Compare Bonus Saver Savings 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.