If you’re the type that needs a little encouragement when saving money, the Move Bank Bonus Saver could be a good fit. Its standard interest rate sits at 0.10%, but if you can commit to depositing at least $200 a month and refrain from making any withdrawals, you’ll be rewarded with the maximum rate of 1.80%. Just remember the maximum rate only applies to balances up to $250,000.
Opening an account is hassle-free and should only take 5-10 minutes. You’ll need to be a permanent Australian resident and to help the process along you should have a few documents handy, such as your driver’s licence, passport and / or Medicare card.
Once you’re set up, your savings will be accessible whenever you want via phone and internet banking. There are no limits to how much you can withdraw each day via ATM, and BPay is available for when it comes time to pay any bills.
The Bonus Saver could suit those looking for an account that rewards good savings habits with competitive returns.
As mentioned above, to receive the maximum interest rate, you’ll need to deposit at least $200 a month and make no withdrawals. If you fail to meet these conditions, you’ll only receive 0.10% on your balance.
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Balances from $0: 0.10% p.a. |
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Balances from $0: 1.80% p.a. |
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Minimum deposit of $200 and no withdrawals in the month |
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$0.00 |
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n/a |
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Unlimited phone and internet transactions |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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none |
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no |
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no |
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no |
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no |
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no |
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yes |
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yes |
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yes |
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no |
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none |
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none |
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none |
Loud notices for great rates, but that'll lower it soon after you sign up. Clunky app and outdated calculators (tax and loans). There are many better options with better rates.
Read full reviewLoud notices for great rates, but that'll lower it soon after you sign up. Clunky app and outdated calculators (tax and loans). There are many better options with better rates.
Rabobank
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1.50% p.a.(for $0 to $250,001)
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Virgin Money
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0.65% p.a.(for $0 and over)
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2.35% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
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2.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
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1.80% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
ING
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3.10% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Rabobank
High Interest Savings Account
2.60% p.a. (for $0 to $250,001)
1.50% p.a.(for $0 to $250,001)
Yes up to $250,000
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Save Account
2.35% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
2.30% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Westpac
Life - 18-29 years old
2.75% p.a. (for $0 to $30,000)
0.65% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
2.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
1.80% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
ING
Savings Maximiser
3.10% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
0.05% p.a.(for $0 and over)
2.30% p.a. (for $0 to $250,000)
Yes up to $250,000
MyState Bank
Bonus Saver Account
0.05% p.a.(for $0 and over)
2.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Virgin Money
Grow Saver
0.05% p.a.(for $0 and over)
1.80% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.26% p.a. (for $0 and over)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
1.15% p.a. (for $0 and over)
Yes up to $250,000