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 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.

Bonus saver savings account comparisons on Mozo - last updated 6 August 2021

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    • Mozo Expert Choice Badge
      Bonus Saver Account
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.20% 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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      Details
    • Boost Saver with Go Account
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.20% p.a. (for $0 to $250,000)
      0.10% p.a.(for $0 and over)
      Yes up to $250,000

      Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

      Enjoy a savings account bundled with a spending account. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

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      Details
    • 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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      Details
    • Grow Saver
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      0.65% p.a. (for $0 and over)
      0.10% p.a.(for $0 and over)
      Yes up to $250,000

      Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

      Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

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      Details
    • Online Saver
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.10% 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.

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      Details
    • High Interest Savings Account
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.35% p.a. (for $0 to $250,001)
      0.25% p.a.(for $0 to $250,001)
      Yes up to $250,000

      Bonus rate for the first 4 months from account opening

      Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

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      Details
    • 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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      Details
    • 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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      Details
    • WebSavings Account
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.00% p.a. (for $2,000 and over)
      0.05% p.a.(for $2,000 and over)
      Yes up to $250,000

      Bonus rate for the first 4 months from account opening on balances over $2,000 only, available to new customers only.

      A high interest savings account that still lets you access your cash, no monthly account keeping fees and top up as many times as you like.

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      Details

^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.

FAQ

Bonus Saver Accounts

In the savings account world, banks reward customers with bonus interest rates when you can 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.

Here, we'll outline 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 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: 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 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 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 does not 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
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 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 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 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

MyState Bank Savings Account
Overall 1/10
Hidden fees

Bad bank, hidden fees, won't let you transfer money.

Read full review

Bad bank, hidden fees, won't let you transfer money.

Price
1/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Rhys, Victoria, reviewed 3 days ago
RAMS Savings Account
Overall 1/10
Less than a penny on the dollar. I have no words.

A "high interest" savings account that pays $0.75% interest. I received seven cents on an $800 deposit including "bonus interest" of $0.02 on top of the big shiny nickel they gave me. Absolutely obscene when you think about it. Not even a penny on the dollar which is far below the inflation rate. Not much of an incentive for middle earners or those who are rebuilding from tough times to save their money considering it costs money to keep it in their accounts when you factor in inflation. I repeat, not even a penny on the dollar in interest.

Read full review

A "high interest" savings account that pays $0.75% interest. I received seven cents on an $800 deposit including "bonus interest" of $0.02 on top of the big shiny nickel they gave me. Absolutely obscene when you think about it. Not even a penny on the dollar which is far below the inflation rate. Not much of an incentive for middle earners or those who are rebuilding from tough times to save their money considering it costs money to keep it in their accounts when you factor in inflation. I repeat, not even a penny on the dollar in interest.

Price
1/10
Features
1/10
Less
Christopher, New South Wales, reviewed 3 days ago
ING Savings Maximiser
Overall 1/10
Bonus interest doesn't get paid

ING can't be trusted in paying the bonus interest on your Macimiser account. The Bonus is only paid if the end of the month balance is more than last month but it looks at the lowest amount on the last day of the month not the closing balance at the end of the last day of the month. It is a rip off and they are getting as greedy as the big banks. Time to change banks!

Read full review

ING can't be trusted in paying the bonus interest on your Macimiser account. The Bonus is only paid if the end of the month balance is more than last month but it looks at the lowest amount on the last day of the month not the closing balance at the end of the last day of the month. It is a rip off and they are getting as greedy as the big banks. Time to change banks!

Price
1/10
Features
1/10
Customer service
3/10
Convenience
3/10
Trust
1/10
Less
Erica, Queensland, reviewed 4 days ago

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