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 when you meet certain criteria to incentivise you to save faster. However, these higher rates can revert to the base level if you don't meet the conditions or if they're timed introductory rates. So when looking at bonus saver accounts be sure to double check you’re happy with the standard ongoing rate just in case. Start by comparing rates below to find the bonus savings account that’s right for you.

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bonus saver savings accounts

Bonus saver savings account comparisons on Mozo - last updated 19 March 2024

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  • Mozo Expert Choice Badge
    Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

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

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

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

    Yes up to $250,000

    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.

    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.

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  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

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

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

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  • Mozo Expert Choice Badge
    Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% 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 Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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  • Mozo Expert Choice Badge
    Life - 18-29 years old

    5.20% p.a. (for $0 to $30,000)

    2.00% p.a.(for $0 and over)

    Yes up to $250,000

    Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

    Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.

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^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

In the savings account world, banks reward customers with bonus interest rates when they meet certain conditions such as making a minimum monthly deposit, spending through a linked transaction account debit card and not making regular withdrawals.

With a bonus saver, interest on the account is generally calculated daily and paid on the last business day of every month.

Below we’ve outlined some of the key aspects of these accounts so you can compare bonus offers and read 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 that you’re looking for high interest savings accounts. Of course, interest rates are always subject to change, so you’ll need to keep an eye on the market to make sure you’re always getting the best savings account interest. For a snapshot of current rates, plus a look at past and future trends, check out our savings account interest rates page. Alternatively, if you want to know what are some of the best high interest savings accounts in Australia, check out our Mozo Expert Choice Award 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. Below is a quick way on how to differentiate between them.

  • Introductory bonus rates: This is a limited time offer (usually between 3 and 6 months) you'll be able to access when opening an account as a new customer. 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 that 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 which you make regular purchases through. Other conditions could be minimum monthly deposits or not making a withdrawal in the month.
  • Kids bonus rates: Many banks offer special bonus saver accounts for children under a certain age. Usually, monthly deposit conditions are lower than on standard personal accounts but withdrawal conditions may apply. If your child does not meet these conditions, they may not be eligible for the bonus interest for that month.

The features to look for in a bonus saver account

Competitive interest rate: Look for an account that will deliver you the best interest return on 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 doesn’t charge you a monthly service fee or an online banking fee. When you compare savings accounts with Mozo, you'll be able to see major fees and features side-by-side.

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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JP Pelosi
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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 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.

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 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 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 as well as a certain number of settled transactions via a linked transaction account. 

Because each high interest savings account and each bank will have different requirements it is important that you know what these are before signing up. Otherwise, you may 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 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.

Savings Account Reviews

Bendigo Bank EasySaver Account
Overall 10/10
Very happy customer

I joined Bendigo Bank just a ver a year ago as my other local bank closed down. I am very happy with Bendigo Bank. The local branch is very convenient and the customer service is excellent. I don’t have a long wait on the phone if I need to call. The app is very user friendly and transactions are easy.

Read full review

I joined Bendigo Bank just a ver a year ago as my other local bank closed down. I am very happy with Bendigo Bank. The local branch is very convenient and the customer service is excellent. I don’t have a long wait on the phone if I need to call. The app is very user friendly and transactions are easy.

Price
7/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Rachel, New South Wales, reviewed about 4 hours ago
Westpac eSaver
Overall 5/10
they need more work more sufficent and reliable

customer service is excellent

Read full review

customer service is excellent

Features
7/10
Customer service
7/10
Trust
6/10
Less
Helen, New South Wales, reviewed about 4 hours ago
NAB Savings Account
Overall 9/10
HappyCustomer

I like NAB because they taken into account my unemployment status and waive my fees for me thanks Nab

Read full review

I like NAB because they taken into account my unemployment status and waive my fees for me thanks Nab

Customer service
8/10
Convenience
8/10
Trust
9/10
Less
Jody, Victoria, reviewed about 4 hours ago

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