Compare Bonus Saver Savings Accounts

Bonus saver accounts can be a great way to get a head start on your savings, offering tasty bonus interest for an intro period to incentivise you to save harder. Compare bonus saver rates below to help kick start your savings.

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What is a bonus rate savings account?

Bonus rate savings accounts are temporary high-interest offers. Usually after a time (perhaps 3-12 months) the ’honeymoon’ rate will revert to normal, but in the meanwhile you get the benefit of a little savings boost. When looking at bonus saver accounts double-check you’re happy with the reversion rate.

Should I get a savings account or a term deposit?

If you need regular access to your cash, or haven’t got a huge amount to invest, then a savings account is the way to go. However, if your savings are quite substantial (perhaps over $5000) and you won’t be calling on it anytime soon then a term deposit could be a better option.

Can I apply for a bonus rate savings account online?

Absolutely! In fact a number of bonus rate savings accounts are only available online as keeping them ’virtual’ lets the provider save on overheads and pass the savings on to you. To apply simply click the ’go to site’ button on your favourite savings account and follow the instructions to open your new account.

Page last updated February 29, 2020

Bonus saver savings account comparisons on Mozo - rates updated daily Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

  • Promoted

    Saver Account

    2.36% p.a. (for $0 to $250,000)

    Bonus rate for the first 4 months from account opening on the first $250,000 deposited. For new Saver customers only.

    1.40% p.a.(for $0 to $5,000,000)

    $0.00

    Competitive interest rates, calculated daily and paid monthly. A bonus interest rate of 0.96% per annum for the first 4 months and the first $250,000 deposited (For new Saver customers only, this offer is not available for existing or prior Saver/eASYSaver customers). Winner of the Mozo Experts Choice Awards 2019 in Kick Start Savings & No Strings Savings.

    • Phone banking, Internet banking

    • $0.00

    Read our Mozo Review to learn more about the Saver Account

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  • Promoted

    Growth Saver Account

    1.90% p.a. (for $0 and over)

    Grow your balance by $200 or more and make no more than one withdrawal in the month.

    0.20% p.a.(for $0 and over)

    $0.00

    Earn bonus interest for every month that you grow your net balance by $200 or more (excluding interest) and make no more than one withdrawal. Ideal for helping you reach those long-term savings goals.

    • Branch access, Phone banking, Internet banking

    • $0.00

    Read our Mozo Review to learn more about the Growth Saver Account

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  • Promoted

    Hero Saver

    1.85% p.a. (for $0 to $250,000)

    Minimum deposit of $200 and no withdrawals in the month.

    0.01% p.a.(for $0 to $5,000,000)

    $0.00

    Be rewarded for making regular savings contributions and making no withdrawals. Interest is calculated daily and paid monthly.

    • Phone banking, Internet banking

    • $0.00

    Read our Mozo Review to learn more about the Hero Saver

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  • Promoted

    USaver with Ultra Transaction Account

    2.10% p.a. (for $0 to $200,000)

    Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the month from an external source.

    1.04% p.a.(for $0 to $5,000,000)

    $0.00

    The UBank Ultra Transaction Account works hand in hand with the USaver. Receive a generous 2.10% ongoing bonus rate when you deposit at least $200 into either account each month. No international fees. Winner of the Mozo Experts Choice Awards 2019 as Savings Bank of the Year.

    • Phone banking, Internet banking

    • $0.00

    Read our Mozo Review to learn more about the USaver with Ultra Transaction Account

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  • Promoted

    Bonus Saver Account

    2.00% p.a. (for $0 to $150,000)

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    0.30% p.a.(for $0 and over)

    $0.00

    Enjoy bonus interest when you deposit $20 or more in to your Bonus Saver Account and make 5 or more eligible VISA Debit card transactions from your linked account each month (T&Cs apply). Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category^.

    • BPay, Phone banking, Internet banking

    • $0.00

    • Must link to a transaction account

    Read our Mozo Review to learn more about the Bonus Saver Account

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  • Promoted

    Reward Saver Account

    2.00% p.a. (for $5,000 and over)

    Minimum deposit of $50 and no withdrawals. Reverts to bonus rate of 0.90% after the first 4 months.

    0% p.a.(for $0 and over)

    $0.00

    Earn bonus interest by saving as little as $50 a month with no withdrawals. No monthly account keeping fees.

    • ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post

    • $0.00

    Read our Mozo Review to learn more about the Reward Saver Account

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  • Promoted

    High Interest Savings Account

    2.50% p.a. (for $0 to $250,001)

    Bonus rate for the first 4 months from account opening

    1.05% p.a.(for $0 to $250,001)

    $0.00

    No fees, no minimum balance, no minimum monthly deposit and no minimum term. Rabobank's account was also awarded an impressive two 2019 Mozo Experts Choice Awards in the No Strings Savings and Kick Start Savings categories.

    • Internet banking

    • $0.00

    • Must link to a transaction account

    Read our Mozo Review to learn more about the High Interest Savings Account

    Details Close

  • Promoted

    Serious Saver

    2.35% p.a. (for $0 to $1,000,000)

    No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.45% bonus rate after*

    0% p.a.(for $0 and over)

    $0.00

    $0 Monthly account fee. 2.60% p.a. 4 Month Introductory Variable Rate. 0.70% p.a. ongoing Variable Rate applicable every month you don’t make a withdrawal (both for the Introductory and Ongoing Variable Rates)

    • Phone banking, Internet banking

    • $0.00

    Read our Mozo Review to learn more about the Serious Saver

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  • Promoted

    Online Saver

    2.30% p.a. (for $0 to $500,000)

    Bonus rate for the first 4 months from account opening

    0.85% p.a.(for $0 and over)

    $0.00

    Earn the variable introductory rate, currently 2.30% p.a., for the first 4 months while the account balance remains below $500,000 (interest rate may change throughout the period). At the end of the introductory period (or if your balance is $500,000 or more) you'll receive the 0.85% p.a. standard variable rate on the entire balance.

    • Phone banking, Internet banking

    • $0.00

    • Must link to a transaction account.

    Read our Mozo Review to learn more about the Online Saver

    Details Close

  • Promoted

    eSaver Reward

    2.00% p.a. (for $0 to $100,000)

    Deposit $1,000 into a CUA transaction account from external source in the month.

    0.05% p.a.(for $0 and over)

    $0.00

    No account fees and unlimited transactions via phone and internet. Bonus interest paid when you deposit $1000 per month from an external account to a CUA transaction account.

    • BPay, Branch access, Phone banking, Internet banking

    • $1.00

    • Must also hold a CUA transaction account to qualify for bonus interest rate.

    Read our Mozo Review to learn more about the eSaver Reward

    Details Close

Want more? Compare all 233 savings accounts in the Mozo comparison engine.

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^See information about the Mozo Experts Choice Savings Accounts Awards

Savings account resources

Reviews, news, tips and guides to help find the best savings account for you.

Bonus Saver Accounts

Who doesn't love a bonus? In the savings account world, banks reward customers with bonus interest rates when you fulfill certain conditions such as making a minimum deposit and no withdrawals in a month.

With a bonus saver, interest on the account is generally calculated daily and paid on the last business day of every month.

If you are wondering whether a bonus saver account is right for you, read on. We'll outline some of the key aspects of these accounts so that you can compare bonus offers head to head and also give you some tips for getting the best return on your savings.

How do I keep track of interest rates?

If you’re after a bonus saver account, it’s safe to say getting high returns on your savings is your number one priority. Of course, interest rates are subject to change, so you’ll need to keep an eye on the market to make sure you’re always getting the best deal. For a snapshot of current rates, plus a look at past and future trends, check out our savings account interest rates page.

The different kinds of bonus saver accounts

Bonus rates, promo rates, intro rate offers - every bank will use different jargon to explain bonus features. Here's how to differentiate between them.

  • Introductory bonus rates: An intro bonus rate is a limited time offer (usually between 3 - 6 months) that you get as a new customer for opening an account. After the intro period your interest rate will revert to the standard variable interest of the account. Introductory bonus rates are perfect for those looking for a short term investment and savvy rate chasers who don't mind switching accounts every couple of months to get the best rates.
  • Conditional bonus rates: Many savings accounts have conditional offers which incentivise you to save or bundle your banking products. For instance, you might get a higher rate on your savings account if you have a linked transaction account with the same bank. Other conditions with savings accounts could be minimum monthly deposits or not making a withdrawal in the month. While these might sound restrictive, sometimes it is beneficial if you have a savings goal in mind because knowing you'll get a bonus interest rate encourages you to keep your savings on track.
  • Kids bonus rates: Many banks offer special bonus saver accounts for children under the age of 12 years. Usually monthly deposit conditions are lower than on standard personal accounts but withdrawal conditions may apply. If your child does not meet these conditions, he or she will not be eligible for the bonus interest for that month.

The features to look for in a bonus saver account

Competitive interest rate: You're after the highest interest on your money so look for an account that will deliver you the best return for your investment. If you opt for an account with a high short term intro rate also be sure to review the ongoing interest rate so that you don't see your savings plateau after the intro period ends.

No monthly fee: Make sure you pick an account that does not charge you a monthly service fee or an online banking fee. Compare all the fee free accounts on Mozo here.

Accessibility: If you are required to make monthly deposits to maintain the bonus interest rate, it is important that you can easily access and transfer funds to your account. Choose an account that gives you access to online banking, mobile banking or phone banking. The best option is to set up regular transfers to make sure you meet the bonus rate criteria.

Picture of Kelly Emmerton
Kelly Emmerton
Money editor

Kelly Emmerton is the Money Editor at Mozo, and has over 4 years experience writing exclusively in the Australian finance space. Her in-depth knowledge spans all areas of personal finance, from home loans to travel money, and she leads our team of money writers in helping to demystify personal finance for everyday Australians. Kelly has a background in communications and when she’s not delving into finance industry stats and product disclosure statements, you’ll find her on the beach reading classic sci-fi.

More FAQs about bonus saver accounts

How do I set up a bonus saver account?

You don't even need to leave the comfort of your home to open a savings account. Most banks and savings providers have the facility to set up your account completely online.

But there are some things you'll need to consider:

  • Eligibility: To apply for a bonus saver account, generally, you need to be an Australian resident and be at least 12 years of age. Non-residents will have to contact the bank directly.
  • Documentation: For the bank to approve your bonus saver account, you will need to provide identification forms, such as your driver's licence and passport. Apart from this, banks also usually require your tax file number and bank account details if you want to link your savings account with another account.

What do I need to do to keep getting bonus interest?

With some bonus saver accounts, you'll have conditions attached in order to get your bonus rate. It could be as simple as not making a withdrawal within a month or you might need to make a minimum monthly deposit. Because each savings account and each bank will have different requirements it is important that you know what these are before signing up. Otherwise you'll never get that juicy bonus interest and your money could have been better off parked in an account with a higher long term ongoing interest rate

Luckily with online banking and mobile banking apps it is pretty easy to make sure that you do meet the requirements. Set up an automatic transfer so that you don't have to remember when to transfer your money across. 

Is my money safe in a bonus saver account?

Money that is kept in bonus saver account on any savings account that is listed in the Mozo database is covered under the Australian Government's Deposit Guarantee Scheme, which covers you for deposits of up to $250,000. 

As with any other banking products, you should still make sure that you are diligent and keep account passwords or pin numbers safe and if you do spot any unusual activity on your account that you notify your bank straight away.

Savings Account Reviews

Commonwealth Bank NetBank Saver review
Overall 2/10
Not competitive - sad, pathetic interest... :(

The credit interest is a complete joke. I'm researching going to an online bank for better rates.

Read full review

The credit interest is a complete joke. I'm researching going to an online bank for better rates.

Price
1/10
Features
0/10
Customer service
3/10
Convenience
7/10
Trust
5/10
Less
Catherine, Queensland reviewed about 18 hours ago
Commonwealth Bank NetBank Saver review
Overall 3/10
Improvements can be made.

Customer service in our branch isn't really that good.

Read full review

Customer service in our branch isn't really that good.

Price
3/10
Features
3/10
Customer service
1/10
Trust
7/10
Less
Paula, South Australia reviewed 5 days ago
Commonwealth Bank NetBank Saver review
Overall 2/10
No cost was a bonus but they need internet banking

Very poor return rate.

Read full review

Very poor return rate.

Price
3/10
Features
3/10
Customer service
3/10
Convenience
5/10
Trust
7/10
Less
Craig, Queensland reviewed 5 days ago