BOQ Savings Accounts

Choose the right fund for your money by comparing BOQ savings accounts with Savvy.

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, updated on August 8th, 2023       

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One of the Sunshine State’s largest banks, the Bank of Queensland (BOQ) has stood the test of time since it opened its first branch almost 160 years ago.

While its branches are mainly found across Queensland, the bank has outlets in other states including South Australia, Victoria and New South Wales. The Brisbane-based bank now has more than 160 branches, 900,000 retail and business customers and 2,000 workers.

Comparing your savings account options with Savvy will help you find the right fund to maximise your earnings, boost your balance and achieve your savings goal, no matter how big or small.

*Please note that Savvy does not represent BOQ for their banking products. All product information and rates are correct as of May, 2022.

BOQ logo

More about BOQ savings accounts

What savings products does BOQ offer customers?

BOQ offers a large range of savings options, with flexible alternatives targeted towards different demographics which come with varying levels of interest rates, access and conditions. The bank gives you 24/7 access to these accounts through their online and mobile banking facilities.

This accessibility is quite basic, with the mobile app giving you the ability to check your balance, move money and rearrange your accounts. The savings accounts BOQ count amongst its ranks include:

Future Saver Account

Designed to help those aged 14 to 35 save money and build up their interest, the Bank of Queensland Future Savings Account works similarly to a youth or student savings account. It comes with an attached everyday transaction account. By transferring at least $1,000 into your linked everyday account and making at least five transactions, you can earn up to 3% p.a. in bonus interest.

This youth saver account only earns this high bonus rate if your balance is under $50,000, however. Balances from $50,000 up to $250,000 can generate bonus interest of 0.80% p.a., which is still quite high compared to some of their competitors. You can have more in these accounts, but you won’t earn bonus interest if you do. Base variable rates on these accounts are much lower 0.05% p.a.

Some of the other advantages include zero monthly fees and the ability to open up to nine different savings accounts. This account replaced the former Fast Track Saver account and allows you to open it as a joint savings account with another person, such as a spouse or partner.

Smart Saver Account

Much like the Future Savings Account, the Smart Saver allows people over 36 years old to earn bonus interest at a competitive rate. These come with no fees, manageable account conditions and the ability to open up to nine different savings accounts. These accounts also come with a linked everyday account and debit card.

Bonus interest of 0.80% p.a. is paid on account balances up to $250,000. To earn this bonus rate, you have to transfer $1,000 per month to your linked everyday fund. You also must make at least five transactions through this account. If you don’t meet the account requirements, you’ll earn a base variable rate of 0.05% p.a.

The ‘round up’ feature is an added extra on everyday accounts, automatically rounding up purchases to the nearest dollar and transferring the difference into your savings.

Term deposits

You can earn up to 2.50% p.a. for locking your money away in a BOQ high interest term deposit. These accounts come with flexible terms ranging from one month to five years and low opening account balances of $1,000. You can also choose whether to reinvest your interest in your account or have it paid into another account.

Interest rates on term deposits depend on the length of your term and how much is in your account. For example, you can earn 1.50% p.a. on $5,000 or more over nine-month terms or 2.25% p.a. on 24-month terms. You can use Savvy’s compound interest calculator to work out how much you can earn on your money from a term deposit.

Simple Saver Account

These online savings accounts are billed as “no fuss” options if you want to set and forget your money. A Simple Saver earns you a base 0.45% p.a. on your money with no minimum deposit up to a maximum balance of $5 million (after which you’ll earn 0.05% p.a.). You can open up to nine of these accounts and they come with no monthly fees on maintenance or transactions. This account replaces the WebSavings account previously provided by BOQ.

Kids Savings Account

Learning the basics of saving is an important life skill, and introducing these lessons to a child early in life can carry them through to their adult years. This low-cost fund allows you to open a savings account for your baby or a child up to 14 years old, with the ability to link this account to your own to get full access. Children receive their own deposit books and statements to track their savings.

These accounts offer 0.20% p.a. bonus interest on top of the 0.05% p.a. which is payable if you don’t make more than one withdrawal a month.

What are the eligibility criteria for opening a BOQ savings account?

You can apply to open a savings account online or through a BOQ branch and most of them have the same eligibility requirements. To open an account by yourself, you’ll need to be at least 14 years old and an Australian resident with a local residential address. You can open a joint savings account online with BOQ, which is different from other lenders who require applicants to do so in-branch.

You will also need to provide two forms of photo ID, which can include:

  • An Australian or foreign-issued passport
  • A government-issued driver’s licence
  • A Medicare card
  • A birth certificate
  • A utility bill

Why is it important to get the best interest rate?

One of the fundamental principles of saving is that if you have a high interest rate, your savings growth will occur at a faster rate. That’s why it’s important to compare savings accounts to make sure you have the best interest rate on the market, which can help you reach your financial targets faster.

For example, if you invested $1,000 per month in a Future Saver earning 3% p.a., you would earn $1,621 in interest across three years. By comparison, if you opened an equivalent account with another institution and deposited the same amount but at a 2% p.a. rate, you would earn $1,070. That’s a difference of around $550, making the difference between the two options clear if earning interest is your main priority. Comparing accounts with Savvy will take headaches out of deciding the best account for you and help you find the right one.

Pros and cons of BOQ savings accounts


Very high bonus rates

Earning bonus interest is one of the advantages of savings accounts, and BOQ offers rates up to five times higher than some of its competitors.

Round up features

You can grow your balance as you use your linked account, with the ‘round up’ feature putting the change from purchases back into your savings.

Free from ongoing charges

These savings accounts are typically fee-free, meaning you’ll be spared monthly account fees of up to $5 every 30 days.


Less accessible outside Queensland

BOQ has few branches outside of Queensland, meaning if you live in another state, finding a bricks-and-mortar branch could be tough.

Account requirements

While you can earn bonus interest, it comes conditional on a slew of requirements such as minimum transfers and spending from a linked account.

Low base interest rates

Some accounts have very low base interest rates which could impact the performance of your account if you don’t meet bonus interest conditions.

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