In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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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 lower interest rate than what you could get with another savings account, however, 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

  • No bonus interest

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • 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 $1 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 under 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.

Your reviews

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Ask a question

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Alison Finder

Editor

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Christopher

March 20, 2024

I am here on a 010 temp Visa waiting for my sponsored parent visa to be approved which can take up to 12 years

I have my own property and Mobile and bank account ( Westpac) can i apply for your simple savings account


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Sarah Megginson Finder

March 25, 2024

Hi Christopher,


That should be fine, but yYu can contact Bank of Queensland to verify your eligibility: 1300 557 272


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Travis

January 13, 2024

is the simple saver account “compound interest account?


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Jason Loewenthal Finder

January 15, 2024

Hi Travis,


Yes, the interest paid on this account is compound interest. We have a guide on compound interest and savings accounts if you’re interested.


I hope that helps.


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Sharon

December 13, 2023

Can the BoQ Simple Saver account be opened with three joint account holders?


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Jason Loewenthal Finder

December 14, 2023

Hi Sharaon,


BOQ says on its website “accounts can be opened with 2 people only as joint owners”.


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Eustace

November 29, 2023

Does the BOQ simple saver have gov guarantee for 250k, and if you open multiple accounts is each account protected by the guarantee eg $1m split into 4 accounts?


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Jason Loewenthal Finder

December 12, 2023

Hi Eustace,


This account is covered by the Financial Claims Scheme, but that only covers $250,000 per person, per financial institution.


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Peter

September 28, 2023

If you take the interest out each month,

Do u still get the next month’s interest payed


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Alison Banney Finder

September 29, 2023

Hi Peter, yes you can make withdrawals from the account whenever you’d like and you’ll still earn interest the following month.


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