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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.

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1.00% p.a.

Maximum variable rate

1%p.a.

Base interest rate

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Details

Product NameBank of Queensland Simple Saver Account
Maximum Variable Rate1.00% p.a.
Standard Variable Rate1.00% p.a.
Monthly Account Fee$0
Minimum Age14

Review by


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.

Expert review

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.

Key features

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.

Launch savings calculator


How to apply

You can apply online in less than 10 minutes by downloading the myBOQ mobile app.

Eligibility

  • 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.

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