Bank of Queensland Simple Saver Account
- Maximum variable rate
- 4.65% p.a.
- Base interest rate
- 4.30% p.a.
Our verdict
This savings account offers a high interest rate on large balances up to $5 million with no monthly conditions to meet.
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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Special intro rate of 4.65% p.a.
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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
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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 | 4.65% p.a. |
| Standard Variable Rate | 4.30% p.a. |
| Monthly Account Fee | $0 |
| Minimum Age | 14 |
Congratulations, Bank of Queensland!
The Bank of Queensland Simple Saver Account was highly commended for Best No Conditions Savings Account in the 2025 Finder Awards.
Full list of 2025 winnersHow 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.
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How we picked theseHow 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
Editorial Manager, Money
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Richard Whitten Finder
March 04, 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.
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
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!
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?