Bank of Queensland Simple Saver Account
- Maximum variable rate
- 5.35% 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 very competitive introductory interest rate for the first 4 months with no conditions to meet. After that, the rate drops to a lower but still relatively high rate of 4.85% p.a.
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.
Details
Key details
| Product Name | Bank of Queensland Simple Saver Account |
| Maximum Variable Rate | 5.35% p.a. |
| Standard Variable Rate | 4.85% p.a. |
| Monthly Account Fee | $0 |
| Minimum Age | 14 |
Your reviews
Alison Finder
Editor
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Sarah Megginson Finder
July 17, 2024
Hi Gray,
This account is only open to personal customers. You can see some options for business savings accounts here.
Roy
March 31, 2024
We have a son 14 years old. My wife and I want our son to get his first debit card and sign up for a simple saver account. Do we just download the app and sign up using his mobile number and all his personal details?
Sarah Megginson Finder
July 23, 2024
Hi Roy,
You’ll usually need to verify your son’s identity with ID forms like a passport, birth certificate or Medicare. If you’re able to successfully complete electronic verification when applying online, your child’s account will be opened immediately.
Hope this helps!
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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
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
Travis
January 13, 2024
is the simple saver account “compound interest account?
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.
Sharon
December 13, 2023
Can the BoQ Simple Saver account be opened with three joint account holders?
Jason Loewenthal Finder
December 14, 2023
Hi Sharaon,
BOQ says on its website “accounts can be opened with 2 people only as joint owners”.
Gray
July 07, 2024
Can a company open a BOQ simple saver account or is it only open to individuals?