bank account with rewards feature image

October 2016 bank account promotions that give you money back

Information verified correct on October 24th, 2016

You could be given special offers, deals and discounts just for opening a new account.

Bank are now rewarding both new and loyal customers. See how you can take advantage of what the banks are offering and use it to your benefit.

Choose a bank account with rewards

Rates last updated October 24th, 2016
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
HSBC Day to Day Transaction Account
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
Visa $0 $0 $0 monthly fees. No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Open More's featured bank accounts with rewards

RewardDebit Card Access
ING Direct Orange Everyday Account$75 Cash Bonus. Get a competitive ongoing variable rate when linked with a Savings Maximiser.Visa
Bankwest Qantas Transaction AccountEarn Qantas Points on eligible purchases and on your account balance. Conditions apply.MasterCard
HSBC Day to Day Transaction AccountYour Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.Visa

What special promotions do I receive for savings accounts?

Every individual should have a savings account for storing extra money, even children should start a savings account early so that they learn the proper value of money and how to save for long-term goals.

It is quite common to see online savings accounts since more and more Australians are turning to the Internet to do their banking. When you open a new bank account online for savings there are some regular features that you should expect on the account. These include:

  • Interest added monthly to your new bank account.
  • Interest worked out on a daily basis.
  • A minimum amount is not required.
  • No limits for withdrawal or deposit amounts.
  • Transactions are limited. In most cases you will not be able to have access to debit and credit cards, overdraft, branch services and withdrawals from ATMs.
  • Processing for credits and debits are usually free.

Banks and other financial institutions understand that many people prefer the convenience of online banking and the rate of interest for online bank accounts is usually higher than the basic savings accounts. If you're the type of person, however, that still likes to walk into the bank to do your transactions, you will have to weigh the pros and cons of both savings accounts.

What special deals do I receive for opening a new term deposit?

Term deposit accounts have the attraction of offering interest rates that are usually comparable to the rates you would get with an new high interest online savings account. The interest rate on these types of accounts is fixed for the term duration. This is good news if the interest rates go down, and not so good news if they rise.

The nice thing about them is you can plan your savings with a stable rate and know exactly how much interest you will get. There is an option of annual or monthly terms and you can be paid interest yearly or monthly depending on your preference.

When you are comparing new bank account promotions you should look for any hidden costs and how much interest is paid yearly. There can be very large differences between these new bank account offers, and with careful consideration you can end up walking away with a fantastic deal.

Opening up a new bank account to take advantage of a great promotion does not take a lot of time or effort on your part. If you spend a bit of time comparing the different offers available you may end up earning a lot more on your accounts than you are with any of your current accounts.

Shirley Liu

Shirley is's publisher for banking and investments. She is currently studying a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

Was this content helpful to you? No  Yes

Related Posts

Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate


Standard Variable Rate

ING DIRECT Savings Maximiser

Maximum Variable Rate


Standard Variable Rate

Citibank Online Saver

Maximum Variable Rate


Standard Variable Rate

Bankwest Hero Saver

Maximum Variable Rate


Standard Variable Rate


Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

Ask a question