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Introductory rate savings account offers

These savings accounts offer a special introductory bonus rate with no strings attached when you first open the account, as a welcome bonus. Here's how they work and the latest introductory rates available.

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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
Rabobank High Interest Savings Account
2.10%
1%
4 months
  • N/A
N/A.
Citibank Online Saver
Citibank Online Saver
1.85%
1.1%
4 months
  • N/A
N/A.
Macquarie Savings Account
Macquarie Savings Account
1.80%
1%
4 months
  • N/A
N/A.
Commonwealth Bank NetBank Saver
Commonwealth Bank NetBank Saver
0.50%
0.3%
5 months
  • N/A
N/A.
NAB iSaver
NAB iSaver
0.80%
0.3%
4 months
  • N/A
N/A.
HSBC Everyday Savings
HSBC Everyday Savings
0.85%
0.25%
3 months
  • No withdrawals
No withdrawals.
BankSA Maxi Saver
BankSA Maxi Saver
1.00%
0.05%
3 months
  • No conditions
No conditions.
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An introductory savings account is a type of high interest savings account that offers a sign up bonus interest rate for the first few months after opening the account. However, after the introductory period ends the rate usually drops to a much lower rate.

What is an introductory bonus savings account?

An introductory bonus savings account, also known as a honeymoon savings account, offers a higher interest rate the first 3 to 5 months after you open the account. It's a form of welcome bonus offer, to incentivise you to open an account. These savings accounts usually don't have any deposit conditions to meet to earn the bonus interest for the first few months making them a great option for saving money easily in the short term.

Keep in mind these bonus rates will often only apply to the first account you open, which means if you close the account and then open the same savings account again, it's likely that you won't get the bonus rate a second time.

Introductory rate versus honeymoon rate

A honeymoon rate is just another term for an introductory rate. It's a high interest rate offered on a savings account, but is only available for a couple of months which is why it is sometimes referred to as a 'honeymoon' rate.

Features to look for in an introductory bonus savings account

  • The introductory or bonus rate. It goes without saying you want to look for a high introductory rate, as the higher the rate the more interest you'll earn. But make sure to check the base variable rate, too, as this is what rate you'll earn after the introductory period ends.
  • Low or no minimum opening balance. Have a look to se if you need to deposit a certain amount of money into the account to open it. Most accounts don't have a minimum opening balance requirement, but it's worth checking.
  • It charges no fees. Savings accounts typically don't charge any fees, so make sure you don't get caught paying a monthly fee when you don't need to.
  • Linked transaction account. Do you need to also open an everyday transaction account with the same bank? If you do, check the fees charged with this account.
  • The duration of the bonus period. Usually the introductory bonus interest is only available for 3 to 4 months after first opening the account. It's a good idea to set yourself a calendar reminder for when the introductory period ends, so you can compare savings accounts and decide if you want to switch.
  • The amount to which the maximum rate applies to. In most cases, the honeymoon rate will be offered up to a certain amount, usually $250,000, although some do have smaller balance limits than this.

Introductory savings account pros and cons

The pros

  • You can finally start that savings plan. Receiving a bonus rate could be the motivation you've always needed to finally start saving.
  • You get more interest. The boost of interest offered as an introductory rate can be a good incentive to put as much as you can into a savings account for the first few months.
  • These accounts don't charge fees. There are usually no account keeping fees associated with this type of savings account.
  • Some offer 24/7, flexible access. Unlike a term deposit account, an introductory savings account should allow you to deposit and withdraw money when you want.
  • There's a low minimum balance. Most banks are not going to require that you maintain a certain balance in your introductory savings account so you don’t have to worry about meeting certain criteria.

The cons

  • The bonus rate only lasts a few months. Unlike a standard bonus saver account, which allows you to earn bonus interest on an ongoing basis as long as certain terms are met, the interest rate on the introductory savings account will only be available for a short period of time.
  • Low standard variable rate. Once the introductory period is over, the standard variable base rate offered is often very low with these accounts. When the bonus period ends, you might be better off switching to a high interest savings account instead.
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    6 Responses

    1. Default Gravatar
      NOELANovember 23, 2017

      I have $90000.00 to invest and I want to just leave it there for a long period of time. I want the best interest rate possible. Please advise

      • Avatarfinder Customer Care
        JudithNovember 24, 2017Staff

        Hi Noela,

        Thanks for reaching out to us. I hope you are doing fine today.

        I am sorry because I am unable to recommend a specific option for you as we are a comparison website and general information service. Your decision or choice would entirely depend on your needs.

        On the page you are viewing, we have a panel wherein you may enter details and click “Calculate” so you would be able to compare the options. Also, you may click “Go to site” of each option so you would be able to read more important details.

        On the other hand, you may also find other options from our list of term deposits account. In comparing options, please take time to review relevant details as well as the Product Disclosure Statements / Terms & Conditions of each option so you would be able to choose the one that would suit your needs.

        I hope this helps.

        Cheers,
        Judith

    2. Default Gravatar
      WayneNovember 17, 2016

      I propose to close a low interest internet a/c with a large sum and tranfer to another bank at higher into rate. the existing bank only permits $25k transfer at a time – do i need to do it by bank ghq and how do you deposit a bank chq where there is no branch?

      • Avatarfinder Customer Care
        ShirleyNovember 21, 2016Staff

        Hi Wayne,

        Thanks for your question.

        You can speak to your current bank about increasing your transfer limit, so then you can do it in one transaction rather than multiple transactions.

        To deposit at a bank with no branches, you can utilise their Bank@Post service which means you deposit the funds at a local Post Office.

        Hope this helps,
        Shirley

    3. Default Gravatar
      MarioJune 1, 2016

      Want a high interest saving or term deposit without introduction period and can withdraw at least once a month and no deposit necessary. Can you help please.

      Thank you

      Mario

      • Avatarfinder Customer Care
        ShirleyJune 1, 2016Staff

        Hi Mario,

        Thanks for your question.

        If you would like to withdraw at least once a month and not make regular deposits, an introductory savings account could work in your favour.

        You may want to check the introductory bonus savings accounts featured on our website. Please let me know if you have any follow up questions.

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