You could be given special offers, deals and discounts just for opening a new account.
Banks 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
February 2018 featured bank account promotions
ING Orange Everyday account - $75 cash bonus
Not only will you receive a $75 cash bonus if you open a new Orange Everyday account (conditions apply), you also get a competitive ongoing variable rate when you link the account with a Savings Maximiser.
St. George Complete Freedom account - $50 cash bonus
Receive a $50 cash bonus when you open a new account and deposit $250, and enjoy waived account keeping fees when minimum deposit is met with no minimum balance.
NAB Classic Banking account - 1% cashback on contactless purchases
With a Visa Platinum Debit card, you'll receive 1% cashback on contactless purchases, no foreign currency fee on international purchases and a complimentary travel and lifestyle assistant.
Bank of Melbourne Complete Freedom account - $50 cash bonus
Receive a $50 cash bonus when you open a new account and deposit $250 and access to a free spend tracker that groups all your transactions to help you budget.
Westpac Choice student bank account - $50 cash bonus
If you're under 21 or studying full-time, you'll receive a $50 cash bonus when you open a new account and deposit $250. You'll also receive a complimentary student discount card and a 12-month waiver of your monthly service fees.
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.