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.

Reward Saver Account Offer

RaboDirect High Interest Savings Account

3.05 % p.a.

max rate

1.80 % p.a.

standard variable rate

Reward Saver Account Offer

Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000

  • Maximum Rate: 3.05% p.a.
  • Standard Variable Rate: 1.80% p.a.
  • Introductory period: 4 months
  • Monthly fees: $0.00
Go to site
Promoted

Which banks offer reward savers?

Rates last updated May 25th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
RaboDirect High Interest Savings Account
3.05%
1.80%
1.25%
$0
$0 / $1
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bank Australia Bonus Saver Account
2.60%
0.15%
2.45%
$0
$0 / $1
Ongoing, variable 2.60% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
ING Savings Maximiser
2.80%
1.15%
1.65%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
Westpac Life
2.30%
1.50%
0.80%
$0
$0 / $0
Ongoing, variable 2.30% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
RaboDirect SMSF PremiumSaver
2.15%
0.90%
1.25%
$0
0 / $0
Ongoing, variable 2.15% p.a. when you link to an RaboDirect High Interest Savings Account and increase your balance by $200+ each month. Available on balances up to $250,000.

Compare up to 4 providers

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 2.60% 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 2.85% 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 1.71% 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 2.60% p.a. Interest when you make no withdrawals and deposit more than $10 every month.
  • Bank Australia Bonus Saver. Get rewarded with 2.60% 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 2.30% p.a.
  • BankSA Incentive Saver. Earn up to 2.30% 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 2.05% 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 2.20% p.a.
  • Commonwealth Bank Goalsaver Account. Commbank reward you with 2.29% p.a. 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 .
  • Community First Bonus Saver. Make no withdrawals and deposit $20 or more each month
  • CUA eSaver Plus. Earn up to 2.50% 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 2.70% p.a. interest on balances up to $100,000.
  • Easy Street Bonus Saver Account. Get rewarded with 2.55% 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 2.10% 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 2.50% 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 2.20% p.a. On your IMB Reward Saver savings account balance.
  • ING Savings Maximiser. Link the Savings Maximiser to an ING Orange Everyday Transaction Account and make a deposit of $1,000 or more every month plus make 5+ card purchases a month to get rewarded with 2.80% p.a. interest on your Savings Maximiser balance.
  • P&N 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 2.45% p.a. on your savings.
  • RAMS Saver Account. There’s no need to link a RAMS transaction account, RAMS give you 3.00% 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 2.30% p.a. bonus interest from St.George.

The latest news in banking

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?

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people 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

Important Information*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
Bank Australia Bonus Saver Account

Maximum Variable Rate

2.60

Standard Variable Rate

0.15
Citibank Online Saver

Maximum Variable Rate

2.85

Standard Variable Rate

1.70

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site