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.
Page last updated January 19, 2020
Promoted
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
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
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
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Promoted
1.95% 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
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
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
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. Earn an ongoing bonus rate of up to 2.00% p.a. when you deposit $1000 each month from an external source and hold a CUA Bank 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
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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.
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.
The app is super easy to use. Quick start up of the account.
Read full reviewThe app is super easy to use. Quick start up of the account.
Everything about this bank is perfect, never have any problems.
Read full reviewEverything about this bank is perfect, never have any problems.
Great rates with no frills.
Read full reviewGreat rates with no frills.
