Get Maximum Interest Savings Account
Bonus savers are savings accounts that pay extra interest each month you top up your savings.
Bonus saver accounts often offer more interest than a regular savings account, as they reward you with bonus interest each month you add to your savings balance.
You can compare a bunch of Australian bonus saver accounts in the table below and open one online in minutes.
Bonus Saver Savings Account Offer 1.
The linked transaction account has no monthly fees and no international fees.
Compare across multiple banks and ensure you can meet the conditions to get that bonus rate.
Standard Variable Rate p.
The linked transaction account has no monthly fees and no international fees.
Available on the entire balance.
Compare What is a bonus saver account?
A bonus saver account is a savings account that rewards you online bonus saver account extra interest when you meet the account conditions.
These are also known as incentive saver accounts, as they incentivise you to save, or bonus interest accounts.
The account conditions that need to be met in order to earn the bonus interest could include a minimum amount of money you need to deposit per month, no withdrawals for the month, linking an everyday bank account from the same bank or making a weekly tap and go purchase.
Everyday, banks are thinking of new ways online bonus saver account earn the bonus interest rate to differentiate themselves to the market.
So it's important to regularly compare savings accounts to ensure you're always getting the best deal.
How can a bonus saver account benefit me?
A bonus saver account is designed to encourage you to of accounting method deposit money on a regular basis.
The terms used for this type of account generally come with two requirements.
The first requires a minimum monthly deposit without making any withdrawals from the savings account for a given month.
The second looks at the growth of the account from the first day of the month to the last and if the balance has increased by a set amount.
If one of the two conditions are met, generally you can receive the bonus interest.
Do I lose the bonus interest permanently if I don't meet the conditions for one month?
If you haven't met the conditions for one month, you'll be eligible for the bonus interest again the following month.
Any month you meet the conditions, you'll be able to receive the bonus interest.
What features should I look for in an Australian bonus saver account?
Bonus saver accounts give you an opportunity to earn a higher interest rate in return for exercising some financial discipline and displaying good savings habits.
When comparing between different Australian banks and their bonus saver accounts, compare the following features.
Sometimes the deposit conditions are quite strict, requiring you to deposit high amounts each month in order to earn the bonus interest rate.
Ensure you're realistic when considering the deposit requirements.
Term deposits versus bonus saver accounts — which is free money on paypal account />This depends on your financial situation.
With a bonus saver account, on the other hand, you can usually access your funds whenever you need, but you're usually penalised with a lower interest rate if you do so.
Also, as the interest rate on bonus saver or incentive saver accounts is variable, this means it can change at any time.
There are several other types of savings accounts available to help you realise your financial goals, which are discussed below.
Can under 18's open a bonus saver in Australia?
There's a range ofincluding bonus savers.
Bonus saver accounts give you an opportunity to boost your savings quicker with a higher interest rate.
These types of accounts typically do not have monthly account keeping fees, so you can focus on your savings goals.
Individuals who need help with saving may find that having a set monthly goal to meet makes it easier to stay on track with saving.
Some Australians may find it hard to continually meet the strict terms of a bonus saver account on a month to month basis.
Unlike a transaction account, the money kept in a bonus saver account cannot be easily accessed and used to make everyday purchases.
Wait, I have more questions about bonus savings accounts!
It's often refereed to as an incentive saver, because the bonus interest provides a good incentive to save.
You can compare bonus saver accounts in the table above, and make sure to check you can meet the account conditions when making your choice.
However, there are some Australian financial institutions that will allow the nominated account to be with an external bank.
The transaction account allows you to transfer money to and from your account without having to visit a branch.
However, please note that interest payments made do not count as a part of a deposit.
To earn the bonus interest rate of 1.
Australians could soon be earning even less interest on their savings with the RBA today cutting the official cash rate to 1.
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Shirley Liu is Finder's global program manager.
She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics.
Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales.
She is passionate about helping people find the best deal for their needs.
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All the featured banks with high savings returns seem to have terrible reviews.
Hi June, Thanks for getting online bonus saver account touch!
I understand that having an online bank — some people ar skeptical about it — but as we are coming into the world of mobility, there will be a time when all payments are cashless.
As a product comparison website, we are not in the position to recommend one product for you.
The best way to choose an online savings account is to review our comparison page on this.
Take note to review only banks that are familiar to you and check their fees and interest rates.
This will be of good value to you and you will meet your goals in savings.
Hope this was helpful.
I cannot find Ubank Ultra in your tables.
Is it missing on purpose?
Thanks for getting in touch!
Here is the at 2.
You can also check this page for Hope this helps!
You can deposit your SMSF to a savings account with higher interest.
You can check this page for more information on You can also check this page on.
Feel free to message should you have further questions.
Are there any issues we need to consider when looking to set up an account for her here in Australia?
Thinking of doing it in one of online bonus saver account names with an ongoing monthly deposit and then granting her access to the account when she is old online bonus saver account or when we pass away.
Hi Georgina, Thank you for your inquiry.
Basically, it is possible for a newborn baby to have a savings account and parents or grandparents can be added as signatories to the account and then transfer it to the child later.
But, as to the identity of the child as account owneryou would need to confirm this with the bank directly if they would accept a child who was born and live overseas.
You may want to check this which outlines children savings accounts.
I dont intent to withdraw from the account.
Can you reccommend any accounts that fit this description?
Hi Caine, Thank you for visiting finder, we a Australian financial comparison website and general information service.
As we do not represent any company we feature on our pages, we can offer you general advice.
Cheers, Joanne At the end of a 3-month higher interest rate term is it unethical to transfer to another bank offering a competitive further short term rate?
Hi Margaret, Thanks for your inquiry.
Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
You can choose from between three months to five years with most banks, but understand that once you set the terms, you cannot make a withdrawal early without having to pay a penalty charge.
A three month term deposit is a short term savings product, where the interest is calculated daily and paid to you at the end of the term.
With some banks, a three month term deposit will rollover into a new one when the term comes to an end unless you have notified the bank of your intention to withdraw your savings beforehand.
You may find this info from this and you may also compare your options.
Best regards, Here Hi Krista, Thanks for your inquiry.
Please note that we are not affiliated with Woolworths or any company we feature on our site and so we can only offer you general advice.
The Woolworths Everyday Platinum Credit Card provides platinum card benefits and can reward you with up to 3 points for every dollar spent.
You can accumulate your points in many retail outlets and shops around Australia, plus earn bonus points when article source shop at Woolworths and BWS.
Which would be best?
Hi Shaun, Thanks for your question.
Unfortunately, we are unable to recommend specific products.
If you are looking to open a long term savings account, you may consider getting a or a.
Cheers, Anndy Disclaimer - Hive Empire Pty Ltd trading as finder.
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We hope that the information and general advice we can provide will help you make a more informed decision.
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We compare from a wide set of major banks, insurers and product issuers.
Although we provide information on the products offered by a wide range of issuers, we don't cover every available product.
You should online bonus saver account whether the products featured on our site are appropriate for your needs and current account deposits definition independent advice if you have any questions.
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Here's How to get the most out of your Bonus Saver
Bonus Saver Account.. Earn bonus interest above your base rate in each calendar month in which you make a deposit (minimum K1.00) and no withdrawals and maintain a.
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