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.
Minimum deposit of at least $250.
Competitive interest rates, calculated daily and paid monthly. A variable bonus interest rate of 1.25% per annum when you deposit at least $250 each month (for balances up to $250K). AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^
Competitive interest rates, calculated daily and paid monthly. A variable bonus interest rate of 1.25% per annum when you deposit at least $250 each month (for balances up to $250K). AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^
Read our Mozo Review to learn more about the AMP Saver Account
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.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Read our Mozo Review to learn more about the Bonus Saver Account
Bonus rate for first 3 months, reverting to 0.15% rate after
$0 monthly account fee. Link to any Australian bank account.
$0 monthly account fee. Link to any Australian bank account.
Read our Mozo Review to learn more about the Serious Saver
Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Read our Mozo Review to learn more about the Hero Saver
Increase balance by at least $300 in the month
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
Read our Mozo Review to learn more about the Flexi Saver
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.
Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.
Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.
Read our Mozo Review to learn more about the Fast Track Saver Account
^See information about the Mozo Experts Choice Savings accounts Awards
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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.
Went into to the Westpac Riverton Branch today with my 13 year old son to open a savings account for him, and was helped by a who provided excellent Customer Service. He was patient, professional and friendly. My son was very comfortable with him and I certainly think he should be awarded consultant of the year. We were extremely happy with the overall service Westpac has provided once again. Keep it up!
Read full reviewWent into to the Westpac Riverton Branch today with my 13 year old son to open a savings account for him, and was helped by a who provided excellent Customer Service. He was patient, professional and friendly. My son was very comfortable with him and I certainly think he should be awarded consultant of the year. We were extremely happy with the overall service Westpac has provided once again. Keep it up!
My only source of income is an aged pension so I am not a big customer. Nevertheless, they always treat me like the most important person in the branch. They are helpful and friendly and always greet me by name. The Bendigo online app is very user friendly and empowering. I was recently scammed out of $1000, a lot of money for me and I cannot speak highly enough of the kindness, helpfulness and understanding of the call centre and the branch. I could not get my money back but they did not make me feel like a fool. They support our local Community in so many ways.
Read full reviewMy only source of income is an aged pension so I am not a big customer. Nevertheless, they always treat me like the most important person in the branch. They are helpful and friendly and always greet me by name. The Bendigo online app is very user friendly and empowering. I was recently scammed out of $1000, a lot of money for me and I cannot speak highly enough of the kindness, helpfulness and understanding of the call centre and the branch. I could not get my money back but they did not make me feel like a fool. They support our local Community in so many ways.
I’ve been with the bank for over 25 years.
Read full reviewI’ve been with the bank for over 25 years.
