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Bonus interest saver accounts

A savings account with bonus interest can help you save more money, faster. They offer a bonus rate each month you meet a set of conditions, like depositing money or limiting withdrawals.

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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
MyState Bank Bonus Saver Account
MyState Bank Bonus Saver Account
  • Deposit $20
  • 5 debit card purchases
Deposit $20, 5 debit card purchases.
Ubank Save Account
Ubank Save Account
  • Deposit $200
Deposit $200.

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Reward Saver Account Offer
Reward Saver Account Offer
1.60 % p.a.
max rate
0.05 % p.a.
standard variable rate
  • Maximum rate: 1.6% p.a.
  • Standard variable rate: 0.05% p.a.
  • Monthly fees: $0

MyState Bank Bonus Saver Account

Ongoing, variable 1.6% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.

What is a bonus interest savings account?

A bonus saver account (or a bonus interest savings account) is a savings account that rewards you with extra interest when you meet the account conditions. These can also be known as incentive saver accounts or reward saver accounts as they incentivise you to save, and reward you with bonus interest.

Each account will have different conditions to meet in order to earn the bonus interest. This will usually include one or more of the following:

  • Deposit a minimum amount of money you need per month (this can range from $20 to $2000)
  • Make no withdrawals from the account
  • Link the savings account to an everyday transaction account with the same bank
  • Make a certain number of transactions per month
  • Keep your savings balance above a certain level

The conditions to earn bonus interest vary greatly from bank to bank, so it's important to regularly compare savings accounts to ensure you're always getting the best deal.

How can a bonus saver account benefit me?

A bonus saver account is designed to encourage you to save money on a regular basis. The terms used for this type of account generally come with two requirements. The first requires a minimum monthly deposit without making any withdrawals from the savings account for a given month. The second looks at the growth of the account from the first day of the month to the last and if the balance has increased by a set amount. If one of the two conditions are met, generally you can receive the bonus interest. The bonus rate is an additional percentage that’s determined by the bank and then added to their standard variable interest rate.

Do I lose the bonus interest permanently if I don't meet the conditions for one month?

No! If you haven't met the conditions for one month, you'll be eligible for the bonus interest again the following month. Any month you meet the conditions, you'll be able to receive the bonus interest.

Features to look for in an bonus interest saver account

When comparing between different Australian banks and their bonus saver accounts, think about the following features.

  • The amount of bonus interest you get

Each bank will offer different bonus interest rates, so make sure to look for one that offers a high bonus interest rate. It's also important to look at the total variable rate, which is the bonus rate plus the base rate.

  • What are the deposit conditions?

Sometimes the deposit conditions are quite strict, requiring you to deposit high amounts each month in order to earn the bonus interest rate and make no withdrawals. Other are a lot easier, with some accounts only requiring you to deposit $20 a month. whatever the conditions are, make sure you're realistic when considering the deposit requirements. If you can't realistically meet the conditions, you won't earn the bonus rate anyway.

  • The withdrawal conditions

Some banks will not allow any withdrawals in the month, while with others, you’re free to make withdrawals as long as you essentially return that money by meeting a monthly growth total. For example, if the goal is to save $200 in a month, and you withdraw $50, you will need to deposit at least $250 into the account before the month finishes in order to qualify for the bonus interest.

  • The linked bank account

Some of these accounts will be accessible only through a linked transaction account with the same bank, while others can be opened as a standalone account. If you do need to link the account to a bank account with the same bank, check that account doesn't charge too many fees.

  • The balance that you earn interest on

Bonus saver accounts will only pay bonus interest on balances of a certain size. Some accounts pay bonus interest on balance up to $50,000, while others pay bonus interest on balances of $250,000 or even more.

Bonus saver accounts versus term deposits

Term deposits are another type of savings account, however they're quite different to a bonus saver account. Firstly, your money in a term deposit is locked away for the duration of the term length that you choose, which can be anywhere from 3 months to 5 years. If you want to access the money earlier you'll need to give 31 days notice, and will likely pay a penalty or lose some of your interest. Bonus savings accounts allow you to access your money instantly if you need it. However, depending on the account conditions, you might not qualify for bonus interest that month if you do make a withdrawal.

Another difference is that term deposit rates are fixed, meaning they won't change until your term length ends. Bonus savings accounts have variable rates, meaning they can change at any time. A term deposit is more of a 'set and forget' option that requires very little effort after it's opened, whereas a bonus saver will require you to meet ongoing conditions each month.

Pros and cons of bonus savings accounts


  • You get a higher interest rate. Bonus saver accounts give you an opportunity to boost your savings quicker with a higher interest rate than standard savings accounts.
  • There are usually no fees. These types of accounts typically do not have monthly account keeping fees.
  • Motivate yourself to save. If you need help with saving you may find that having a set monthly goal to meet makes it easier to stay on track.


  • There are conditions to meet. You may find it hard to continually meet the terms of a bonus saver account on a month to month basis, particularly if you get paid inconsistently.
  • You'll need to try and avoid making withdrawals. Unlike a transaction account, the money kept in a bonus saver account cannot be as easily accessed and used to make everyday purchases.

So, what's the best bonus interest savings account?

The best savings account is one that has conditions you can easily meet each month. There's no point getting the account with the highest bonus rate if you can't meet the conditions to earn it.

Wait, I have more questions about bonus savings accounts!

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    19 Responses

    1. Default Gravatar
      RheaFebruary 5, 2022

      Hi, I would like to know, will I earn more interest if I go with a bank account with a higher standard interest rate, or with one that has a higher bonus interest rate? (ensuring I meet the specific bonus interest rate monthly requirements). Thank you!

      • Avatarfinder Customer Care
        AlisonFebruary 16, 2022Staff

        Hi Rhea,

        Generally speaking, its likely that a higher bonus rate will help you earn more interest. This is because standard variable interest rates tend to be quite low. Make sure you look at the total maximum variable rate when comparing rates – this is the standard base rate plus the bonus rate combined.

        I hope this helps!


    2. Default Gravatar
      KylieJuly 11, 2019

      Hi what savings accounts have compound interest and what are the best term deposits at the moment

      • Default Gravatar
        NikkiJuly 12, 2019

        Hi Kylie,

        Thanks for your question.

        It’s a good idea to put your money on a savings account earning compounded interest. As it says on our page, A feature like this allows you to earn money on the money that you have already earned. You can use our comparison table to search and compare savings accounts with compounded interest. You can also refer to our list of term deposit accounts.

        When you are ready, press the ‘Go to site’ button of your preferred account to apply. As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying. You may also contact the insurance provider should you have any questions about their policy.

        Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.


    3. Default Gravatar
      JuneDecember 10, 2018

      I’d like to open a savings account to help get me back to a culture of saving. I would be depositing a little bit every month and hopefully making no withdrawals, nevertheless I’d love easy access to my money. I’m not sure about these online banks, but what would you recommend? All the featured banks with high savings returns seem to have terrible reviews.

      • Default Gravatar
        NikkiDecember 13, 2018

        Hi June,

        Thanks for getting in touch! I understand that having an online bank – some people ar skeptical about it – but as we are coming into the world of mobility, there will be a time when all payments are cashless. As a product comparison website, we are not in the position to recommend one product for you. The best way to choose an online savings account is to review our comparison page on this. Take note to review only banks that are familiar to you and check their fees and interest rates. This will be of good value to you and you will meet your goals in savings. Hope this was helpful. Don’t hesitate to message us back if you have more questions.


    4. Default Gravatar
      etienneCJuly 20, 2018

      I am looking for “ongoing” high interest (online) savings accounts (not the honeymoon rates). I cannot find Ubank Ultra in your tables. (with 2.87% ongoing). Is it missing on purpose? Regards.

      • Default Gravatar
        NikkiJuly 20, 2018

        Hi Etienne,

        Thanks for getting in touch!

        Here is the UBank high-interest online savings account at 2.87% interest for your perusal. This product is not currently available via Finder so if you wish to open an account, simply head to UBank’s website.

        If you’d like to check your option, you can also refer to our list of high-interest savings accounts. Please use our comparison table to help you find the account that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

        Hope this helps!


    5. Default Gravatar
      LizJune 29, 2018

      Can funds from a self managed super fund (joint names & in Trust for account) be deposited into a higher Interest Savings Account or only in a Term Deposit or Business Savings Account?

      • Default Gravatar
        NikkiJuly 2, 2018

        Hi Liz,

        You can deposit your SMSF to a savings account with higher interest. You can check our guide on SMSF bank accounts and use our comparison table to compare your options. Once you have chosen a particular account, you may then click on the “Go to site ” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.

        You can also check our review on how to manage your SMSF.

        Hope this helps.


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