Savings account vs term deposit
BOQ Future Saver Account vs term deposit
vs
Compare on
Interest over 1 year on $50,000
$3,000
6.00% a year, conditions met
$2,700
5.40% a year · paid at maturity
Over 1 year on $50,000, BOQ Future Saver Account pays $3,000 with its conditions met; BOQ's 12-month term deposit pays $2,700.
Worked out on $50,000 until you pick a balance
BOQFuture Saver Account
BOQTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$3,000
with its conditions met
+$300 · More interest over the term
$2,700
paid at maturity
Interest over 1 year without meeting the conditions
on $50,000
$25
at the base rate
$2,700
no monthly conditions
Rate over the term
a year, on $50,000
6.00%
with its conditions met
+0.60 · Higher rate over the term
5.40%
fixed for the term
Asked of you each month
- A deposit of at least $1,000
- 5 card purchases
Nothing
the money stays put
Getting the money out
Any time
no notice needed
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
the bank sets it
No
fixed for 1 year
Minimum to open
None
$5,000
Who can open it
18 to 35 year olds
Anyone
How they differ
- A savings rate can change at any time. BOQ Future Saver Account's figure holds today's rate for 1 year.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at BOQ shares that one $250,000.
BOQ myBOQ Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
4 monthsPaid at maturity5.00%$833
7 monthsPaid at maturity5.20%$1,517
9 monthsPaid at maturity5.20%$1,950
1 yearPaid at maturity5.40%$2,700
2 yearsNot offered——
As of 2 November 2026, over 1 year on $50,000, BOQ Future Saver Account pays $3,000 with its monthly conditions met; BOQ's 12-month term deposit pays $2,700 at 5.40%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.