Bonus saver savings accounts

A good savings habit deserves a good interest rate and choosing the right savings account can help you super-size your nest egg in record time through the power of compound interest.

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What is a bonus rate savings account?

Bonus 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.

Should I get a savings account or a term deposit?

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.

Can I apply for a bonus rate savings account online?

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.

Bonus saver savings account comparisons on Mozo - rates updated daily

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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.

The different kinds of bonus saver accounts

The features to look for in a bonus saver account

How to set up a bonus saver account

Savings Account Reviews

Bank of Queensland
Bank of Queensland savings account review
Overall
10/10
Great customer service

Owner run business and friendly service which makes me feel like I am a person not an account....

Owner run business and friendly service which makes me feel like I am a person not an account. Branches over an hour away for me, but I have received excellent service/ support by phone until I can access a branch.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Anne | Victoria

reviewed about 1 month ago

Bank of Queensland
Bank of Queensland savings account review
Overall
10/10
Great customer service

Owner run business and friendly service which makes me feel like I am a person not an account....

Owner run business and friendly service which makes me feel like I am a person not an account. Branches over an hour away for me, but I have received excellent service/ support by phone until I can access a branch.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Anne | Western Australia

reviewed about 1 month ago

BankSA
BankSA savings account review
Overall
6/10
Good for students not so much for businesses

BankSA has great customer service and has ATMs literally everywhere. Where they miss the point is...

BankSA has great customer service and has ATMs literally everywhere. Where they miss the point is the delay it takes to transact a payment.

Price
5/10
Features
4/10
Customer service
8/10
Convenience
7/10
Trust
8/10

Nemeem | New South Wales

reviewed about 1 month ago

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