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
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No fees
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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
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.
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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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
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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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?