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Bank account offers for new customers

Many banks have special offers for new customers who open accounts, including cashback, bonus offers and fee waivers.

Name Monthly fee Govt. Guarantee Own network ATM fee Card type
ING Orange Everyday Account
ING logo
Apple Pay Google Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
1% cashback on utility bills (T&Cs apply)
HSBC Everyday Global Account
HSBC logo
Finder AwardApple Pay Google Pay10 Currencies
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Earn 2% cashback on tap and pay purchases.


Virgin Money Go Account
Virgin Money logo
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Earn Virgin Money Points as you spend with your debit card
NAB Classic Banking with Platinum Visa Debit Card
NAB logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$10
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Complimentary travel insurance and cashback on tap and go purchases
Bankwest Qantas Transaction Account
Bankwest logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$6
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
Earn Qantas Points on eligible purchases and your daily account balance

Australian Military Bank Military Rewards Account
Australian Military Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$4
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Earn 1% cashback on tap and go purchases under $100, up to the value of $25 a month
Commonwealth Bank Smart Access
Commonwealth Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$4
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
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What kind of sign-up offers do banks have for new accounts?

  • Cash bonus offers. If you meet the criteria you can get cash in your bank account when you open it. Cash bonuses are normally around $50–$100 at most.
  • Cashback. Some accounts let you earn cashback based on money you spend. This is normally limited to 1–2% of what you spend. It may be capped at a set amount or limited to specific types of transaction.
  • Points. Credit cards often come with reward points based on how much you spend. But sometimes debit cards and even transaction accounts let you earn points.
  • Introductory savings rates. Savings accounts may come with a special, higher interest rate for the first few months. After that, the account interest rate will be smaller.
  • Fee waivers. Banks often waive application or annual fees on bank products for a limited time.
  • Interest-free periods. Balance transfer credit cards typically offer interest-free periods. This means you can move outstanding balances to the new card and get a break from interest charges while you pay it off.
  • Complimentary travel insurance. Many credit cards have complimentary travel insurance. But sometimes you can get this with a transaction account and debit card too.

Bonus offers are for transaction accounts, not savings accounts

Banks use special offers and deals on transaction accounts and linked credit or debit cards. This is to encourage people to sign up and spend using the accounts.

These offers are much rarer on savings accounts because these accounts are aimed at building up savings over time and earning interest.

Cashback vs cash bonuses

Cash bonuses

  • A one-off deposit of cash in your account after you open it. This is usually no more than $100.
  • You have to meet criteria, such as making a certain number of transactions or depositing a certain amount into the account each month.
  • You may need to keep the account open for a few months before you get the cash.

Cashback

  • A bank account cashback is more of an ongoing perk than a one-off payment.
  • You can earn a percentage of your spending back, usually 1–2%.
  • Cashback applies to a specific type of spending. For example, a 1% cashback on your utility bills or 2% for every purchase you make via tap and pay.

What other special offers can I get from a bank?

Credit card offers

Plenty of banks have introductory credit card offers. This includes $0 annual fees, long interest-free periods and the ability to earn bonus points.

Home loan cashback

Some lenders offer generous cashback to entice borrowers to refinance their home loans. You can get up to $4,000 with a home loan cashback. This can offset any switching fees. You need to open a bank account with the same bank or lender to qualify.

Frequently asked questions

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To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.
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Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

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Alison has written 656 Finder guides across topics including:
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Co-written by

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise
Richard has written 527 Finder guides across topics including:
  • Home loans
  • Property
  • Personal finance
  • Money-saving tips

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