In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Bank of Queensland Simple Saver Account

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Bank of Queensland Simple Saver Account
Maximum variable rate
4.85% p.a.
Base interest rate
4.85%p.a.

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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Bank of Queensland Simple Saver Account
Maximum Variable Rate 4.85% p.a.
Standard Variable Rate 4.85% p.a.
Monthly Account Fee $0
Minimum Age 14

Key features

Ongoing variable rate of 4.85% p.a.

This account offers an ongoing variable rate of 4.85% 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 5.5% 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.

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.

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Name Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
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  • Deposit $500
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Standard Variable Rate p.a.
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Ubank High Interest Save Account
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Standard Variable Rate p.a.
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ING Savings Accelerator ($150,000 - $500,000)
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Maximum Variable Rate p.a.
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Macquarie Savings Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Suncorp Bank Growth Saver Account
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Standard Variable Rate p.a.
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Bank of Queensland Simple Saver Account
BOQ logo
Finder score
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
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Newcastle Permanent Smart Saver Account
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Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
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Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
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ING Savings Maximiser
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Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
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Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
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IMB Reward Saver Account
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5.25%
Standard Variable Rate p.a.
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Intro/Ongoing
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Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
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Earn up to 3.25% p.a. after the introductory period ends.
Bankwest Easy Saver
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Monthly Max Rate Conditions
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5.00%
Standard Variable Rate p.a.
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Rabobank PremiumSaver
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Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
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Avatar

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?


Avatar

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).


Avatar

Peter

October 02, 2024

Can the BOQ saver account be in joint names?


Avatar

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!


Avatar

Bailey R E

July 29, 2024

I receive two monthly payments from abroad and paid in Australian Dollars. Will there be any Fees charge to receive those monthly deposits?


Avatar

Angus Kidman Finder

September 23, 2024

Hi Bailey, BOQ currently charges a 3% currency conversion fee for transactions originating from overseas – even if these are in Australian dollars, if the transaction is processed outside Australia, that fee will apply. Hope this helps.


Avatar

Ave

July 24, 2024

“Rate includes an additional introductory interest rate of 0.50% p.a. which will be paid for 4 months from account opening date to any new Simple Saver opened on or after 3 July 2024.”


So if after 4 months a 2nd Simple Saver (up to 9 allowed) is opened that also gets to enjoy the .50% bonus for 4 months (repeatg up to the maximun of 9 accounts or roughly 3 years).


I am only asking as St George has a similar .10% bonus for 90 days that seem to activate for each new Incentive. And St George also offers 5.30% that way up to 249,999.99 per new account.


What is also extremely vague is the other condition (so yes BOQ Term & COnditions are clear a s mud)


“The Simple Saver bonus rate is for new customers only”


Does this realy mean “new customers” or “new simple saver customers” (big difference), of if what I mentioned above works (unintentionally or not, you never know with bank IT systems) it is a completey irrelevant condition.


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Avatar

Sarah Megginson Finder

July 29, 2024

Hi Ave,


Your best bet is to contact BOQ for customer support on this query, as you’re in the grey area of the T&Cs so we can’t offer any clarity.


You could also consider a savings account that offers a stronger ongoing rate without dropping after the intro period, such as this AMP savings accounts, which currently offers 5.4% as long as $1k per month is deposited into the account.


Hope this helps!


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Tony

July 24, 2024

Does this account have a debit card with no domestic and international transaction fees


Avatar

Sarah Megginson Finder

July 29, 2024

Hi Tony,


With this account you’ll pay no transaction fees within Australia. However you’ll pay an international ATM Withdrawal fee of $5, or $2 for a balance enquiry. You’ll also pay a 3% fee when any transaction is processed outside of Australia (in Australian dollars

or a foreign currency).


Hope this helps!


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