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Bank of Queensland Bonus Interest Savings Account

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Ongoing variable rate of 0.85% when you only make one withdrawal per month.

The Bank of Queensland Bonus Interest Savings Account rewards you for not dipping into your savings. Earn bonus interest on top of the base rate of interest when you make no more than one withdrawal a month. There are $0 monthly service fees and the first withdrawal from your account is free.

0.85% p.a.

Maximum variable rate

0.05% p.a.

Base interest rate

0.8% p.a.

Bonus interest rate

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Details

Product NameBank of Queensland Bonus Interest Savings Account
Maximum Variable Rate0.85% p.a.
Standard Variable Rate0.05%
Bonus Variable Rate0.80%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age14

Expert review

Alison Banney

Review by


Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

There are $0 monthly service fees and the first withdrawal from your account is free.

Key features

Maximum interest rate of 0.85% if you only make one withdrawal

You're rewarded with an extra 0.8% p.a. interest when you make one withdrawal or less from the Bank of Queensland Bonus Interest Savings Account. The maximum interest you can earn is 0.85% p.a. Interest is paid to your account on the last day of the month.

Standard variable of 0.05% p.a. when you make more than one withdrawal

The base interest rate of 0.05% p.a. applies if you make more than one withdrawal from your account a month.

Launch savings calculator


How to apply

You can visit Bank of Queensland website to start an online application for the Bank of Queensland Bonus Interest Savings Account. The application is completely secure and can be completed in under 10 minutes.

Eligibility

The Bank of Queensland Bonus Interest Savings Account has the following eligibility criteria.

  • Age. You must be over the age of 14 to apply for this account.
  • Residency. You must be a permanent Australian resident.

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12 Comments

  1. Default Gravatar
    Michael
    August 5, 2019

    Can I open a second BoQ Bonus interest account?

    • Avatarfinder Customer Care
      Jeni
      August 6, 2019

      Hi Michael,

      Thank you for getting in touch with Finder.

      Yes, you may open another BoQ Bonus Interest Savings Account. Kindly visit their official page to apply online or call them or visit their nearest branch. Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    Ava
    September 11, 2018

    How do I withdraw money from my bonus interest account?

    • Avatarfinder Customer Care
      Jeni
      September 11, 2018

      Hi Ava,

      Thank you for getting in touch with finder.

      You may withdraw your interest-earned money from your Bank of Queensland Bonus Interest savings account by over-the-counter, direct debit, make BPAY payments, ATM withdrawals for free from Bank of Queensland ATMs and over the counter purchases at merchants with an EFTPOS terminal.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  3. Default Gravatar
    Peter
    May 21, 2018

    Is there a limit to how much money can be withdrawn on this one withdrawal per month to still be eligible for the bonus interest? And does a direct debit count as a withdrawal?

    • Avatarfinder Customer Care
      Jeni
      May 21, 2018

      Hi Peter,

      Thank you for getting in touch with finder.

      As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.

      Regarding your enquiry, withdrawals of cash is subject to applicable transaction limits imposed by the bank. Direct debit doesn’t count as a withdrawal. A direct debit is an agreement between you and your merchant in which you preauthorise the merchant to bill your card or account at a predetermined interval.

      I suggest that if you open an account with them, have you all your questions ready to make sure that you are still eligible for the bonus interest.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

  4. Default Gravatar
    Veronica
    February 16, 2017

    Is it possible to open an online saver and bonus interest savings account for a non profit club? If not, what account can you suggest?
    Thanks

    • Avatarfinder Customer Care
      Dee
      February 16, 2017

      Hi Veronica,

      Thanks for your question.

      You may want to check this page to compare the different types of savings accounts for businesses and organizations. You can check the full details of the eligibility criteria and requirements to apply by clicking the account name on the table.

      Cheers,
      Anndy

  5. Default Gravatar
    Sally
    July 15, 2016

    What is the minimum and maximum balance required for the 2.55% interest and do I have to have a linked BOQ account? Plus are there any exiting fees?

    • Avatarfinder Customer Care
      Clarizza
      July 18, 2016

      Hi Sally,

      Thanks for your question.

      The minimum balance required to open this account is $1, however to earn the maximum interest rate of 2.55%, you must meet criteria. For this account, 2.55% interest is offered if you do not make more than one withdrawal per month. There is no maximum balance or exit fees.

      Hope this helps.

      Clarizza

  6. Default Gravatar
    Gary
    May 26, 2016

    Hi, I’d like to know the upper limit of the bonus interest rate. I know that Bankwest have an upper limit of $250k for their Hero account. I’d like to compare this product accordingly.
    Cheers

    • Avatarfinder Customer Care
      Shirley
      May 27, 2016

      Hi Gary,

      Thanks for your question.

      The upper limit of the bonus interest rates applies to the entire balance of the account.

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