A polyaxial bone screw assembly includes a threaded shank body having an upper capture structure, a head and an open, compressible retainer collar. The capture structure and retainer collar are both threaded for rotatable attachment within a cavity of the head. The head has a U-shaped cradle defining a channel for receiving a spinal fixation rod. The head channel communicates with the cavity and further with a restrictive opening that allows for loading the capture structure into the head but prevents passage of the attached retainer collar out of the head. The open retainer collar may be bottom- or top-loaded by compressing open ends of the ring towards each other, the collar springing back into a rounded shape after insertion in the head. The open collar has an external substantially spherical surface that mates with an internal surface of the head, providing a ball joint, enabling the head to be disposed at an angle relative to the shank body. The threaded capture structure includes a tool engagement formation and gripping surfaces for non-slip engagement by a tool for driving the shank body into bone.