what it claims are illegal charges, have mooted common action against Bank of Queensland.

Choice spokesman Christopher Zinn said the account was “irresponsible” and would motivate gambling, while GetUp! described it as an “unethical” banking practise. The Salvation Army’s head of issue gambling services, Gerard Byrne, said the product was unlikely to influence present-day problem gamblers, who mostly did not save money. However, it would potentially prompt new gamblers. Mr Liddy said yesterday the bank had made the account because it was ineffective to offer competitive interest rates compared to the large four. He rejected suggestions it would promote gaming. “It’s not gambling. You’re putting your money unharmed in a bank and being potentially rewarded … you’re not putting your funds at jeopardy at all,” Mr Liddy said. “It’s a special 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 decision. “All our market study and the behaviour of the product in other markets suggests certain people will enjoy it, others won’t touch it.”

Bank with No Monthly Charging And No Min Balance Required. Sign up now! Australia’s banking regulator says it had no knowledge 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 criticised for supporting 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 corporation 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 beneath Nevertheless an APRA spokesperson said the regulator had just learned about the product yesterday. It had not approved the account, nor was it essential to. BoQ chief operating officer Ram Kangatharan was forced to defended his chief, who was on a airplane when the discovery was made. Mr Kangatharan apologized and said Mr Liddy had been incorrect. However, he said the account had been granted the go ahead by the important state and territory drawing commissions, who regulated savings accounts with trade promotions. “We can essentially go ahead with it,” Mr Kangatharan said.