BOQ Term Deposit Rates: The Real Numbers (2026)

August 19, 2026 3 Min Read

BOQ term deposit rates currently top out at 5.25% p.a. for a 12-month term, though a couple of comparison sites have the numbers mixed up. Here’s the full rate table, the minimum deposit that actually matters, and why longer terms don’t always pay more.

This bank is one of 19 compared in our Australia Term Deposit Rates comparison guide.

Quick Answer: BOQ Term Deposit Rates

BOQ term deposit rates for August 2026 range from 4.75% p.a. on a 3-month term up to 5.25% p.a. on a 12-month term, for deposits of $5,000 or more. Two comparison sites currently list the 12-month rate as 5.05%, but two other sources checked the same day agree the top rate is 5.25%, with 5.05% actually belonging to the 6-month term. Surprisingly, BOQ’s 2-year and 3-year rates drop to just 2.00% p.a., well below the 1-year rate.

1. The Full BOQ Term Deposit Rate Table

3 months: 4.75% p.a.
4 months: 4.80% p.a.
6 months: 5.05% p.a.
7 months: 5.10% p.a.
9 months: 5.15% p.a.
12 months: 5.25% p.a., the highest short-term rate available
2 years and 3 years: Just 2.00% p.a. at maturity, or 1.90% p.a. paid monthly

2. Why Two Sites Have the Top Rate Wrong

Some pages label 12 months as 5.05%. So two comparison pages, both updated the same day, list this figure as the “top pick.”
Two other sources say 12 months is 5.25%. Instead, these sources show 5.05% belonging to the 6-month term, not 12 months.
The higher figure lines up with BOQ’s own rate curve. Rates climb steadily from 4.75% at 3 months to 5.25% at 12 months. So 5.25% fits the pattern better than a flat 5.05%.
Always double-check the term, not just the headline number. So a rate that looks attractive might actually apply to a shorter term than advertised.

3. Why Longer Terms Don’t Always Pay More

The 1-year rate is the peak, not the starting point. At 5.25% p.a., 12 months currently beats every other term BOQ offers.
2-year and 3-year rates drop sharply. Both sit at just 2.00% p.a. at maturity, less than half the 1-year rate.
This runs against the usual assumption. Many savers expect longer terms to pay more. But that’s not the case with BOQ’s current rate card.
Locking in for a full year currently makes more sense than going longer. So unless your goals genuinely require a multi-year lock-in, the shorter high-rate terms still win here.

4. The Minimum Deposit That Actually Matters

Two tiers exist, and they’re very different. A $1,000-$4,999 tier pays almost nothing. Meanwhile, a $5,000-plus tier unlocks the real rates.
The low tier pays 0.05% to 0.15% p.a. So depositing less than $5,000 still barely earns any interest at all.
$5,000 is the real minimum to aim for. So that’s the threshold where BOQ’s competitive 4.75-5.25% range actually kicks in.
Maximum deposits go up to $50 million. So this account still works for both everyday savers and much larger balances.

FAQ: BOQ Term Deposit Rates

What is BOQ’s current highest term deposit rate?
Still 5.25% p.a. on a 12-month term, for deposits of $5,000 or more, based on cross-checked comparison-site data from August 2026.

Why do some sites show a different rate for BOQ’s 12-month term?
Two comparison pages list 12 months at 5.05%. But that figure actually belongs to the 6-month term, according to two other independently updated sources. So always verify the exact term before comparing rates.

What is the minimum deposit for a BOQ term deposit?
$1,000 gets you in the door, but rates barely rise above zero below $5,000. $5,000 is the real minimum for a competitive rate.

Do BOQ’s longer term deposits pay higher rates?
No. The 1-year term currently pays the highest rate at 5.25% p.a. Meanwhile, 2-year and 3-year terms drop to just 2.00% p.a.

What happens if I withdraw a BOQ term deposit early?
BOQ still requires 31 days’ notice and reduces your interest by 20% to 90%, depending on how much of the term has already passed.