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 September 20, 2019

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Savings Account Resources

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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.

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.

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.

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