Bank of Queensland Simple Saver Account
![Bank of Queensland Simple Saver Account](https://www.finder.com.au/global/images/providers/boqlogo-website-315x190.png)
- 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
-
No conditions to meet for interest
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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 |
Compare other savings accounts
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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?
Your reviews
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2021/07/AlisonBanney_Finder_600x600.jpg)
Alison Finder
Editor
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![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2023/10/Sarah-Megginson_2023_600x600.jpg)
Sarah Megginson Finder
July 29, 2024
Hi Ave,
Your best bet is to contact BOQ for customer support on this query, as you’re in the grey area of the T&Cs so we can’t offer any clarity.
You could also consider a savings account that offers a stronger ongoing rate without dropping after the intro period, such as this AMP savings accounts, which currently offers 5.4% as long as $1k per month is deposited into the account.
Hope this helps!
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Tony
July 24, 2024
Does this account have a debit card with no domestic and international transaction fees
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2023/10/Sarah-Megginson_2023_600x600.jpg)
Sarah Megginson Finder
July 29, 2024
Hi Tony,
With this account you’ll pay no transaction fees within Australia. However you’ll pay an international ATM Withdrawal fee of $5, or $2 for a balance enquiry. You’ll also pay a 3% fee when any transaction is processed outside of Australia (in Australian dollars
or a foreign currency).
Hope this helps!
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Gray
July 07, 2024
Can a company open a BOQ simple saver account or is it only open to individuals?
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2023/10/Sarah-Megginson_2023_600x600.jpg)
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.
![Avatar](https://www.finder.com.au/global/images/finder-default-gravatar-64.png)
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?
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2023/10/Sarah-Megginson_2023_600x600.jpg)
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
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2023/10/Sarah-Megginson_2023_600x600.jpg)
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
Ave
July 24, 2024
“Rate includes an additional introductory interest rate of 0.50% p.a. which will be paid for 4 months from account opening date to any new Simple Saver opened on or after 3 July 2024.”
So if after 4 months a 2nd Simple Saver (up to 9 allowed) is opened that also gets to enjoy the .50% bonus for 4 months (repeatg up to the maximun of 9 accounts or roughly 3 years).
I am only asking as St George has a similar .10% bonus for 90 days that seem to activate for each new Incentive. And St George also offers 5.30% that way up to 249,999.99 per new account.
What is also extremely vague is the other condition (so yes BOQ Term & COnditions are clear a s mud)
“The Simple Saver bonus rate is for new customers only”
Does this realy mean “new customers” or “new simple saver customers” (big difference), of if what I mentioned above works (unintentionally or not, you never know with bank IT systems) it is a completey irrelevant condition.
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