Bank of Queensland Simple Saver Account
This savings account offers an ongoing interest rate on balances up to $1 million with no monthly conditions to meet.
The Bank of Queensland Simple Saver is an easy, hassle-free savings account that pays interest on your balance each month with no criteria to meet. You’ll earn an ongoing standard variable rate of 1% p.a. Across up to 9 Simple Saver accounts.
Maximum variable rate
Base interest rate
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This savings account offers a lower interest rate than what you could get with another savings account, however, there are zero monthly conditions to meet. With other bonus saver accounts you’ll need to jump through a few hoops each month to get the high rate.
As the name suggests, this account is a simple savings account that pays you interest each month with nothing for you to do. It’d be ideal if you don’t want to commit to a regular monthly deposit and don’t want any withdrawal restrictions, but still want your savings to earn some interest.
You can open up to 9 Simple Saver accounts which is handy if you want to split your money up for different things.
Ongoing variable rate of 1% p.a.
This account offers an ongoing variable rate of 1% p.a. on balances up to $1 million. There are no monthly conditions to meet to earn interest.
Open up to 9 Simple Saver accounts
You can open up to 9 Simple Saver accounts and earn interest on each one. You'll earn interest on a combined balance up to $1 million across your accounts.
Having multiple accounts can help you split up your money for different things, helping you budget and save for individual goals.
Under 35? Earn more interest with a Bank of Queensland Future Saver account
If you're under 35 you can earn 3% p.a. with a Bank of Queensland Future Saver account. However, unlike the Simple Saver account, you'll need to meet a few conditions each month to earn this high bonus rate.
You can read our full review of the Bank of Queensland Future Saver Account if you're interested in a bonus saver account instead.
Linked Everyday Account
You can link your account to a Bank of Queensland Everyday Account to transfer money in and out of your savings account.
No monthly account keeping fee
There's no monthly account keeping fee with the simple Saver Account or the linked Everyday Account.
Savings features in the mobile app
You can enable the Round Up feature in the myBOQ mobile app to round up your transactions to the nearest dollar and have the remainder sent to your savings account. You can also set savings goals and track your progress with personal saving insights.
Protected by the Government bank guarantee scheme
Your deposit up to $250,000 in a Bank of Queensland savings account or transaction account is protected by the Government's bank guarantee scheme.
How to apply
You can apply online in less than 10 minutes by downloading the myBOQ mobile app.
- Minimum age. You must be at least 14 years old.
- Residency. You must have an Australian residential address.
- Mobile number. You must have an Australian mobile number.
- Identification. You must be able to verify your identity with either a driver's license, passport or Medicare card.
- Tax file number. This is needed in order to apply the correct tax rate to your interest.
- Personal details. You'll need to supply your personal details including your full name and contact details.