Our verdict

This savings account offers an ongoing interest rate on balances up to $5 million with no monthly conditions to meet.

This savings account offers a decent interest rate. While not the highest in the market, 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.

Pros

No conditions to meet for interest
No fees
Savings tools and features in myBoQ app
Open up to 9 simple Saver accounts

Cons

Ongoing interest rate is a little lower than the highest rates on the market
Bonus rate is only for new customers

Details

Key details

Product Name	Bank of Queensland Simple Saver Account
Maximum Variable Rate	4.55% p.a.
Standard Variable Rate	4.55% p.a.
Monthly Account Fee	$0
Minimum Age	14

Key features

Ongoing variable rate of 4.55% p.a.

This account offers an ongoing variable rate of 4.55% p.a. on balances up to $5 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 $5 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 between 14 and 35 you can earn 5.25% 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.

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.

Documentation needed

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.

Go to site More info

Compare other savings accounts

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Rabobank High Interest Savings Account	Finder score 8 Great	Maximum Variable Rate p.a. 5.45%	Standard Variable Rate p.a. 4.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	Earn a high interest rate of 5.45% for the first 4 months and then 4% thereafter, with $0 account keeping fees and no monthly balance requirements.	loading Fetching your data...
Ubank Save Account	Finder score 9.4 Excellent	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 Savings up to $100,000	Go to site View details Compare	Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store.	loading Fetching your data...
Bank of Queensland Smart Saver Account - 36+ years	Finder score 8.6 Great	Maximum Variable Rate p.a. 4.90%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 eligible purchases Balances up to $250,000	Go to site View details Compare	Aged 36+? You can earn 4.9% p.a. on balances up to $250,000 when you meet the account conditions each month.	loading Fetching your data...
ING Savings Maximiser	Finder score 9.7 Excellent	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
Suncorp Bank Growth Saver Account	Finder score 8.7 Great	Maximum Variable Rate p.a. 4.80%	Standard Variable Rate p.a. 0.35%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Go to site View details Compare	Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.	loading Fetching your data...
P&N Bank Savvy Saver	Finder score 9 Excellent	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 5 Access Account debit card purchases Balance under $100,000	Go to site View details Compare	Get 5.1% p.a. ongoing when you deposit $500 and make 5 debit card purchases per month. Make withdrawals and still earn bonus interest.	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	Finder score 8.5 Great	Maximum Variable Rate p.a. 5.15%	Standard Variable Rate p.a. 4.45%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	Ideal for higher balances, savers can earn up to 5.15% for the first 4 months and up to 4.45% thereafter. There are no conditions and $0 account-keeping fees.	loading Fetching your data...
St.George Incentive Saver	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 1.60%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance $50 ($0.01 if under 21) Balance up to $249,999.99	Go to site View details Compare	Extra 0.10% p.a. for 3 months for new customers who apply online, balances under $250k.	loading Fetching your data...
Macquarie Savings Account	Finder score 8.8 Great	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 4.75%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Simple Saver Account	Finder score 8.5 Great	Maximum Variable Rate p.a. 4.55%	Standard Variable Rate p.a. 4.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances up to $5,000,000	Go to site View details Compare	Open up to 9 accounts to take control of your savings and don't worry about meeting fiddly conditions or paying frustrating fees.	loading Fetching your data...
Newcastle Permanent Smart Saver Account	Finder score 7.7 Great	Maximum Variable Rate p.a. 4.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
Westpac Life (18-29 year olds only)	Finder score 8.9 Great	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 1.60%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Make a deposit Grow your balance 5 debit card purchases Balances up to $30,000	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Future Saver Account - 14 to 35 years	Finder score 9.4 Excellent	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 eligible transactions Balances up to $50,000	Go to site View details Compare	loading Fetching your data...
BCU Bonus Saver	Finder score 2.2 Basic	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 0.25%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...

Showing 14 of 14 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

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Alison Finder

Editorial Manager, Money

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Michael

March 04, 2025

just opened a BOQ simple saver account

1) can I withdraw any amount say to settle on a home purchase?

2) interest rate of 4.55% applies to the balance and the end of the month irrespective of withdrawals?

3) no ongoing monthly deposit minimums are required?

Richard Whitten Finder

March 04, 2025

Hi Michael,

To answer your questions:

1. Yes, there are no withdrawal limits on savings accounts. And with this account there are no extra requirements needed to earn the maximum interest rate.

2. Yes.

3. No ongoing deposit minimums.

Janet

January 11, 2025

Can I withdraw/transfer/pay anyone from my Simple Saver Account without losing any interest? And if yes, are there any restrictions? Also can I deposit additional money into my Simple Saver account? Thanks

Angus Kidman Finder

January 13, 2025

Hi Janet, Yes, you can make any number of withdrawals or transfers or payments from your Simple Saver account without affecting the interest rate. The only limit on deposits is the maximum balance of $5 million.

Terry

December 11, 2024

i currently have an account but want to make it a joint account. Do i need to close the account and start the joint one afresh or can I add the other person to my account. Also does the account have Visa/Mastercard debit card available

Richard Whitten Finder

December 18, 2024

Hi Terry,

You’ll need to ask BOQ about turning it into a joint account. As for the debit card, this account doesn’t seem to have one. You can move money to a transaction account via the BOQ app.

Jeff

October 31, 2024

Can I use the simple saver account details (bsb and account number) as a direct debit authorisation on, for example, an external credit card account?

Angus Kidman Finder

November 02, 2024

Hi Jeff, Yes, those account details are used when setting up direct debits. The process to set it up will vary depending on the provider (the credit card issuer in this case).

Peter

October 02, 2024

Can the BOQ saver account be in joint names?

Sarah Megginson Finder

October 04, 2024

Hi Peter,

Yes, the BOQ savings accounts can be opened with two people as joint owners. Once you’ve completed your application, BOQ will send the other party a message with details on how to get started on opening the account from their side.

Hope this helps!

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Bank of Queensland Simple Saver Account