Bank of Queensland Simple Saver Account
- Maximum variable rate
- 5.55% p.a.
- Base interest rate
- 5.00% p.a.
Our verdict
This savings account offers a 4-month introductory rate of 5.55% p.a. for new customers with no monthly conditions to meet.
This savings account offers a 4-month introductory rate of 5.55% p.a. for new customers, reverting to a decent ongoing rate of 5% p.a. While not the highest in the market, there are zero monthly conditions to meet. Plus it's available on super large balances up to $5,000,000. 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 deposit 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 | 5.55% p.a. |
| Standard Variable Rate | 5.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Age | 14 |
Congratulations, Bank of Queensland!
Bank of Queensland was a big winner in the 2026 Finder Awards.
- Deposits - Provider of the Year
- Highly Commended, Best No Conditions Savings Account: Bank of Queensland Simple Saver Account
Full list of 2026 banking 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.
Compare other products from Bank of Queensland
- Bank of Queensland credit cards
- Bank of Queensland home loans
- Bank of Queensland savings accounts
- Bank of Queensland business loans
- Bank of Queensland home insurance
- Bank of Queensland car insurance
Your reviews
Alison Finder
Editorial Manager, Money
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
Kevin
October 16, 2026
Can I open a Simple Saver account with my wife as a joint account?
Angus Kidman Finder
October 19, 2026
Hi Kevin, Yes, Simple Saver allows opening a joint account.
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 05, 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.
James Eadon
November 01, 2026
What are the conditions to earn the maximum variable rate of 5.55% and if the reserve bank of Australia increases the interest rates will the 5.55% rate likely increase as well