Compare Bonus Saver Accounts

Bonus saver accounts offer extra interest when you meet certain criteria to incentivise you to save faster. With bonus rates as high as 5.75% p.a. start your comparison below.

JP Pelosi
Managing editor
Fact Checked
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 250 savings accounts using the filters.
Last updated 24 November 2024 Important disclosures

Savings account comparisons on Mozo

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  • Savings+Bonus

    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Online Savings Account

    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.20 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Go to site

    Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.

  • Savings Accelerator

    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Reward Saver Account

    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.25 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
    Go to site

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

  • Savings Maximiser

    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Maximum rate
    5.50 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Go to site

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • PremiumSaver

    Standard rate
    1.45 % p.a.
    (for $0 and over)
    Maximum rate
    5.35 % p.a.
    (for $0 to $250,001)
    Increase balance by $200 by the end of each month
    Go to site

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

  • Reward Saver Account

    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.25 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
    Go to site

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

  • Online Savings Account

    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.20 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Go to site

    Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.

  • Savings+Bonus

    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Bonus Saver

    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Go to site

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Bonus Saver Account

    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 to $250,000)
    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
    Go to site

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

  • MoneyMAX Account

    Standard rate
    4.70 % p.a.
    (for $1 and over)
    Maximum rate
    4.70 % p.a.
    (for $1 and over)
    Go to site

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

  • Smart Saver Account

    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Go to site

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

  • Savings Accelerator

    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

Showing 10 of 250 savings accounts. Use the filters to see more

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What are bonus saver accounts?

Bonus saver accounts are like a supercharged savings account that offer a base interest rate, plus an additional "bonus" rate when you meet specific conditions set by the bank.

Common requirements to earn a higher bonus rate include:

  • Making a minimum monthly deposit (e.g., $1,000 per month)
  • Maintaining a minimum balance
  • Making a certain number of transactions through a linked account
  • Avoiding withdrawals from the savings account.

How do bonus saver interest rates work?

Interest on bonus saver accounts is usually calculated daily. 

To earn the high bonus rate, you'll need to meet certain conditions. If you don't meet the conditions of the account you will then receive the standard or base interest rate. 

Example of how a bonus rate works

Let's say you open a bonus saver account with a 0.50% p.a base rate and a 3.50% p.a bonus rate. The bonus condition requires that you deposit $2,000 each month and make no withdrawals. If you miss a deposit or make a withdrawal, you’ll only earn a 0.50% base rate for that month on the balance. If you do meet these conditions, then you’ll earn a full rate of 4.00% p.a.

Types of bonus saver accounts

In Australia there are a few different types of bonus saver accounts depending on your savings situation. 

1. Introductory bonus rates

These savings accounts will offer a higher bonus interest rate for a limited time, usually 3-6 months. 

Example: Bank A offers a 3.50% interest rate for the first 4 months, which then reverts to a base rate of 1.50%. 

Pros:

  • Great for short-term savings goals
  • Can provide a significant boost to your savings in a short period

Cons:

  • If the base rate is low, you may want to switch accounts once the introductory period ends

2. Conditional bonus rates

These accounts offer a higher rate when you meet ongoing conditions, such as regular deposits or linked account activity.

Example: Bank B offers a 0.50% base rate and a 2.00% bonus savings rate if you deposit $1,000 per month and make no withdrawals.

Pros:

  • Encourages consistent saving habits
  • Can provide long-term benefits if conditions are consistently met

Cons:

  • Can be challenging to meet conditions every month
  • Could result in lower interest if conditions are not met

3. Kids & youth bonus rates

Designed for young savers, these savings accounts often have more lenient conditions and potentially higher rates to encourage good financial habits early.

Example: Bank C offers a 3.00% rate for savers under 18 who deposit $10 per month and make no withdrawals.

Pros:

  • Teaches children about saving and compound interest
  • Often have more achievable bonus conditions

Cons:

  • May have lower maximum balance limits
  • Rates may decrease as the child gets older

Key features to look for in a bonus saver

  • Competitive interest rates - If you are going to have to meet monthly conditions you’ll want to ensure that the rate being offered is hgh compared with standard base savings rates that don’t have conditions attached.   
  • Achievable bonus rate conditions - if your savings habits or income means that you won’t be regularly able to meet the bonus rate conditions, you may be better off with a savings account with a high base rate.  
  • No account fee - luckily most online savings accounts don’t have monthly fees
  • Accessibility: Choose an account with user-friendly online and mobile banking options. This makes it easier to track your balance, transfer funds, and meet bonus conditions.
  • Additional perks: Some banks offer extra benefits like financial planning tools or discounts on other banking products.

Strategies for maximising your savings balance

  • Automate your savings: Set up automatic transfers to ensure you meet minimum deposit requirements.
  • Use a Linked Transaction Account: If your bonus is tied to debit card usage, consider using the linked bank account for regular expenses.
  • Keep an emergency fund elsewhere: To avoid withdrawals that could cost you the bonus rate, maintain a separate emergency fund.
  • Balance accessibility and earnings: Decide whether you prefer the flexibility of easy access or the higher returns of stricter conditions.
  • Compare savings accounts regularly: Review your account's performance and compare it with other savings accounts at least once a year or check out our Mozo Experts Choice Savings Account Awards page where we’ve done the comparisons for you. . 

Potential pitfalls to avoid with bonus savers

  • Overlooking terms and conditions: Make sure you fully understand the requirements to earn the bonus savings rate.
  • Chasing rates at the expense of financial health: Don't lock away money you might need for short-term expenses just to earn a higher rate.
  • Neglecting to switch after introductory periods: Set reminders to reassess your account when introductory rates expire.

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More FAQs about bonus savings accounts

How do I set up a bonus saver account?

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

What will I need to open a savings account?

You’ll need to first make sure you meet the account eligibility requirements and have the required documentation to be able to open a savings account.

  • 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 license or 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 earning bonus interest?

The conditions that you’ll need to meet will depend on the savings account provider and the savings account which is why it is important to know what these are before you sign up and that you are realistic with your savings goals. 

Some bonus saver accounts have simple conditions like not making a withdrawal within a month, or you might need to make a minimum monthly deposit as well as a certain number of settled transactions. 

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 any bonus saver account that's 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 in case something goes awry with the banking institution. 

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

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JP Pelosi
JP Pelosi
RG146
Managing editor

Managing Editor Jean-Paul (JP) Pelosi leads the editorial team, with over 20 years of experience writing for top outlets like The Guardian, The Sydney Morning Herald and News.com.au. JP's expertise in home loans and property is complemented by his rich background at major financial firms including CommBank, Suncorp and Amex. Holding a Master's in Communications and international experience in journalism, JP combines passion with skill and has a unique ability to apply this editorial experience and financial knowledge to advise the team on how to create engaging financial content for Australian consumers.

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Savings account customer reviews

Commonwealth Bank NetBank Saver
Overall 3/10
I love my bank

I love my bank.I've been a dollar my kids since I was born

Read full review

I love my bank.I've been a dollar my kids since I was born

Price
3/10
Features
4/10
Customer service
5/10
Convenience
4/10
Trust
3/10
Less
Brooke, New South Wales, reviewed 4 days ago
Commonwealth Bank Savings Account
Overall 5/10
It’s okay

They are interested in themselves. They aren’t helpful if you don’t have a full time job. The branch where we are located have terrible knowledge but think their knowledge is great so you can’t explain to them why they are wrong when you have knowledge on a subject, they won’t listen.

Read full review

They are interested in themselves. They aren’t helpful if you don’t have a full time job. The branch where we are located have terrible knowledge but think their knowledge is great so you can’t explain to them why they are wrong when you have knowledge on a subject, they won’t listen.

Price
6/10
Features
2/10
Customer service
3/10
Convenience
9/10
Trust
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Ainsley, New South Wales, reviewed 4 days ago
Westpac Savings Account
Overall 8/10
Helpful bank that meets all my needs

Helpful bank that meets all my needs

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Helpful bank that meets all my needs

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9/10
Features
8/10
Customer service
8/10
Convenience
8/10
Trust
8/10
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Dave, Queensland, reviewed 4 days ago

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