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Compare reward saver accounts

These rewards saver savings accounts give you an incentive to keep saving.

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.

Promoted
Reward Saver Account Offer
Reward Saver Account Offer
Promoted
5.05 % p.a.
max rate
0.05 % p.a.
standard variable rate
  • Maximum rate: 5.05% p.a.
  • Standard variable rate: 0.05%
  • Monthly fees: $0

Virgin Money Boost Saver (25+ year olds)

Customers aged 25+ can earn an ongoing variable 5.05% p.a. each month you deposit at least $1,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions. The 5.05% p.a. is made up of the Base Rate of 0.05% + Bonus Rate of 5% p.a., and is available on balances up to $250,000.

You can earn an additional 0.3% p.a. (up to a total of 5.35% p.a.) when you enable the optional Lock Saver Feature which requires you to provide 32 days' notice to make a withdrawal.



Which banks offer reward savers?

Name Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
Ubank logo
Finder score
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
ING Savings Maximiser
ING logo
Finder score
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Get 6 months free delivery and $50 Menulog credit with a new Orange Everyday & Savings Maximiser account. New ING customers only. Use code INGMENU1 and activate accounts by 24 Nov 2024. T&Cs apply.
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Finder score
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
Newcastle Permanent Smart Saver Account - Under 25s
Newcastle Permanent logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
First Option Bank Savings+Bonus Account
First Option Bank logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
BCU Bonus Saver
BCU logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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More rewarding than the reward saver savings accounts

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.

  • Bankwest Hero Saver. The Bankwest Hero Saver rewards you with 4.6% p.a. when you deposit more than $200 each month and make no withdrawals. This is an online savings account from Bankwest and you do not need to open a Bankwest transaction account when you apply for the Hero Saver.
  • ME Online Savings Account. The ME Online Savings Account rewards you with 4.25% p.a., one of the highest rates on the market. You need to open a ME Everyday Transaction Account too, which is free, and make at least one Tap & Go Mastercard contactless payment each month to get the bonus interest.

Other reward saver savings accounts

These accounts also give you more interest when you meet monthly conditions.

  • ANZ Progress Saver. The ANZ Progress Saver rewards you with 4.25% p.a. Interest when you deposit more than $10 every month and make no withdrawals. You must link the Progress Saver to a ANZ Everyday transaction account.
  • Australian Military Bank Online Saver. Earn a competitive 4.5% p.a. on balances $0 to $500,000 in value when you make no withdrawals.
  • Bank Australia My Saver. The MySaver is a high interest savings account for under 25s, get rewarded with 5.1% p.a. Interest when you make no withdrawals and deposit more than $10 every month.
  • Bank Australia Bonus Saver. Get rewarded with 5.1% p.a. Interest when you deposit more than $100 each month and make no withdrawals.
  • Bank of Melbourne Incentive Saver. Make at least 1 deposit each month and no withdrawals and get rewarded with 5.15% p.a.
  • BankSA Incentive Saver. Earn up to 5.15% p.a. when you make a deposit and no withdrawals every month. The Incentive Saver comes with a debit card.
  • Bankwest Smart eSaver. For balances up to $500,000.99, make no withdrawals to get rewarded with 2.45% p.a. from Bankwest. You must have a Bankwest transaction account to get the bonus interest.
  • Bank of Queensland Bonus Interest Savings Account. You're limited to just 1 withdrawal from the Bonus Interest Savings Account if you want to get rewarded with the bonus interest rate of 2.75% p.a.
  • Commonwealth Bank Goalsaver Account. Commbank reward you with 4.5% p.a. interest when you increase your balance by $0.01 each month and make no more than 1 withdrawal. The bonus interest rate applies to balances up to and including .
  • Community First Bonus Saver. Make no withdrawals and deposit $20 or more each month
  • CUA eSaver Reward Account. Link a CUA transaction account to the eSaver Reward Account to earn 2.1% p.a. interest on balances up to $100,000.
  • Easy Street Bonus Saver Account. Get rewarded with 5.1% p.a. interest on balances up to $3,000,000 when you make no withdrawals and deposit $50 or more every month.
  • Heritage Bank Target Bonus. Bonus interest of 4.4% p.a. awarded each month when you make no withdrawals and at least one deposit.
  • HSBC Flexi Saver. For balances up to $5,000,000, get rewarded with 4.25% p.a. interest when you grow your account balance by $300 every month.
  • IMB Reward Saver. Make no withdrawals and deposit $50 or more every month to get 3.25% p.a. On your IMB Reward Saver savings account balance.
  • ING Savings Maximiser. Link the Savings Maximiser to an ING Orange Everyday Transaction Account and make a deposit of $1,000 or more every month plus make 5+ card purchases a month to get rewarded with 5.5% p.a. interest on your Savings Maximiser balance.
  • P&N SwiftSaver Account. Get 4.55% p.a. When you deposit $10 or more and make no withdrawals.
  • People's Choice Bonus Saver Account. Get 4.4% p.a. on your People's Choice Bonus Saver balance when you deposit $50 or more and make no withdrawals.
  • Rabobank Online Savings Premium Saver. Just increase your balance my $200 every month to get rewarded with 5.35% p.a. on your savings.
  • RAMS Saver Account. There's no need to link a RAMS transaction account, RAMS give you 1.4% p.a. when you deposit $200 every month and make no withdrawals. Applies to balances up to $500,000.
  • St.George Incentive Saver. Just make one deposit and no withdrawals to get rewarded with 5.15% p.a. bonus interest from St.George.

Introductory or ongoing bonus rate?

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.

Frequently Asked Questions

Need some more assistance?

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

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Publisher

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio

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