Compare Bonus Saver Savings Accounts

Bonus saver accounts can be a great way to get a head-start on your savings, as they offer bonus interest to incentivise you to save faster. These higher rates eventually revert to normal after a few months, so when looking at bonus saver accounts double check that you’re happy with the standard ongoing rate. Start by comparing rates below to find the bonus saver that’s right for you.

Bonus saver savings account comparisons on Mozo - page last updated October 26, 2020

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.

  • mozo-experts-choice-2020

    1.50% p.a. (for $0 to $250,000)

    0.15% p.a.(for $0 and over)

    Yes up to $250,000

    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.

      Compare
    Details
  • 1.15% p.a. (for $0 to $250,000)

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

    Yes up to $250,000

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

      Compare
    Details
  • mozo-experts-choice-2020

    1.20% p.a. (for $1 to $250,000)

    0.20% p.a.(for $1 and over)

    Yes up 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.

      Compare
    Details
  • 1.60% p.a. (for $0 to $50,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).

      Compare
    Details
  • 1.35% p.a. (for $0 to $500,000)

    0.35% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

      Compare
    Details

^See information about the Mozo Experts Choice Savings accounts Awards

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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.

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Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

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

MyState Bank Bonus Saver Account review
Overall 1/10
Dropping %%%

Got an email today staying they're dropping the rate of the bonus saver account again. Last year max bonus was 2.4-2.6% and as of October 1, it's 1.5% p.a. UBank have a lot better rates and if you're 18-29 Westpac have a big 3%. I joined Westpac 3 days ago and I'm glad I did!

Read full review

Got an email today staying they're dropping the rate of the bonus saver account again. Last year max bonus was 2.4-2.6% and as of October 1, it's 1.5% p.a. UBank have a lot better rates and if you're 18-29 Westpac have a big 3%. I joined Westpac 3 days ago and I'm glad I did!

Price
1/10
Features
1/10
Customer service
10/10
Convenience
1/10
Trust
3/10
Less
Martin, Tasmania reviewed 2 days ago
Bendigo Bank Savings Account review
Overall 8/10
The staff are very friendly.

It feels very much like the community bank it is. The staff are very friendly and remember you when physically banking. Also, banking online is very user-friendly, which helps a baby boomer like myself, tech aware but not so savvy. Wish there were more physical branches.

Read full review

It feels very much like the community bank it is. The staff are very friendly and remember you when physically banking. Also, banking online is very user-friendly, which helps a baby boomer like myself, tech aware but not so savvy. Wish there were more physical branches.

Price
8/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jennifer, Queensland reviewed 4 days ago
Commonwealth Bank NetBank Saver review
Overall 4/10
Fees are to high

The fees are to high.

Read full review

The fees are to high.

Price
1/10
Features
3/10
Customer service
4/10
Convenience
5/10
Trust
4/10
Less
Kay, Victoria reviewed 6 days ago