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.

The best bank account sign up bonuses & offers 2025

11 of 11 results

Finder Score	Maximum interest rate	Base interest rate	Max rate type & duration	Monthly Max Rate Conditions	Table Description
Finder score 9.3 Bank of Melbourne Incentive Saver	Finder score 9.3	Maximum Variable Rate p.a. 4.90%	Standard Variable Rate p.a. 0.10%	Intro/Ongoing Ongoing rate (conditions apply)	Monthly Max Rate Conditions Balance $0 to $249,999 Grow balance by $50 ($0.01 if under 21)	Get $50 cashback when you open a new Incentive Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 08 June 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 9.2 St.George Incentive Saver	Finder score 9.2	Maximum Variable Rate p.a. 4.90%	Standard Variable Rate p.a. 0.10%	Intro/Ongoing Ongoing rate (conditions apply)	Monthly Max Rate Conditions Balance up to $249,999 Grow balance by at least $50 ($0.01 if under 21)	Get $50 cashback when you open a new Incentive Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 08 June 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 9.2 BankSA Incentive Saver Account	Finder score 9.2	Maximum Variable Rate p.a. 4.90%	Standard Variable Rate p.a. 0.10%	Intro/Ongoing Ongoing rate (conditions apply)	Monthly Max Rate Conditions Balance $0 to $249,999 Grow balance $50 ($0.01 if under 21) each month	Get $50 cashback when you open a new Incentive Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 08 June 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8.9 Commonwealth Bank Youthsaver Account	Finder score 8.9	Maximum Variable Rate p.a. 4.80%	Standard Variable Rate p.a. 2.00%	Intro/Ongoing Ongoing rate (conditions apply)	Monthly Max Rate Conditions Balance $0 to $50,000 Aged under 18 Make at least $1 deposit Grow balance	Get $20 when you open a YouthSaver account and link it to a Kit account by 31 May 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8.6 Bank of Melbourne Incentive Saver	Finder score 8.6	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 0.10%	Intro/Ongoing Ongoing rate (conditions apply)	Monthly Max Rate Conditions Balance from $250,000 Grow balance by $50 ($0.01 if under 21)	Get $50 cashback when you open a new Incentive Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 08 June 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8.6 St.George Incentive Saver	Finder score 8.6	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 0.10%	Intro/Ongoing Ongoing rate (conditions apply)	Monthly Max Rate Conditions Balance from $250,000 No deposit or withdrawal conditions	Get $50 cashback when you open a new Incentive Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 08 June 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8.6 BankSA Incentive Saver Account	Finder score 8.6	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 0.10%	Intro/Ongoing Ongoing rate (conditions apply)	Monthly Max Rate Conditions Balance from $250,000 Grow balance $50 ($0.01 if under 21) each month	Get $50 cashback when you open a new Incentive Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 08 June 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8 BankSA Maxi Saver	Finder score 8	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 1.00%	Intro/Ongoing 6 month intro rate	Monthly Max Rate Conditions No deposit or withdrawal conditions New accounts only	Get $50 cashback when you open a new Maxi Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 08 June 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8 Bank of Melbourne Maxi Saver	Finder score 8	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 1.00%	Intro/Ongoing 6 month intro rate	Monthly Max Rate Conditions No deposit or withdrawal conditions New accounts only	Get $50 cashback when you open a new Maxi Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 08 June 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 8 St.George Maxi Saver	Finder score 8	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 1.00%	Intro/Ongoing 6 month intro rate	Monthly Max Rate Conditions No deposit or withdrawal conditions New accounts only	Get $50 cashback when you open a new Maxi Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 08 June 2026. T&Cs apply.	View details Compare product selectionCompare	loading
Finder score 6.5 Commonwealth Bank Youthsaver Account	Finder score 6.5	Maximum Variable Rate p.a. 2.00%	Standard Variable Rate p.a. 2.00%	Intro/Ongoing Ongoing rate (conditions apply)	Monthly Max Rate Conditions Balance from $50,001	Get $20 when you open a YouthSaver account and link it to a Kit account by 31 May 2026. T&Cs apply.	View details Compare product selectionCompare	loading

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Showing 11 of 11 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full breakdown

5 of 12 results

Finder Score	Monthly fee	Own network ATM fee	International transaction fee	International ATM Fee
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 deposit $50 within 10 days . Ends 08 June 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 new Choice everyday account and eligible savings account (Westpac Life, Westpac Bump or Westpac e-saver) and deposit $50 within 10 days. Ends 08 June 2026. 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 Pay Google Pay Samsung Pay Garmin 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 0%	N/A	Earn 2% cashback on tap and pay purchases. T&Cs apply.	View details Compare product selectionCompare	loading

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Showing 5 of 12 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

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

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.

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 676 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 718 Finder guides across topics including:

Home loans
Credit cards
Personal finance
Money-saving tips

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New bank account sign up bonuses & offers

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