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.

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.