Bank of Queensland WebSavings Account

Bank of Queensland WebSavings Account

Maximum Variable Rate


Standard Variable Rate


A competitive interest rate of 2.05% p.a. for the first 4 months.

  • No monthly account keeping fees
  • Access your money online or at BOQ branches
  • Free transfers to linked BOQ accounts
  • Minimum investment of $2,000

Product details

A high interest savings account offered by Bank of Queensland (BOQ). You can access the account in branch, through internet banking. There is $0 account keeping fees with unlimited free, transfers to your BOQ everyday bank accounts.

Product Name
Bank of Queensland WebSavings Account
Maximum Variable Rate
2.05% p.a.
Standard Variable Rate
0.55% p.a.
Bonus Variable Rate
1.50% p.a.
Introductory / Bonus Offer Conditions
Up to 2.05% p.a. for new customers with balances between $2,000 - $5,000,000 for 4 months from account opening date. For a limited time only.
Monthly Fee
Minimum Opening Deposit
Introductory Interest Period
4 month(s)
Internet Banking
Internet Transaction Fee
Phone Banking
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Bank of Queensland WebSavings Account?

When making your comparisons, keep in mind the following features that the Bank of Queensland WebSavings Account has to offer:

$0 Monthly maintenance fee

There are no monthly maintenance fees charged for this account.

Up to 2.05% p.a. for the first 4 months on your first WebSavings account

Bonus interest will be applied to your balance for the first 4 months after the account has been opened. The savings account needs to be opened after 11 May 2016.

Minimum investment of $2,000

It needs to have more than $2,000 in the account before it starts earning interest.

Reverts to a standard interest rate of 0.55%

After the introductory period is over, your balance will receive this rate.

How is my interest calculated?

Interest is calculated each day and paid into your account on the last day of each month.

Online banking available

You can make withdrawals at a Bank of Queensland branch or online banking. Cash and cheque deposits can both be made at your local branch without having to worry about transfers between accounts.

Unlimited transactions between your linked BOQ everyday account

The WebSavings doesn't require a linked bank account, though if you link it with a BOQ everyday account, you can transfer money back and forth as much as you want. You are allowed an unlimited number of transfers free of charge. There is no direct debit available.

Available for personal use only

This savings account is only available for personal use.

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  • Competitive interest rate
  • Access through a BOQ branch, in-branch and internet banking
  • Unlimited cash deposits and withdrawals from your online savings account
  • Unlimited free transfers to your linked BOQ account


  • High minimum investment amount $2,000

How do I apply for the Bank of Queensland WebSavings Account?

If you like the convenience and interest rates of the WebSavings Account, visit their website to start an online application.

Eligibility to apply online

Check the following eligibility requirements first to ensure that you will qualify for this account:

  • Minimum age. Only applicants who are at least 15 years of age will be considered for this savings account.
  • Residency requirements. You must either be an Australian permanent resident or citizen to qualify for this account.
  • Depository requirements. You will need to make an initial deposit of at least $0 when opening the savings account. Keep in mind that you do not qualify for the bonus interest rate unless you have at least $2,000 in the savings account.


When applying, having the following documentation ready will help to fill out the forms quickly and correctly:

  • Tax file number. Although not a requirement, providing your tax file number (TFN) or exemption code will avoid you being charged at a higher tax rate for your interest earnings.
  • Identification. Bank of Queensland will need to verify your identity before issuing an account in your name. This can be done with your Australian passport or driver’s licence.

What happens after the application is submitted?

If you are not already a Bank of Queensland customer, you may be asked to visit a local branch in order to complete your identity verification. Once complete and the details of your application confirmed, you will be notified by the bank with the details of your new account.

How long does the maximum variable rate last for?

The introductory rate will apply for the first four months, assuming that you are a new customer. It will then revert to the standard variable rate.

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12 Responses

  1. Default Gravatar
    RobFebruary 22, 2019

    Can this Web Savings Account account be used for funds in a DIY Super Fund?

    • Avatarfinder Customer Care
      JeniFebruary 25, 2019Staff

      Hi Rob,

      Thank you for getting in touch with Finder.

      You may use this account for you DIY super fund. It is best that you contact BOQ directly to discuss more on having this account and your super fund.

      If you’re still looking around for your DIY super fund, you may also check out results on this Finder search page like BankSA DIY Super Saver, St.George DIY Super Saver etc.

      I hope this helps.

      Thank you and have a wonderful day!


  2. Default Gravatar
    JohnJanuary 15, 2019

    Hi, just to clarify – is the introductory rate from the day the account is opened or the day I transfer money first into the account? Thank you.

    • Avatarfinder Customer Care
      CharisseJanuary 17, 2019Staff

      Hi John,

      Thanks for reaching out to finder.

      The 2.80% p.a. introductory special offer (1.20% p.a. variable + 1.60% p.a. bonus) will be paid for 4 months from the account opening date – to any new customers who open a WebSavings Account on or after 21 June 2018.

      Please note that additional interest only applies to account balances of $2,000 or more.

      I hope this helps.


  3. Default Gravatar
    GeoffJanuary 9, 2019

    I have an existing web saver account, the offer expires soon. Why don’t you reward your loyal customers with the equivalent bonus interest? Or don’t you want to keep tour existing customers?

    • Avatarfinder Customer Care
      JhezJanuary 11, 2019Staff

      Hello Geoff,

      Thank you for your comment.

      It’s definitely nice to be rewarded for being a loyal customer. To know if there are rewards for you as a loyal customer of Bank of Queensland WebSavings, please check their website or sign up to their newsletter (if they have) so you can be updated of their offers.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


  4. Default Gravatar
    GraemeJuly 2, 2018

    I have an existing BOQ web saving account earning interest at 2.90% The 4 month introductory offer is up on the 8th of this month can I then open a new Joint account with my wife and earn the same 2.90%

    • Avatarfinder Customer Care
      NikkiJuly 5, 2018Staff

      Hi Graeme!

      Thanks for getting in touch!

      You can open a joint account with BOQ, however, the 2.9% earning interest is for new customers only. The offer is not available to existing customers whether or not they hold a WebSavings Account. For additional Terms and Conditions, you can check the important Information part of the bank website.

      Hope this clarifies!


  5. Default Gravatar
    PeterJune 24, 2018

    I have an existing Web account, but would like to transfer a large amount into that account. Am I eligible for the 2.9%? If not why not?

    • Avatarfinder Customer Care
      JeniJune 24, 2018Staff

      Hi Peter,

      Thank you for getting in touch with finder.

      As you mentioned, you are an existing WebSavings account holder which doesn’t qualify you for this rate of 2.90% p.a.

      Basically, to get up to 2.90% p.a. rate, you must be a new customer with balances between $2,000 – $5,000,000 for 4 months from account opening date and this offer is for a limited time only. 2.9% p.a. is the combination of the variable base rate, 1.30% p.a. and bonus interest rate, 1.60% p.a.

      Please visit BOQ’s official page for more info on their products. You may also speak to one of their representatives from a local branch near you or via phone for further assistance.

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

      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!


  6. Default Gravatar
    JohnMay 18, 2017

    Please explain the internet banking charges /fees?

    • Avatarfinder Customer Care
      HaroldMay 18, 2017Staff

      Hi John,

      Thank you for your inquiry.

      Typically, these are the transactions you’ve done through your online account. For example you made an online fund transfer a fee may apply on this transaction.

      I hope this information has helped.


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