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.
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
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.
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.
Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.
1.15% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
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.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
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.
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.
No minimum balance required. Winner of a 2020 Mozo Experts Choice Awards in the Regular Saver category. ^
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).
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).
No monthly fees and earn up to 1.60% interest when you make 5 card purchases per calendar month. Automatically receive a $5 bonus into your new Up account when you use the special code MOZO5 at sign up.
1.35% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
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
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
^See information about the Mozo Experts Choice Savings accounts Awards
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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.
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.
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 reviewGot 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!
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 reviewIt 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.
The fees are to high.
Read full reviewThe fees are to high.
