BOQ Term Deposit Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Best rate
5.10%
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 term deposit offers a 5.10% p.a. rate for 12 months — on par with Westpac and Bendigo Bank, though below the leading rates from Judo Bank (5.45%) and AMP (5.40%).
BOQ's standout for term deposits is its low $1,000 minimum deposit, making it the most accessible among the providers listed on this 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 |
|---|---|---|
| 12 months | 5.10% | At maturity, $1,000 minimum |
Additional terms may be available. Check BOQ's website for the full schedule and latest rates.
Pros and Cons
Pros
- ✓ $1,000 minimum — lowest among all listed providers
- ✓ 5.10% 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 (5.45%), AMP (5.40%), ING/Suncorp (5.30%)
- ✗ Fewer branches than big-four banks
- ✗ Short-term rates not prominently published
- ✗ Early withdrawal penalty applies
How It Compares
- Judo Bank: 5.45% for 12m, $1k min — highest 12m rate
- AMP Bank: 5.40% for 12m, $5k min
- ING / Suncorp: 5.30% for 12m
- NAB / CommBank: 5.20% for 12m, $5k min
- BOQ / Westpac / Bendigo: 5.10% for 12m — BOQ has lowest $1k minimum
Information verified 18 May 2026. Rates and offers subject to change. Confirm current rates on BOQ's website before investing. This is not financial advice.