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
finder.com.au's featured bank accounts with rewards
|Reward||Debit Card Access|
|ING Orange Everyday Account||$75 Cash Bonus. Get a competitive ongoing variable rate when linked with a Savings Maximiser.||Visa|
|Bankwest Qantas Transaction Account||Earn Qantas Points on eligible purchases and on your account balance. Conditions apply.||Mastercard|
|HSBC Day to Day Transaction Account||Your 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 a 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.