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Maximum variable rate: 4.05% p.a.
Base interest rate: 4.05% p.a.

Our verdict

This savings account offers a high interest rate on large 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
Earn interest on balances up to $5 million

Cons

Ongoing rate is a bit lower than the highest rates on the market

Details

Key details

Product Name	Bank of Queensland Simple Saver Account
Maximum Variable Rate	4.05% p.a.
Standard Variable Rate	4.05% p.a.
Monthly Account Fee	$0
Minimum Age	14

Key features

Ongoing variable rate of 4.05% p.a.

This account offers an ongoing variable rate of 4.05% 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 4.85% 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

Congratulations, Bank of Queensland!

The Bank of Queensland Simple Saver Account was highly commended for Best No Conditions Savings Account in the 2025 Finder Awards.

Full list of 2025 winners

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.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Bank of Queensland Simple Saver Account information page
2. Bank of Queensland Simple Saver Account TMD

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Alison Finder

Editorial Manager, Money

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David

October 24, 2025

Do you need a transaction account with BOQ for the Simple Saver.

Can you deposit directly from other banks and send to other banks from the Simple Saver.

Sarah Megginson Finder

October 27, 2025

Hi David,

Simple Saver savings accounts are a standalone savings accounts on the myBOQ app. There’s no linked transaction account and no monthly bonus interest criteria, and you can deposit money from other banks into this account.

Frederick

June 20, 2025

I have a simple savings account with BOQ but I cannot find how to make a deposit into the account.

Alison Banney Finder

June 20, 2025

Hi,

You can make a deposit into the account via a standard bank transfer. You just need your BSB and account number for the Simple Saver account, then you can send money to it from your regular transaction account.

Thanks,

Alison

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.

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

Pros

Cons

Key features

Ongoing variable rate of 4.05% p.a.

Open up to 9 Simple Saver accounts

Under 35? Earn more interest with a Bank of Queensland Future Saver account

Linked Everyday Account

No monthly account keeping fee

Savings features in the mobile app

Protected by the Government bank guarantee scheme

Congratulations, Bank of Queensland!

How to apply

Eligibility

Documentation needed

Sources

Sources

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