Bonus saver vs unconditional savings accounts: which is better in a rate-cut cycle?

The Reserve Bank of Australia (RBA) has already cut rates three times this year, and with the possibility of more reductions later in 2025 and into 2026, savings rates are trending lower. That makes it more important than ever to pick the right type of account – one that won’t just look good today, but will still deliver decent returns months down the track.

So, what’s better? Bonus saver accounts or unconditional savings accounts? Bonus savers reward consistent saving habits with higher ongoing rates, while unconditional accounts often dangle high introductory offers to reel you in. Which one works best for you depends on your saving style and how long you plan to keep your cash parked.

How different savings accounts work

When choosing a savings account, it helps to understand the different structures on offer. Some accounts entice you with a short-term boost, others reward consistency, and a few keep things simple with no strings attached.

The table below breaks down the main types of savings accounts available so you can see at a glance how they work, what they reward, and which type of saver they might suit.

Bonus saver vs introductory rates

A good way to see the difference in action is by comparing two savings account options. For example, the ING Savings Maximiser (a bonus saver account) and the Rabobank High Interest Savings Account (an unconditional account with an introductory rate).

• Rabobank offers a market-leading introductory rate for the first four months, but after that, your balance reverts to a much lower ongoing rate.
• ING Savings Maximiser provides a consistently strong bonus rate month after month, but only if you meet its conditions: deposit at least $1,000, make five eligible card purchases, and grow your balance each month.

The takeaway? Rabobank can deliver more interest upfront, making it a handy option for short-term goals. ING, meanwhile, rewards savers who are disciplined enough to keep up with the monthly requirements, and it can end up paying more over the long run.

An unconditional alternative

Not every unconditional savings account relies on a welcome period. The ING Savings Accelerator is a good example of a no-conditions account that instead uses balance tiers to determine your rate.

This means you won’t need to track deposits or spending, and there’s no expiry date on the rate. The flipside is that you’ll generally need a larger balance to access the highest tiers, so it tends to suit established savers who want simplicity and certainty.

What happens in a falling rate environment?

With the RBA continuing to cut rates, both bonus savers and introductory accounts will see their rates move lower. But they won’t necessarily fall in lockstep.

• Bonus savers may hold up better if banks want to remain competitive for loyal customers. If you miss the conditions, you could end up earning no interest at all, or you’re stuck on a low base rate that feels even worse in a low-rate market.
• Introductory accounts can still look attractive in a falling-rate cycle, but once the welcome period ends, the reversion rate may be below what bonus savers are offering.

That’s why it’s important not just to chase the biggest number on the market, but to look at what you’ll realistically be earning after the first four to six months.

Which account suits which saver?

• Bonus savers. Ideal for disciplined, long-term savers who can meet necessary conditions every month.
• Introductory unconditional accounts. Handy for short-term savers or those chasing higher returns for a limited window.
• Unconditional ongoing accounts. Better suited to savers who want simplicity and predictability without conditions or expiry dates.

Compare different savings accounts below