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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 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.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Read our Mozo Review to learn more about the Bonus Saver Account
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
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
Read our Mozo Review to learn more about the Boost Saver with Go Account
Bonus rate for first 3 months, reverting to 0.15% rate after
$0 monthly account fee. Link to any Australian bank account.
$0 monthly account fee. Link to any Australian bank account.
Read our Mozo Review to learn more about the Serious Saver
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.
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.
Read our Mozo Review to learn more about the Grow Saver
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
Read our Mozo Review to learn more about the Online Saver
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.
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
Read our Mozo Review to learn more about the High Interest Savings Account
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.
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.
Read our Mozo Review to learn more about the Fast Track Saver Account
Increase balance by at least $300 in the month
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
Read our Mozo Review to learn more about the Flexi Saver
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.
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.
Read our Mozo Review to learn more about the WebSavings Account
^See information about the Mozo Experts Choice Savings accounts Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
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.
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.
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: 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.
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:
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.
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.
Bad bank, hidden fees, won't let you transfer money.
Read full reviewBad bank, hidden fees, won't let you transfer money.
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 reviewA "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.
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 reviewING 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!
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