At the time of writing, there are four different savings accounts available at BOQ. None of the below products have monthly account fees, and customers can open up to nine separate accounts in their name.

Future Saver Account

The highest maximum savings account rate available at BOQ is the Future Saver Account. This product is available for customers aged between 14-35.

There are two elements to the returns on the Future Saver. Firstly, all customers earn the basic variable interest rate, a nominal return that’s typically very low. On top of this though, customers can then earn the bonus interest rate each month, if they fulfil the following conditions:

  • Deposit a minimum of $1,000 each month

  • Make 5 or more eligible transactions each month (Eligible transactions include direct debit payments, ATM withdrawls, BPayments or purchases with a linked debit or credit card.)

  • Customers aged between 14-17 get the bonus rate without the hoops to jump through

  • The maximum bonus rate can be earned on balances up to $50,000, then a lower rate applies for any amount exceeding this.

Smart Saver Account

If you’re unhappy that you’re too old to benefit from the Future Saver returns, the Smart Saver Account is available exclusively for customers of 36 and older. This works in the same way, with the same basic and bonus rates available and the same criteria to earn the bonus rate each month but applies to a higher maximum balance - $250,000.

However, the Smart Saver has lower rates than the Future Saver (40 basis points' difference at the time of writing).

Simple Saver Account

Those looking for a basic savings account with no criteria to earn the maximum rate might prefer the Simple Saver Account. This has a lower rate than the above options, but the maximum rate is earned by every customer, unconditionally.

Kids Saver Account

For people looking to give their child a financial headstart, BOQ offer the Kids Saver Account for customers under 14. Like the Future and Smart saver, this product also has a small basic rate, with a much larger bonus rate. The only criteria to earn the bonus rate in a given month is that there was no more than one withdrawal.

BOQ savings account review

Round ups

One of the interesting features BOQ includes is the option to ‘round up’ on purchases. Customers who select this option have their purchases rounded up to the nearest dollar, with the difference automatically added to their savings account. If you’re someone who likes to collect loose change, this is something of an online equivalent.

Fees and charges

Most BOQ savings account products do not have any associated application or maintenance fees. The exception is on ATM or Eftpos withdrawals with bonus interest savings accounts. One withdrawal is free, than subsequent ones cost $0.65 each.