Do savings accounts offer cash bonuses?

No, high interest savings accounts rarely offer cash bonus or cashback deals to new customers. However, they do offer something else instead: more interest. These accounts are called introductory saver accounts (or honeymoon savers). These accounts offer a higher, special interest rate to new customers for a certain amount of time, usually 3–5 months, as an incentive to switch and open an account.

Is the bonus rate on a savings account a special offer?

The bonus rate on a savings account is different to time-limited special offers banks use to entice customers. The bonus rate on a savings account is the maximum rate of interest you can earn if you meet the bank's criteria. This usually involves depositing a certain amount each month or depositing more than you withdraw.

How many bank accounts can you open?

You can open as many bank accounts as you like. Or rather, as many as each bank will let you open. There are no real limits with a bank account, unlike with credit cards and loans. But if you're planning to open multiple transaction accounts to take advantage of cash bonuses or other special offers the banks are way ahead of you. These offers always limit the number of bonuses available per customer.

When does a cash bonus get paid?

You have to check the terms and conditions to see when a bank cashback gets paid. For one-off cashbacks it might take up to 60 days. Cashbacks paid as a percentage of your monthly spending are typically paid out within 30 business days.

What do I need to look out for with bank account special offers?

Always read the offer terms and conditions to make sure you understand how the cashback or bonus offer works. And when comparing bank accounts, make sure you also focus on the entire product, not just the shiny cashback. Think about things like branch access, whether the account has a good banking app, customer service, fees charged for international transactions and more.

Bank Account Cashback & Special Offers 2026

10 of 11 results

Finder Score	Monthly fee	Own network ATM fee	International transaction fee	International ATM Fee
Finder score 9.8Excellent ING Orange Everyday Account Apple PayGoogle Pay	Finder score 9.8Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee 0%	N/A	Get a 1% utility cashback worth up to $100 per year with eligible providers. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Finder score 9.3Excellent BankSA Complete Freedom Account Apple PayGoogle PaySamsung Pay	Finder score 9.3Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee 3%	$5	Get $50 cashback when you open a new Complete Freedom Account and eligible savings account (either an Incentive Saver or Maxi Saver) and spend $50 using your debit card within 15 days. Ends 30 Sep 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8.3Great Westpac Choice Apple PayGoogle PaySamsung PayGarmin PayDigital Card	Finder score 8.3Great	Monthly fee $5	Own network ATM fee $0	International transaction fee 3%	$5	Get $50 cashback when you open a Westpac savings account and transaction account within 15 days of each other and spend $50 using the linked debit card. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8.7Great Virgin Money Go Account Apple Pay Google Pay Samsung Pay	Finder score 8.7Great	Monthly fee $0	Own network ATM fee $0	International transaction fee 2.5%	$5	Earn Virgin Money Points as you spend with your debit card. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 7.8Great Westpac Business One Plus Account Apple PayGoogle PaySamsung PayGarmin Pay	Finder score 7.8Great	Monthly fee $10	Own network ATM fee $0	International transaction fee 3%	$5	Get $100 when you open a new account and deposit $100+ in one transaction within 10 days, with code WELCOME100. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 9.3Excellent HSBC Everyday Global Account Finder AwardApple PayGoogle Pay10 Currencies	Finder score 9.3Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee 3%	$4.50	Earn 2% cashback on eligible tap and pay purchases under $100. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8.7Great Australian Military Bank Military Rewards Account Apple PayGoogle PaySamsung PayGarmin Pay	Finder score 8.7Great	Monthly fee $0	Own network ATM fee $0	International transaction fee 3%	$4.50	Earn 1% cashback on tap and go purchases under $100, up to the value of $25 a month. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 9.3Excellent Westpac Business One Account Apple PayGoogle PaySamsung PayGarmin Pay	Finder score 9.3Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee 3%	$5 + 3%	Get $100 when you open a new account and deposit $100+ in one transaction within 10 days, with code WELCOME100. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 9.7Excellent Macquarie Bank Transaction Account Finder AwardMost LovedApple PayGoogle Pay	Finder score 9.7Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee 0%	N/A	Earn 2.75% p.a. interest on your transaction account balance. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 9.3Excellent Bank of Melbourne Complete Freedom Account Apple PayGoogle PaySamsung Pay	Finder score 9.3Excellent	Monthly fee $0	Own network ATM fee $0	International transaction fee 3%	$5	Get $50 cashback when you open a new Complete Freedom Account and eligible savings account (either an Incentive Saver or Maxi Saver) and spend $50 using your debit card within 15 days. Ends 30 Sep 2026. T&Cs apply.	View details Compare product selectionCompare	loading

Showing 10 of 11 results

Finder Score for bank accounts

We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.

Read the full methodology

New bank accounts offer cashback, bonuses or fee waivers to new customers.
Bonuses like $100 often require meeting deposit or transaction criteria by a specific date.
Beyond bank accounts, you can find up to $4,000 cashback for home loan refinancing.

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% 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 and cashbacks can I get from a bank?

Credit cards

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

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

No, high interest savings accounts rarely offer cash bonus or cashback deals to new customers. However, they do offer something else instead: more interest. These accounts are called introductory saver accounts (or honeymoon savers).
These accounts offer a higher, special interest rate to new customers for a certain amount of time, usually 3–5 months, as an incentive to switch and open an account.
You can open as many bank accounts as you like. Or rather, as many as each bank will let you open. There are no real limits with a bank account, unlike with credit cards and loans.
But if you're planning to open multiple transaction accounts to take advantage of cash bonuses or other special offers the banks are way ahead of you. These offers always limit the number of bonuses available per customer.
Always read the offer terms and conditions to make sure you understand how the cashback or bonus offer works.
And when comparing bank accounts, make sure you also focus on the entire product, not just the shiny cashback. Think about things like branch access, whether the account has a good banking app, customer service, fees charged for international transactions and more.

Sources

Thank you for your feedback!

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

Written by

Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise

Alison has written 667 Finder guides across topics including:

Superannuation
Savings accounts, bank accounts and term deposits
Budgeting and money-saving hacks
Managing the cost of living

Co-written by

Richard Whitten

Senior Money Editor

Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 761 Finder guides across topics including:

Home loans
Credit cards
Personal finance
Money-saving tips

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