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.
Read moreBonus 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.
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.
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.
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
1.75% p.a. (for $0 and over)
0.15% p.a.(for $0 and over)
Yesup to $250,000
Grow your balance by $200 or more and make no more than one withdrawal in the month.
1.75% p.a. (for $0 and over)
0.15% p.a.(for $0 and over)
Yesup to $250,000
Grow your balance by $200 or more and make no more than one withdrawal in the month.
Earn bonus interest every month. Ideal for helping you reach those long-term savings goals. No monthly account keeping fees.
1.85% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account. (This second requirement has been paused until 31 August 2020).
1.85% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account. (This second requirement has been paused until 31 August 2020).
No minimum balance required. Winner of a 2020 Mozo Experts Choice Awards in the Regular Saver category. ^
1.80% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
1.80% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
No minimum balance and no account keeping fees. Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category .^
2.25% p.a. (for $0 to $250,001)
0.80% p.a.(for $0 to $250,001)
Yesup to $250,000
2.25% p.a. (for $0 to $250,001)
0.80% p.a.(for $0 to $250,001)
Yesup to $250,000
Bonus rate for the first 4 months from account opening
A dual 2020 Mozo Experts Choice Awards winner for Kick Start Savings and No Strings Savings. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
2.00% p.a. (for $0 and over)
0% p.a.(for $0 and over)
Yesup to $250,000
2.00% p.a. (for $0 and over)
0% p.a.(for $0 and over)
Yesup to $250,000
Account balance must increase each month
For NSW residents only. Must be under 25 to open account but can continue to be used beyond that age. No monthly account keeping or transaction fees.
2.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yesup to $250,000
No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% bonus rate after*
2.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yesup to $250,000
No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% bonus rate after*
$0 monthly account fee. Link to any Australian bank account.
1.25% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
1.25% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No account maintenance or transaction fees.
2.05% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
2.05% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
^See information about the Mozo Experts Choice Savings Accounts Awards
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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Reviews, news, tips and guides to help find the best savings account for you.
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.
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.
Bonus rates, promo rates, intro rate offers - every bank will use different jargon to explain bonus features. Here's how to differentiate between them.
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.
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:
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.
Super trustworthy and great customer service and satisfaction.
Read full reviewSuper trustworthy and great customer service and satisfaction.
I have had 2 accounts with ING for over a decade and I have been pleased with their customer service. Never had to wait too long on the phone whenever I have rung. They have always been patient and understanding when I have had an issue. Every problem has been sorted out without any issue and they even stated suggesting all their fee free accounts once they found out I am a disabled pensioner (I never had to bring this up).
Read full reviewI have had 2 accounts with ING for over a decade and I have been pleased with their customer service. Never had to wait too long on the phone whenever I have rung. They have always been patient and understanding when I have had an issue. Every problem has been sorted out without any issue and they even stated suggesting all their fee free accounts once they found out I am a disabled pensioner (I never had to bring this up).
ING has always been quick and easy to contact if there has been a problem. We have never had a problem that wasn't solved quickly. Their customer service is always exceptional. The interest rate is competitive and it is easy to activate the bonus interest. The lack of a physical branch is the only real draw back. Occasionally we get a cheque or want to deposit cash, so we need to maintain an account at a separate bank.
Read full reviewING has always been quick and easy to contact if there has been a problem. We have never had a problem that wasn't solved quickly. Their customer service is always exceptional. The interest rate is competitive and it is easy to activate the bonus interest. The lack of a physical branch is the only real draw back. Occasionally we get a cheque or want to deposit cash, so we need to maintain an account at a separate bank.
