bonus saver savings accounts

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 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.

Bonus saver savings account comparisons on Mozo - last updated 18 April 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
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    AMP Saver Account

    Maximum rate
    Standard interest rate
    Govt Deposit Guarantee
    1.25% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    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.^

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    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    Standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.10% 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 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

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    Serious Saver

    Maximum rate
    Standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for first 3 months, reverting to 0.15% rate after

    $0 monthly account fee. Link to any Australian bank account.

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    Hero Saver

    Maximum rate
    Standard interest rate
    Govt Deposit Guarantee
    0.80% p.a. (for $0 to $250,001)
    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.

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    Flexi Saver

    Maximum rate
    Standard interest rate
    Govt Deposit Guarantee
    0.25% p.a. (for $0 to $5,000,000)
    0.05% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Increase balance by at least $300 in the month

    No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.

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    Fast Track Saver Account

    Maximum rate
    Standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% 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.

    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.

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^See information about the Mozo Experts Choice Savings accounts Awards

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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Savings account resources

Reviews, news, tips and guides to help find the best savings account for you.

FAQ

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.

How do I keep track of interest rates?

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.

The different kinds of bonus saver accounts

Bonus rates, promo rates, intro rate offers - every bank will use different jargon to explain bonus features. Here's how to differentiate between them.

  • Introductory bonus rates: An intro bonus rate is a limited time offer (usually between 3 - 6 months) that you get as a new customer for opening an account. 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 which 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. Other conditions with savings accounts could be minimum monthly deposits or not making a withdrawal in the month. While these might sound restrictive, sometimes it is beneficial if you have a savings goal in mind because knowing you'll get a bonus interest rate encourages you to keep your savings on track.
  • Kids bonus rates: Many banks offer special bonus saver accounts for children under the age of 12 years. Usually monthly deposit conditions are lower than on standard personal accounts but withdrawal conditions may apply. If your child does not meet these conditions, he or she will not be eligible for the bonus interest for that month.

The features to look for in a bonus saver account

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.

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JP Pelosi
Managing editor

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 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:

  • 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 licence and 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. 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.

Savings Account Reviews

Westpac Bump Savings review
Overall 10/10
Extremely happy with Westpac service.

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 review

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!

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Ash, Western Australia, reviewed about 19 hours ago
Bendigo Bank Savings Account review
Overall 10/10
Knowledgeable, helpful and community-minded.

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 review

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.

Price
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Frances, Victoria, reviewed 2 days ago
Westpac eSaver review
Overall 10/10
It’s a good bank.

I’ve been with the bank for over 25 years.

Read full review

I’ve been with the bank for over 25 years.

Price
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Amy, Victoria, reviewed 2 days ago

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