rewards-saver

Compare reward saver accounts

These rewards saver savings accounts give you an incentive to keep saving.

Saving for a car, holiday, house or rainy day takes time, and patience. Reward Saver savings accounts give you an incentive to keep saving so you can go on that holiday, finally renovate the bathroom or simply have peace of mind. You get rewarded with more interest when you don’t touch your savings and make at least one deposit every month.

The other type of high interest savings account pays you bonus interest for a limited period of a couple of months before a lower rate kicks in. Introductory bonus interest rate savings accounts pay more than reward saver savings accounts, but only for the introductory bonus interest period.

Most Authorised Deposit-taking Institutions (ADIs) such as banks and credit unions offer a Reward Saver savings account, there are even accounts actually called ‘Reward Saver’. We compare these Reward Saver savings accounts on finder.com.au.

ING DIRECT Savings Maximiser

Reward Saver Account Offer

Apply for the ING DIRECT Savings Maximiser and receive a high interest rate of 2.75% p.a. when you link with an Orange Everyday account and deposit $1,000+ from an external account each month.

  • Maximum Rate: 2.75% p.a.
  • Standard Variable Rate: 1.60% p.a.
  • Bonus Rate: 1.15% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0

Which banks offer reward savers?

Rates last updated December 9th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Westpac Reward Saver
Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
ME Online Savings Account
Ongoing, variable 3.05% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit MasterCard using tap & go. Available on balances up to $250,000.
3.05% 1.30% 1.75% $0 $0 / $0 Open More
ANZ Progress Saver
Ongoing, variable 1.91% p.a. when you link to any Australian everyday bank account and deposit $10+ each month. Available on the entire balance.
1.91% 0.01% 1.90% $0 $10 / $10 Open More
Bank of Melbourne Incentive Saver
Ongoing, variable 1.85% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $1 / $1 Open More
BankSA Incentive Saver Account
Ongoing, variable 1.85% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
Rates last updated December 9th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
St.George Incentive Saver
Ongoing, variable 1.85% p.a. when you make at least one deposit and no withdrawals. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $1 More
RAMS Saver Account
Ongoing, variable 3.15% p.a. when you deposit $200+ each month and make no withdrawals. Available on balances up to $500,000.
3.15% 1.50% 1.65% $0 $0 / $0 More
People's Choice Bonus Saver Account
Ongoing, variable 2.55% p.a. when you deposit $50+ each month and make no withdrawals in a month. Available on the entire balance.
2.55% 2.54% 0.01% $0 $0 / $0 More
Police and Nurses SwiftSaver Account
Ongoing, variable 2.00% p.a. when you deposit $10+ each month and make no withdrawals. Available on balances up to $100,000.
2.00% 1.90% $0 $0 / $0 More
Heritage Bank Target Bonus
Ongoing, variable 2.20% p.a. when you make at least one deposit and no withdrawals. Available on the entire balance.
2.20% 0.20% 2.00% $0 $1 / $1 More
Easy Street Bonus Saver Account
Ongoing, variable when you deposit 50+ each month and make no withdrawals. Available on balances up to $5,000,000.
2.65% 0.01% 2.64% $0 $0 / $2 More
CUA eSaver Reward Account
Ongoing, variable 2.90% p.a. when you link to an CUA bank account and deposit $1,000+ each month. Available on balances up to .
2.90% 0.05% 2.85% $0 $1 / $1 More
Community First Bonus Saver
Ongoing, variable 2.40% p.a. when you deposit $20+ each month and make no withdrawals. Available on the entire balance.
2.40% 0.10% 2.30% $0 $0 / $0 More
Commonwealth Bank Goal Saver Account
Ongoing, variable 1.95% p.a. rate when you deposit at least $200 p/m with no withdrawals. Available on balances up to $100,000.
1.95% 0.01% 1.94% $0 $0 / $0 More
Bank Australia Bonus Saver Account
Ongoing, variable 2.80% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
2.80% 0.15% 2.65% $0 $1 / $1 More
Australian Military Bank Online Saver
At-call access to your savings and be rewarded with bonus interest when you maintain a balance.
2.55% 0.27% 2.28% $0 $0 / $0 More
Bank Australia mySaver Account
Ongoing, variable 2.80% p.a. when you deposit $10+ each month. Available on the entire balance.
2.80% 0.15% 2.65% $0 $0 / $10 More
IMB Reward Saver Account
Ongoing, variable 2.40% p.a. when you deposit $50+ each month and make no withdrawals per month. Available on the entire balance.
2.40% 1.40% 1.00% $0 $0 / $0 More
Teachers Mutual Bank Reward Saver Account
Ongoing, variable 2.61% p.a. when you deposit $50+ each month. Available on the entire balance.
2.61% 0.10% 2.51% $0 $0 / $0 More
NAB Reward Saver
Ongoing, variable 2.70% p.a. when you link to NAB transaction account and deposit $200+ each month and make no withdrawals in the month . Available on balances up to $5,000,000.
2.70% 0.50% 2.20% $0 $0 / $0 More

Click through for the full review and steps on how to apply.

NAB Reward SaverWestpac Reward SaverTeachers Mutual Bank Reward SaverIMB Reward Saver
Bonus rate2.20% p.a.1.84% p.a.2.51% p.a.1.00% p.a.
Bonus typeConditional: ongoing.Conditional: ongoing.Conditional: ongoing.Introductory: 4 months + conditional.
Base rate0.50% p.a.0.01% p.a.0.10% p.a.1.40% p.a.
Maximum rate2.70% p.a.1.85% p.a.2.61% p.a.2.40% p.a.
Condition
  • Make one deposit each month. Make no withdrawals.
  • Deposit more than $50 each month. Make no withdrawals.
  • Deposit more than $50 each month. Make no withdrawals.
  • Balance must be greater than $5,000
  • Deposit more than $50 each month. Make no withdrawals.

The NAB, Westpac and Teachers Mutual Bank Reward Saver savings accounts offer bonus interest when you make regular deposits and no withdrawals every month.

Compare bonus saver savings accounts.

Although the IMB Reward Saver is called a ‘Reward Saver’ savings account, the idea behind reward saver savings accounts is to keep saving. The reward for saving is extra interest on your account balance. The IMB Reward Saver has a bonus intro rate for 4 months only, and you need to make regular deposits and no withdrawals as well. The base variable rate applies when you don’t meet the bonus interest conditions. If you don’t think you can make regular deposits every month, or you may need to withdraw money from time to time, an introductory rate savings account is a smarter option than a reward saver savings account.

Compare bonus introductory rate savings accounts.

More rewarding than the reward saver savings accounts

Reward saver savings accounts from ME Bank and Bankwest offer more than the Reward Saver savings accounts from Westpac, NAB, Teachers Mutual Bank and IMB.

  • Bankwest Hero Saver. The Bankwest Hero Saver rewards you with 2.65% p.a. when you deposit more than $200 each month and make no withdrawals. This is an online savings account from Bankwest and you do not need to open a Bankwest transaction account when you apply for the Hero Saver.
  • ME Online Savings Account. The ME Online Savings Account rewards you with 3.05% p.a., one of the highest rates on the market. You need to open a ME Everyday Transaction Account too, which is free, and make at least one Tap & Go MasterCard contactless payment each month to get the bonus interest.

Other reward saver savings accounts

These accounts also give you more interest when you meet monthly conditions.

  • ANZ Progress Saver. The ANZ Progress Saver rewards you with 1.91% p.a. Interest when you deposit more than $10 every month and make no withdrawals. You must link the Progress Saver to a ANZ Everyday transaction account.
  • Australian Military Bank Online Saver. Earn a competitive 2.55% p.a. on balances $0 to $500,000 in value when you make no withdrawals.
  • Bank Australia My Saver. The MySaver is a high interest savings account for under 25s, get rewarded with 2.80% p.a. Interest when you make no withdrawals and deposit more than $10 every month.
  • Bank Australia Bonus Saver. Get rewarded with 2.80% p.a. Interest when you deposit more than $100 each month and make no withdrawals.
  • Bank of Melbourne Incentive Saver. Make at least 1 deposit each month and no withdrawals and get rewarded with 1.85% p.a..
  • BankSA Incentive Saver. Earn up to 1.85% p.a. when you make a deposit and no withdrawals every month. The Incentive Saver comes with a debit card.
  • Bankwest Smart eSaver. For balances up to $500,000, make no withdrawals to get rewarded with 2.10% p.a. from Bankwest. You must have a Bankwest transaction account to get the bonus interest.
  • Bank of Queensland Bonus Interest Savings Account. You’re limited to just 1 withdrawal from the Bonus Interest Savings Account if you want to get rewarded with the bonus interest rate of 2.30% p.a.
  • Commonwealth Bank Goalsaver Account. Commbank reward you with 1.94% interest when you increase your balance by $200 each month and make no more than 1 withdrawal.  The bonus interest rate applies to balances up to and including $100,000.
  • Community First Bonus Saver. Make no withdrawals and deposit $20 or more each month
  • CUA eSaver Plus. Earn up to  2.75% p.a. when you make no withdrawals and deposit $200 or more each month.
  • CUA eSaver Reward Account. Link a CUA transaction account to the eSaver Reward Account to earn  2.90% p.a. interest on balances up to $100,000.
  • Easy Street Bonus Saver Account. Get rewarded with 2.65% p.a. interest on balances up to $5,000,000 when you make no withdrawals and deposit $50 or more every month.
  • Heritage Bank Target Bonus. Bonus interest of 2.20% p.a. awarded each month when you make no withdrawals and at least one deposit.
  • HSBC Flexi Saver. For balances up to $5,000,000, get rewarded with 2.00% p.a. interest when you grow your account balance by $300 every month.
  • IMB Reward Saver. Make no withdrawals and deposit $50 or more every month to get 2.40% p.a. On your IMB Reward Saver savings account balance.
  • ING Direct Savings Maximiser. Link the Savings Maximiser to an ING Direct Orange Everyday Transaction Account and make a deposit of $1,000 or more every month to get rewarded with 2.75% p.a. interest on your Savings Maximiser balance.
  • Police and Nurses SwiftSaver Account. Get 2.00% p.a. When you deposit $10 or more and make no withdrawals.
  • People’s Choice Bonus Saver Account. Get 2.55% p.a. on your People’s Choice Bonus Saver balance when you deposit $50 or more and make no withdrawals.
  • Rabodirect Premium Saver. Just increase your balance my $200 every month to get rewarded with 2.55% p.a. on your savings.
  • RAMS Saver Account. There’s no need to link a RAMS transaction account, RAMS give you 3.15% p.a. when you deposit $200 every month and make no withdrawals. Applies to balances up to $500,000.
  • St.George Incentive Saver. Just make one deposit and no withdrawals to get rewarded with 1.85% p.a. bonus interest from St.George.

Introductory or ongoing bonus rate?

Introductory rate savings accounts offer a little more than ongoing bonus interest savings accounts. The bonus interest rate tends to be higher and bonus introductory rate savings accounts generally have a higher base variable rate of interest too.

You can understand why financial institutions will give you more for an introductory rate, it won’t last, the base variable rate of interest applies when the introductory period is finished.

There’s no rule that says you can’t switch accounts once the introductory period is finished. Open a new bonus intro rate savings accounts so you can keep getting the most from your money. It only takes ten minutes to compare and apply for a high interest savings account.

Need some more assistance?

What about reward saver savings accounts for kids?

There are Reward Saver savings account for kids. These accounts can help juniors learn about saving through online tools and make saving for a goal an engaging and rewarding experience.

Compare kids savings accounts.

How many times can I switch savings accounts?

There’s no limit to the amount of times you can switch savings accounts. If you find a better rate with another financial institution it’s easy to apply and open an account online.

Are the savings accounts that don’t need a linked transaction account?

There are some providers which let you open a savings account without needing a linked transaction account, some financial institutions will want you to open a bank account too when you switch savings accounts. Savings accounts that don’t need a linked transaction account.

Which financial institutions are covered by the government guarantee?

All Authorised Deposit-taking Institutions (ADIs) are covered by the government guarantee on deposits of up to $250,000. All products listed on finder.com.au are ADIs.

Shirley Liu

Shirley is finder.com.au'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.

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Related Posts

Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

1.30
Citibank Online Saver

Maximum Variable Rate

3.00%

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.65%

Standard Variable Rate

0.01
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

2.00

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