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Compare introductory bonus savings accounts

Introductory bonus savings accounts offer some of the highest interest rates in the market, and usually without any deposit conditions to meet.

Shirley Liu
Shirley Liu

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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. These savings accounts often offer some of the best interest rates in the market, and they 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.

We've listed some of the top introductory bonus savings accounts below that you can compare and open online today.

Introductory bonus savings account offer

HSBC Serious Saver

1.75 % p.a.

max rate

0.15 % p.a.

standard variable rate

Introductory bonus savings account offer

Receive a maximum variable rate of 1.75% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.

  • Maximum Rate: 1.75% p.a.
  • Standard Variable Rate: 0.15% p.a.
  • Introductory period: 4 months
  • Monthly fees: $0
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Compare introductory bonus savings accounts

Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Citibank Online Saver
Citibank Online Saver
0.35%
0.35%
0%
$0
$0 / $0
Introductory rate of 0.35% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances below $500,000.
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Citibank Online Saver
Citibank Online Saver
1.55%
0.35%
1.2%
$0
$0 / $0
Introductory rate of 1.55% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances below $500,000.
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HSBC Serious Saver
HSBC Serious Saver
1.75%
0.15%
1.6%
$0
$0 / $0
Receive a maximum variable rate of 1.75% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
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HSBC Serious Saver
HSBC Serious Saver
0.55%
0.15%
0.4%
$0
$0 / $0
Receive a maximum variable rate of 0.55% p.a. for months, reverting to an ongoing rate of 0.15% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
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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 three to five months after you open the account. These rates are usually among the best in the market, because they're used as an incentive to open the account. 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. Of course, there are exceptions.

If you're looking to start a savings plan, if you have a short-term savings goal or if you're opening your first savings account, you may want to consider an introductory bonus savings account. It's important to remember that after the introductory period is over, compare your options again to ensure you're still getting a high rate.

What is a honeymoon rate?

A honeymoon rate is another term for an introductory rate, as outlined above. 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 refereed to as a 'honeymoon' rate. For this reason, it's important to regularly compare your savings account options to ensure you're always getting the highest rate.

What features should I look out for when comparing introductory bonus savings accounts?

  • The introductory or bonus rate that you receive. The amount of interest the institution is applying to your account balance is a key feature to consider if you want a savings account that will help maximise your savings. Look out for the standard rate too because this is what your savings rate will revert to after the introductory period.
  • It has a low minimum opening balance. Check to see how much you have to open the account with and if there is a minimum ongoing balance that needs to be maintained. If you're just starting out as a new saver, you probably don't want a high minimum account.
  • 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.
  • The duration of the bonus or honeymoon period. With this type of account, the bonus interest is only available for a certain number of months after you’ve opened the account. Try and find one that offers the incentive for the maximum amount of time to take full advantage of the bonus interest promotion.
  • The amount to which the maximum rate applies to. In most cases, the honeymoon rate will be offered up to a certain amount. In most cases, it's offered on balances up to $250,000. To compare savings accounts where the maximum rate applies to balance >$250,000, please see this page.

What are the positives and negatives of opening a introductory savings account?

The positives

  • 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 is a good incentive to put as much as you can into a savings account.
  • These accounts barely charge account keeping fees. There are usually no account keeping fees associated with this type of savings account which means you can work towards your savings goals without having to worry about ongoing fees.
  • It usually offers 24/7, flexible access Unlike a term deposit savings account, an introductory savings account should allow you to deposit and withdraw money when you want, which allows for greater convenience.
  • 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 negatives

  • The bonus rate only lasts for a few months. Unlike a bonus saver account, which allows you to gain bonus interest on an ongoing basis as long as certain terms are met, the interest rate on the introductory savings account will only be amplified for a short period of time.
  • It will usually revert to a lower, standard variable rate. Make sure to check the standard interest rate that the account reverts to after the bonus period ends. In some cases you may find a better consistent rate with other types of savings accounts.
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Are there any hazards with opening a introductory bonus savings account?

While with the majority of banks and other financial institutions your money is protected by the Australian Government guarantee, there are other traps with an introductory savings account that should be considered before opening one.

  • Make the most of the bonus interest during the introductory period

With this type of savings account you are able to get the most benefit in the first few months after opening it. If you only have a small amount of savings to deposit, you may benefit more in the long run with a savings account that applies bonus interest for good savings habits.

  • Try to avoid withdrawing from the account

While you will not lose the introductory bonus interest for making withdrawals, you will lose out on earned interest. Interest is calculated daily, making every little bit you have in the account important towards augmenting your account.

Common questions and answers

How old does an applicant need to be in order to open an introductory savings account?

Age requirements vary depending on the bank, but some accounts can be opened by an Australian as young as 12 years old.

Can a foreigner open an introductory savings account in Australia?

Generally, you’ll need to be an Australian citizen or an Australian resident for tax purposes, however this will depend on the lender.

Can I have the account for the length of the bonus interest terms, close it and then open a new one and still get the same bonus introductory rate?

No, the financial institution will have rules in place that disallow customers to try and take advantage of the offer in this way.

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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

    Reply
    • 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 a list of other options on this page.

      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

      Reply
  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?

    Reply
    • 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

      Reply
  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

    Reply
    • 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 can compare your options on this page      , please let me know if you have any follow up questions.

      Reply
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