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
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No conditions to meet for interest
-
No fees
-
Savings tools and features in myBoQ app
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Open up to 9 simple Saver accounts
Cons
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Ongoing interest rate is a little lower than the highest rates on the market
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Bonus rate is only for new customers
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 |
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How the Finder Score helps you find a better savings account
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?
Your reviews
Alison Finder
Editor
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Angus Kidman Finder
January 13, 2025
Hi Janet, Yes, you can make any number of withdrawals or transfers or payments from your Simple Saver account without affecting the interest rate. The only limit on deposits is the maximum balance of $5 million.
Terry
December 11, 2024
i currently have an account but want to make it a joint account. Do i need to close the account and start the joint one afresh or can I add the other person to my account. Also does the account have Visa/Mastercard debit card available
Richard Whitten Finder
December 18, 2024
Hi Terry,
You’ll need to ask BOQ about turning it into a joint account. As for the debit card, this account doesn’t seem to have one. You can move money to a transaction account via the BOQ app.
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?
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).
Peter
October 02, 2024
Can the BOQ saver account be in joint names?
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!
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?
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.
Janet
January 11, 2025
Can I withdraw/transfer/pay anyone from my Simple Saver Account without losing any interest? And if yes, are there any restrictions? Also can I deposit additional money into my Simple Saver account? Thanks