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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 savings accounts from ME Bank and Bankwest offer more than the Reward Saver savings accounts from Westpac, NAB, Teachers Mutual Bank and IMB.
These accounts also give you more interest when you meet monthly conditions.
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Read more…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.
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