Summary

New Bank of Queensland customers get bonus interest for the first 4 months.

If you’re a new Bank of Queensland customer, you can earn bonus interest on your self managed super fund’s savings by opening the Bank of Queensland Superannuation Savings Account. Balances over $10,000 are rewarded with 3.15% p.a. interest for the first four months the account is open.

Pros

Competitive introductory bonus rate
No monthly account keeping fee
Unlimited transfers to BOQ accounts

Cons

Only available for SMSFs

Details

Key details

Product Name	Bank of Queensland Superannuation Savings Account
Maximum Variable Rate	3.15% p.a.
Standard Variable Rate	1.25% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

SMSF friendly

This is a special purpose high interest savings account for Self Managed Super Funds (SMSF).

Interest rate

The base variable rate is 1.25% p.a. Interest is calculated daily and paid to the account monthly.

Bonus interest

Get rewarded with a bonus 1.9% p.a. interest on top of the base variable rate for the first four months after you open the Bank of Queensland Superannuation Savings Account. The bonus interest rate applies on balances greater than $10,000. The bonus rate is available to new Bank of Queensland customers only. The base variable rate of interest applies after the introductory period has finished.

On call access

Earn interest on your SMSF cash balance and withdraw the funds when you want without restriction.

Internet banking

Make unlimited instant electronic transfers to Bank of Queensland accounts from the Bank of Queensland Superannuation Savings Account. Use the 'pay anyone' feature to transfer funds to accounts held with non-Bank of Queensland financial institutions. A transaction fee is charged for each 'pay anyone' electronic transfer.

BPAY

Make unlimited free BPAY payments from Bank of Queensland internet banking.

Direct credits

Get regular contributions to your fund electronically paid to the Bank of Queensland Superannuation Savings Account.

Direct debits

Pay your SMSF billers automatically when due by setting up a direct debit arrangement. For example membership fees for professional associations can be automatically paid from this savings account every month.

Branch access

Staff assisted transactions such as withdrawals and deposits are available at Bank of Queensland branches. Bank of Queensland charge a fee for each transaction.

Maximum balance

There is no stated Bank of Queensland Superannuation Savings Account balance; however, accounts with balances over $5,000,000 are subject to approval by Bank of Queensland.

Fees

There's no application fee and no monthly account service fee.

How to apply

Apply in branch for the Bank of Queensland Self Managed Superannuation Account or make an online enquiry through the Bank of Queensland website. You can also download and complete the application form and return it to a Bank of Queensland branch in person.

Eligibility

You must meet the following eligibility criteria to apply for the Bank of Queensland Self Managed Superannuation Account.

Minimum balance. There is no minimum balance requirement to open this account.
SMSF requirements. Your SMSF must be registered with the Australian Tax Office.

Documentation needed

Provide information about the SMSF when you apply for this BOQ SMSF savings account.

SMSF information. Contact information for the SMSF trustee(s) or company directors, the SMSF Australian Business Number (ABN) and a certified copy of the SMSF original trust deed.
Trustee(s) contact information. You'll need to provide the name and date of birth of details of the SMSF trustees if the trustee(s) are registered as individuals. If the trustee is registered as a company provide details of the company such as the full name of the company, address of the registered office and the names of the company directors.
Account authorisers and signatories. All individual SMSF trustees must register as a BOQ Self Managed Super Fund Account authoriser. A minimum of two company directors (or a director and a company secretary) must register as an account authoriser if the SMSF trustee is a company. Anyone can be nominated as a signatory to this account.
Authoriser identification. If the Self Managed Super Fund Account authorisers are new Bank of Queensland customers, they will need to verify their identity with the bank. Use two primary photographic documents such as a driver's licence, passport or proof of age card or a combination or no primary or secondary forms of identification to verify your identity with Bank of Queensland.

What happens after I submit my application?

Once your application for this account has been approved, Bank of Queensland will provide you with the Self Managed Super Fund Account details so you can start making deposits.

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The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

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Editorial Manager, Money

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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 Superannuation Savings Account