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Our verdict

The Smart Saver Account has an ongoing bonus rate of 5% p.a on balances up to $250,000 for customers aged 36 or older.

This savings account is for customers aged 36 or older and offers an ongoing bonus rate of 5% p.a. This rate is not the highest rate on the market, but it is fairly competitive.

The monthly criteria isn’t too complicated: you need to deposit $1,000 a month and make 5 eligible transactions from the linked Everyday Account.

If you’re under 36 you can get an even higher rate of 5.5% p.a. with the Bank of Queensland Future Saver Account.

Pros

Ongoing, variable bonus rate each month
Monthly deposit condition is lower than some others in the market
Savings tools and features in the myBoQ mobile app

Cons

Total bonus rate is lower than others in the market
$1000 monthly deposit condition could be difficult to meet for some customers

Details

Key details

Product Name	Bank of Queensland Smart Saver Account - 36+ years
Maximum Variable Rate	5.00% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Age	36

Key features

Ongoing bonus rate up to 5% p.a.

This account offers an ongoing bonus rate of up to 5% p.a. for customers aged 36+. To earn the full bonus rate you need to:

Deposit at least $1,000 into your linked Bank of Queensland Everyday Account each month
Make at least 5 eligible transactions from your Everyday Account each month

If you don't meet the account conditions one month you'll only earn the standard variable rate of 0.05% p.a. that month. The bonus rate is available on balances up to $250,000.

Are you under 36?

If you're aged 14-35 you can earn a higher bonus rate of up to 5.5% p.a. with the Bank of Queensland Future Saver Account instead.

Linked Everyday Account

When you open a Bank of Queensland Smart Saver Account you'll automatically have a Bank of Queensland Everyday Account opened for you as well (unless you already have one). This account allows you to transfer money in and out of your Smart Saver account.

No monthly account keeping fee

There's no monthly account keeping fee with the Smart Saver Account or the linked Everyday Account.

Savings features in the mobile app

You can enable the Round Up feature in the Bank of Queensland mobile app to round up your transactions to the nearest dollar and have the remainder sent to your Smart Saver 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.

Launch savings calculator

How to apply

You can apply online in less than 10 minutes. When applying for the Bank of Queensland Smart Saver Account, you'll receive a Bank of Queensland Everyday Account too if you don't already have one.

Eligibility

Minimum age. You must be 36 or older.
Residency. You must have an Australian residential address.

Documentation needed

Identification. You must be able to verify your identity with either a driver's license, passport or proof of age 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.

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Alison Finder

Editor

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Arvin

August 20, 2023

what do mean by “Make at least 5 eligible transactions from your Everyday Account each month”? What does the world eligible meanin here ?

Alison Banney Finder

September 21, 2023

Eligible transactions include direct debit payments, ATM withdrawals, BPAY payments or purchases with your Visa Debit Card. Transactions must be settled to count.

Jonathan

August 04, 2023

Apart from proof of identity does the bank do any other third party checks, like Equifax for example?

Alison Banney Finder

August 07, 2023

Hi Jonathan, you’ll need to ask the bank directly about this.

Thanks,

Alison

DAVID

December 14, 2022

Just curious about the 5 eligible transactions that are required each month to get the 4%. A bit more information would be great.

Thanks

Alison Banney Finder

December 24, 2022

Hi David,

You visited our Bank of Queensland Smart Saver Account (36+-year-olds) page and asked about the eligible transactions to get the 4% interest rate.

Eligible transactions would include direct debit payments, ATM withdrawals, BPAY payments, or purchases with your Visa Debit Card.

Regards,

Alison

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waldema

November 30, 2022

I just wondre how you colculate the interes on Smart sevings account

if your deposit on $9500 what interest you expect to get on interest 3.85%I do not understand your calculation . In my colculation I should recieved interest about $35 per months but I only get $27+ Can you please explain your calculation

Regards

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Alison Banney Finder

December 20, 2022

Hi Waldema,

The Interest is calculated from the day funds are credited to your account. It is calculated daily by applying the applicable interest rate to the closing balance of your account each day as follows:

Daily closing balance x interest rate (per annum)

————————————————————-

Number of days in the year (365 or 366 days)

Unfortunately, since you have reached Finder, we won’t be able to provide how much you will earn if you deposit $9500. You may need to call the Bank of Australia directly and ask them to check this for you.

All the best,

Alison

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Ann

November 30, 2022

Maybe I should have asked – what is, or are, the best savings account interest rate currently

What is the best interest rate offered by a bank currently? BOQ interest rate is pretty standard you said. Thanks

Alison Banney Finder

December 10, 2022

Hi Ann,

You can use our table to filter the accounts by interest rate.

Thanks,

Alison

Bank of Queensland Smart Saver Account (36+ year olds)

Our verdict

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Key details