What is BOQ's best term deposit rate?

BOQ's best term deposit rate is 5.30% p.a. for 12 months. The minimum deposit is $1,000 — one of the lowest minimums among Australian banks, making BOQ accessible to smaller investors.

What is the minimum deposit for a BOQ term deposit?

BOQ requires a minimum deposit of just $1,000 for term deposits — significantly lower than the $5,000 minimum at big-four banks and $10,000 at ING. This makes BOQ term deposits accessible to a wider range of investors.

BOQ Term Deposit Review (2026)

Q: Is BOQ a safe bank?

Yes. Bank of Queensland (BOQ) is an APRA-regulated Australian ADI listed on the ASX. Deposits up to $250,000 are protected under the Government's Financial Claims Scheme. BOQ also owns Virgin Money Australia and ME Bank.

Rates and details verified 3 October 2026

Rates can change without notice. Last verified: 3 October 2026 (AEST). Please confirm details on the bank’s official page.

Best rate

5.30%

p.a. for 12 months

Minimum deposit

$1,000

one of the lowest minimums

Bank type

ASX

listed, APRA-regulated

About BOQ Term Deposits

Bank of Queensland (BOQ) is an ASX-listed regional bank that also owns Virgin Money Australia and ME Bank. Its myBOQ Term Deposit offers a 5.30% p.a. rate for 12 months, with 4 of the 17 providers in our comparison paying more; Judo Bank leads at 5.45%.

BOQ's standout for term deposits is its low $1,000 minimum deposit, bettered only by Bank First in our comparison. This is particularly useful for first-time term deposit investors or those splitting savings across multiple institutions to stay within the $250,000 deposit guarantee limit.

BOQ is an APRA-regulated ADI. Deposits up to $250,000 are protected under the Government's Financial Claims Scheme.

Current Term Deposit Rates

Term	Rate (p.a.)	Notes
3 months	4.95%	At maturity, $1,000 minimum
6 months	5.20%	At maturity, $1,000 minimum
9 months	5.15%	At maturity, $1,000 minimum
12 months	5.30%	At maturity, $1,000 minimum

The myBOQ Term Deposit runs to 12 months. Check BOQ's website for the full schedule and latest rates.

Pros and Cons

Pros

✓ $1,000 minimum — one of the lowest in our comparison
✓ 5.30% for 12 months — competitive mid-tier rate
✓ ASX-listed bank, APRA-regulated ADI
✓ Government deposit guarantee up to $250,000
✓ No establishment or management fees

Cons

✗ 12m rate below Judo Bank (5.45%), AMP Bank (5.40%) and Suncorp Bank (5.40%)
✗ Fewer branches than big-four banks
✗ No terms beyond 12 months
✗ Early withdrawal penalty applies

How It Compares

AMP Bank Term Deposit (GO)
5.40% (12 months) — $5k min
Judo Bank Personal Term Deposit
5.45% (12 months) — $1k min
ING Term Deposit
5.30% (12 months)
Suncorp Bank Term Deposit
5.40% (12 months)
NAB Term Deposit
5.30% (12 months) — $5k min
CommBank Term Deposit
5.30% (12 months) — $5k min
BOQ Term DepositReviewed here
5.30% (12 months) — $1k minimum, terms to 12 months
Westpac Term Deposit
5.20% (12 months)
Bendigo Bank Term Deposit
4.90% (12 months)

→ Compare all term deposits

Related guides

View BOQ Term Deposit →

Information verified 3 October 2026. Rates and offers subject to change. Confirm current rates on BOQ's website before investing. This is not financial advice.