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Compare bonus saver accounts to earn more interest

Bonus savers are savings accounts that pay extra interest each month you top up your savings.


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Bonus saver accounts often offer more interest than a regular savings account, as they reward you with bonus interest each month you add to your savings balance. Some bonus savers require you to deposit just $20 a month, making it super easy to earn the bonus interest, while others require you to deposit $200 or more each month.

You can compare a bunch of Australian bonus saver accounts in the table below and open one online in minutes.

Reward Saver Account Offer

Westpac Life (18-29 year olds only)

3 % p.a.

max rate

0.40 % p.a.

standard variable rate

Reward Saver Account Offer

You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.

  • Maximum Rate: 3% p.a.
  • Standard Variable Rate: 0.4% p.a.
  • Monthly deposit required: $1
  • Monthly fees: $0
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Compare popular bonus saver accounts below

Think about your savings habits when comparing bonus saver accounts to help you find the best one for your needs. Compare across multiple banks and ensure you can meet the conditions to get that bonus rate.

Data indicated here is updated regularly
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.
Westpac Life (18-29 year olds only)
You can earn an ongoing, variable 0.75% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 0.75% p.a. is available on balances up to $30,000 for customers aged 18-29.
MyState Bank Bonus Saver Account
Ongoing, variable 1.5% 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.
MyState Bank Bonus Saver Account
Ongoing, variable 0.15% 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 $25,000,000.
Bankwest Hero Saver
Ongoing, variable 1.15% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bankwest Hero Saver
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
Westpac Life
Ongoing, variable 0.75% 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.

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What is a bonus saver account?

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

The account conditions that need to be met in order to earn the bonus interest could include a minimum amount of money you need to deposit per month, no withdrawals for the month, linking an everyday bank account from the same bank or making a weekly tap and go purchase. Everyday, banks are thinking of new ways to earn the bonus interest rate to differentiate themselves to the market. 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.

What features should I look for in an Australian bonus saver account?

Bonus saver accounts give you an opportunity to earn a higher interest rate in return for exercising some financial discipline and displaying good savings habits. When comparing between different Australian banks and their bonus saver accounts, compare 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.

  • 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. Ensure you're realistic when considering the deposit requirements.

  • 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.

  • If a minimum balance is required

With some financial institutions, you may have to open the account with a certain amount of money and maintain a minimum balance to avoid having to pay extra fees for the account.

  • Flexible accessibility

Some of these accounts will be accessible only through a linked transaction account, while others act almost like a transaction account and give you access through an included debit card.

  • Interest rate penalties

Check with the lender regarding the terms for when you don’t make the deposit requirement within a month. With some banks you’ll lose the bonus interest but still earn the standard variable rate, while with others, the interest earned on a month where the conditions are not met could drop to as low as 0.01% p.a. bonus saver

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Term deposits versus bonus saver accounts – which is better?

This depends on your financial situation. The benefits of a term deposit include locking in a fixed interest rate meaning your funds are protected against any interest rate drops. The downsides are that you can’t access your funds until the deposit matures and you won’t benefit if the interest rate rises while your money is locked away in a term deposit.

With a bonus saver account, on the other hand, you can usually access your funds whenever you need, but you're usually penalised with a lower interest rate if you do so. Also, as the interest rate on bonus saver or incentive saver accounts is variable, this means it can change at any time. There are several other types of savings accounts available to help you realise your financial goals, which are discussed below.

Can under 18's open a bonus saver in Australia?

Yes. There's a range of children's savings accounts, including bonus savers. You’ll need to shop around and compare the features of a range of accounts to find the right one for you. Look for an account that doesn’t charge any ongoing fees, that has no minimum balance requirements and that offers easy access to your funds. It’s also important to consider whether there are any minimum monthly deposit requirements, whether the bonus interest rate only applies for a short introductory period, and what happens to the money in the account when the account holder reaches the age of 18 or 21.

How do I compare kids’ bonus saver accounts?

You'll also need to think about the following when comparing kids’ bonus saver accounts:

  • Tax implications
  • Where the income is coming from (the parent or the child?)
  • The type of account (a trust account or personal savings account?)
  • Withdrawals and deposit restrictions for the child
  • Whether or not a keycard will be linked

You can start comparing kids’ savings accounts at today.

What are the advantages of disadvantages 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.
  • There are usually no fees. These types of accounts typically do not have monthly account keeping fees, so you can focus on your savings goals.
  • Motivate yourself to save. Individuals who need help with saving may find that having a set monthly goal to meet makes it easier to stay on track with saving.


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

Wait, I have more questions about bonus savings accounts!

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17 Responses

  1. 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 refer to this page to find the savings accounts with compounded interest.

      To find the best term deposit accounts, you may refer to this page.
      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.


  2. 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.


  3. 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.

  4. 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 this page for more information on SMSF high-interest savings account.

      You can also check this page on how to manage your SMSF.

      Hope this helps. Feel free to message should you have further questions.


  5. Default Gravatar
    GeorginaFebruary 3, 2018

    Our baby granddaughter was born & lives overseas. Are there any issues we need to consider when looking to set up an account for her here in Australia? Thinking of doing it in one of our names with an ongoing monthly deposit and then granting her access to the account when she is old enough or when we pass away.

    • Avatarfinder Customer Care
      RenchFebruary 14, 2018Staff

      Hi Georgina,

      Thank you for your inquiry.

      Basically, it is possible for a newborn baby to have a savings account and parents or grandparents can be added as signatories to the account and then transfer it to the child later.

      But, as to the identity of the child (as account owner), you would need to confirm this with the bank directly if they would accept a child who was born and live overseas. You may want to check this page which outlines children savings accounts. Please contact your chosen bank from that page to discuss your grandchild’s eligibility.

      Best regards,

  6. Default Gravatar
    CaineJanuary 22, 2018

    I’d like to start a online saving account and am looking for the best rate, lowest fees and flexible regular deposit rule. I dont intent to withdraw from the account. Can you reccommend any accounts that fit this description?

    • Avatarfinder Customer Care
      JoanneJanuary 23, 2018Staff

      Hi Caine,

      Thank you for visiting finder, we a Australian financial comparison website and general information service.
      As we do not represent any company we feature on our pages, we can offer you general advice.

      This page will allow you to compare bonus savers account, you may need to click on “more” or “go to site” for you to compare options and decide which account would meet your needs.


  7. Default Gravatar
    MargaretOctober 26, 2017

    At the end of a 3-month higher interest rate term is it unethical to transfer to another bank offering a competitive further short term rate?

    • Avatarfinder Customer Care
      RenchOctober 26, 2017Staff

      Hi Margaret,

      Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      Term deposit savings accounts are specialised banking products that typically offer a higher rate of interest the longer you keep the money in the account. You can choose from between three months to five years with most banks, but understand that once you set the terms, you cannot make a withdrawal early without having to pay a penalty charge.

      A three month term deposit is a short term savings product, where the interest is calculated daily and paid to you at the end of the term. With some banks, a three month term deposit will rollover into a new one when the term comes to an end unless you have notified the bank of your intention to withdraw your savings beforehand.

      You may find this info from this page and you may also compare your options.

      Best regards,

    • Avatarfinder Customer Care
      RenchOctober 26, 2017Staff

      Hi Krista,

      Thanks for your inquiry. Please note that we are not affiliated with Woolworths or any company we feature on our site and so we can only offer you general advice.

      The Woolworths Everyday Platinum Credit Card provides platinum card benefits and can reward you with up to 3 points for every dollar spent. You can accumulate your points in many retail outlets and shops around Australia, plus earn bonus points when you shop at Woolworths and BWS. Points never expire and there’s no cap, so you can accumulate as many points as your purchases attract.

      The minimum credit limit for Woolworths Everyday Platinum Credit Card is $6,000.


  8. Default Gravatar
    ShaunApril 13, 2017

    I am looking for two savings account T’s one being long term and the other being an account t I can save money to travel with. Which would be best?

    • Avatarfinder Customer Care
      DeeApril 14, 2017Staff

      Hi Shaun,

      Thanks for your question.

      Unfortunately, we are unable to recommend specific products. If you are looking to open a long term savings account, you may consider getting a high-interest savings account or a term deposit account. You can take advantage of the savings account calculator on each page to see how much interest earnings you’ll have under a particular account you are interested in.


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