Bank of Queensland took third place in our everyday banking category this year, with 86% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.10 out of 5. Find more about Finder Banking Satisfaction Awards 2022.
Bank of Queensland savings accounts, bank accounts and term deposits
Bank of Queensland (BOQ) is based in Brisbane and open to customers all over Australia
BOQ was originally a member-owned building society, and has been a retail bank since 1942
BOQ owns Virgin Money and ME Bank, which both also offer a range of different savings and bank accounts
Different ways to bank with BOQ
BOQ offers many different ways to do your banking.
BOQ bank branches
BOQ has more than 250 bank branches spread across Australia (although the majority of these are in QLD).
BOQ ATM network
BOQ's ATM network includes around 3,000 ATMs in Australia. This includes the rediATM network which BOQ is part of. BOQ customers can also use their Australian debit cards to withdraw cash for free at CommBank, NAB, Westpac and ANZ ATMs throughout Australia.
BOQ Internet and mobile banking
Customers can access the BOQ Internet banking portal 24/7 to review transactions and balances, see more detailed transaction data, pay bills, transfer money between accounts and make BPAY payments. You can also view and download your statements and open new BOQ bank accounts.
The BOQ app is free to download, and has a 1.2 star rating in the App Store and a 2.4 star rating in the Google Play store. You can do your day-to-day digital banking using the app 24/7.
BOQ contactless payment options
BOQ offers Apple Pay, Google Pay and Samsung Pay to customers with a BOQ debit or credit card.
Pros and cons of banking with BOQ
Pros
Range of accounts. BOQ offers several different savings and bank accounts to choose between, while many other banks only offer one option.
Bonus interest. You can earn bonus interest on your savings every month by meeting the account conditions.
No account keeping fees. BOQ's everyday bank account has no account keeping fees to pay.
Branches and ATMs. BOQ still has hundreds of branches and more than 3000 ATMs.
Cons
Mobile app. The BOQ mobile app has poor star ratings from users.
How to apply for a BOQ account online
You can apply for a new BOQ account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
The Bank of Queensland Superannuation Savings Account gives you a bonus introductory period and the ability to withdraw your SMSF’s savings without restriction.
An offset Account linked to your personal Bank of Queensland home loan gives you access to your savings while they work to reduce your mortgage balance.
With a small nest egg Bank of Queensland allows you to make good progress with your savings goals by providing flexible terms and a competitive interest rate.
When the rate decision was announced, BOQ released a statement confirming home loans would increase by 0.25%.
On savings accounts, they stated: BOQ understands the ongoing challenges this environment has presented to household budgets. To help customers build up their savings, we have continued to reward them with competitive rates.
This indicates they did not increase interest rates on savings accounts in November.
Hi Chris,
Bank of Queensland does not offer cardless cash. If you would like to find a bank that does offer cardless cash, then have a look at this page.
If you’re referring to BOQ’s Fast Track Saver Account, it currently offers a 2% bonus interest rate which is inclusive of a 0.05% p.a. base rate for balances over $250,000.
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has BOQ term deposit interest changed since new interest rate .
i am looking 2.000.00 deposit, thank you Tony
Hi Tony,
When the rate decision was announced, BOQ released a statement confirming home loans would increase by 0.25%.
On savings accounts, they stated: BOQ understands the ongoing challenges this environment has presented to household budgets. To help customers build up their savings, we have continued to reward them with competitive rates.
This indicates they did not increase interest rates on savings accounts in November.
You can read the full statement here: https://www.boq.com.au/About-us/media-centre/media-releases/2023/november-rba-decision
Hope this helps!
Does boq do cardless cash please
Hi Chris,
Bank of Queensland does not offer cardless cash. If you would like to find a bank that does offer cardless cash, then have a look at this page.
Thanks
Raj
What is the current % payable per month on my fast track account
Hi Norman,
The current rate for the Fast Track account is 2.25% p.a. (as of 22 Feb 2023). Note that this account can no longer be opened by new customers.
Thanks,
Alison.
what is the interest for fast tracking account?
Hi J,
If you’re referring to BOQ’s Fast Track Saver Account, it currently offers a 2% bonus interest rate which is inclusive of a 0.05% p.a. base rate for balances over $250,000.
Thanks,
Alison
Can you accept payments from overseas ie monthly pension?
Hi Tony,
Yes, you can make international transfers to BOQ savings and bank accounts. As the receiving bank, please note that fees may apply.
Best,
Alison