$ 0 
No monthly fees *
$ 0 
No transaction fees within australia *
$ 0 
Minimum deposit or bonus criteria

Features & benefits

Open up to 9 online savings accounts

Make every cent count. Open multiple Simple Saver accounts to manage your savings across multiple goals. 

Grow your savings with no minimum deposit

Simple Savers enjoy an online savings account with a great ongoing rate with no need to make a monthly deposit, or meet a minimum balance criteria. Just sit back and watch your savings grow!

Safe and secure

Feel safe knowing your savings are guaranteed up to $250,000 by the Australian Government's Financial Claims Scheme#.

No monthly fees*

With your online savings account, we’re committed to helping you save. That’s why we've made monthly account keeping fees a thing of the past, that way your savings can remain yours. 

Interest rates^^

Balances up to Base Rate % p.a. Bonus Rate % p.a. Highest Rate % p.a.**
$0 to $5,000,000 4.85% 0.50% 5.35%
$5,000,000 + 0.05% N/A 0.05%

Important Information

  • The Simple Saver bonus rate is for new customers only.
  • 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. The additional introductory interest only applies to account balances up to $5m per customer.
  • After 4 months from the account opening date, the interest rate will revert to the Simple Saver variable interest rate (Base Rate).
  • This offer can be amended and/or withdrawn by BOQ at any time without notice.

Fees*

Name

 Fee $AUD Description
Monthly Account Keeping $0 There are no monthly account keeping fees with myBOQ Accounts.
Overdrawn Account $0 There is no overdrawn fee.
Domestic ATM Withdrawal/Balance Enquiry Fee $0 We don’t charge a fee to withdraw cash or check your account balance, however the ATM owner may charge a fee which should be displayed on the screen before proceeding with the withdrawal.
International ATM Withdrawal $5 Charged when a withdrawal is performed at an ATM outside of Australia. A fee may also be charged by the ATM owner and should be displayed on the screen before proceeding with the withdrawal.
International Balance Enquiry $2 Charged when a balance enquiry is performed at an ATM outside of Australia. A fee may also be charged by the ATM owner which should be displayed on the screen before proceeding with the enquiry or associated withdrawal.

For more information, download the myBOQ Interest Rates, Transaction Limits, Fees and Charges.

myBOQ app

A Simple Saver savings account is accessible via the myBOQ app - the banking app designed to make your everyday banking easier.

Learn more about the myBOQ

Better at budgeting

Manage your money easily. Set spending budgets on specific categories like groceries, bills and more. Get personalised insights and real-time alerts.

Track your bills

Never miss a payment. We’ll give you a heads up when your bills are due, so you can make sure you’ve got the funds available.

Live in-app chat

We’re never far away with our dedicated in-app customer service chat.

Round ups

Grow your savings whenever you spend. Round up your debit card transactions to the nearest dollar and we'll put the extra change straight into one of your savings accounts~. 

Ready to apply?

  1. Scan the QR code to download the app
  2. Enter your ID and personal details
  3. Start using your new accounts

Or apply online today

Apply now

To open a myBOQ account, you’ll need to be:

  • over 14 years of age.
  • an Australian resident with an Australian residential address.
  • The account holder (applications cannot be completed and submitted by an Executor/Administrator/Power of Attorney/Legal Representative).
  • Opening the account for personal use.
  • Have a smartphone that supports iOS 12.0+ or Android 8.0+.

Things you should know

  • Our Simple Saver account is only available on the myBOQ and can't be accessed via Internet Banking.
  • If you’re already a BOQ account holder, you can access these accounts via Internet Banking, but please note your accounts aren’t accessible from the myBOQ app. 

FAQs

  • If I already have a WebSavings or Bonus Interest Savings Account, can I access the myBOQ app?

    No, any BOQ banking products that are accessible via BOQ internet banking such as WebSavings Account, Bonus Interest Savings Account, Premier Investment Account, Day2Day Plus Account, Fast Track Starter Account and Fast Track Saver Account are not available in the myBOQ app.

  • Can I open a joint account?

    Yes, accounts can be opened with 2 people only as joint owners. Once you’ve completed your application, we’ll send the other party a message with details on how to get started. 

    Just so you know, if the person you are opening the account with is a new myBOQ customer, they will receive a unique application ID and an invite prompting them to download the myBOQ app to get started.

    If they are an existing myBOQ customers, they can apply using the application ID in the myBOQ app. This is done in the account section by selecting ‘Sign up for a new account’ and then ‘Join an existing application’. 

    The tiered interest rate is applied to joint and single accounts separately. 

  • How to set up a joint bank account?

    During the application process, you’ll be asked who the account is for. Select 'Me and someone else' to open a joint application. 

    Once you’ve completed your application, we’ll send the other party a message with details on how to get started. If they are an existing myBOQ customer, they can apply using the application ID in the myBOQ app. This is done in the account section by selecting ‘Sign up for a new account’ and then ‘Join an existing application’. 

  • How is interest calculated?

    Interest is calculated on your Simple Saver Account/s from the day funds are credited to your account. It is calculated daily by applying the applicable interest rate to the closing balance of your account each day as follows:

    Simple Saver Account daily closing balance x interest rate (per annum)/
    Number of days in the year (365 days)

    We will credit interest to your account at the close of business on the last day of each calendar month, and funds are available on the first day of the following month. 

    Some months have more days than others, which can affect the total dollar value of interest paid each month. 

  • How many savings accounts can I open with Simple Saver?

    You can open up to nine Simple Saver Accounts to help keep track of different savings goals.

  • Can I access this account using desktop Internet Banking?

    No, myBOQ Simple Saver accounts are only available through the myBOQ mobile app and you cannot access this on a desktop or laptop computer. Any BOQ banking products that are accessible via BOQ internet banking such as Day2Day Plus Account, Fast Track Starter Account and Fast Track Saver Account will not be available within the myBOQ app.

    Easily set savings goals and check your account balances from your compatible mobile device or tablet.  

  • How do I open a savings account?

    You can open an account directly from the myBOQ app or by completing the online application form.

    •  

    See all Simple Saver FAQs

Important Documents

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